Servicing

With its financial incentives that helps buyers close on a Fannie Mae HomePath REO property about to expire at the end of this month, the government-sponsored enterprise has extended the program through Oct. 31 with an additional bonus.

Mountain Real Estate Capital, the equity investment arm of the Mountain Real Estate Group, has closed a joint venture for an undisclosed amount with Davidson Communities to purchase one community development in San Diego.

Albert Burney, an auction company specializing in land, commercial properties, home sites, homes and other high-end real estate, will manage three bank-ordered auctions in southeast Georgia and South Carolina through June 18.

Hilco Real Estate and Counsel RB Capital are conducting a sealed bid auction for two ground-leased airport properties.

Mortgage application volume increased by 13% for the week ended June 10, as those borrowers who can refinance are coming into the market, according to the Mortgage Bankers Association.

Kinecta Federal Credit Union, Manhattan Beach, Calif., said it is one of the first credit unions to offer a low downpayment mortgage that will help borrowers buy one of the more than 1 million foreclosed homes now owned by Fannie Mae.

Home purchases have picked up the past few weeks in Phoenix and Las Vegas, a sign that some of the hardest-hit housing markets may have hit bottom.

The man considered by many to be President Obama's eventual choice to run the new Consumer Financial Protection Bureau promised that the agency will be "thoughtful" when it officially opens for business on July 21.

Radian Guaranty Inc. said it will accept Fannie Mae Desktop Underwriter Approve/Eligible and Freddie Mac Loan Prospector Accept/Eligible loans for mortgage insurance without the need for a separate underwriting decision by the company starting July 11.

Wells Fargo and Co. is forming an alliance with the U.S. Conference of Mayors to prevent foreclosures and disposal of distressed real estate in local communities nationwide.