Servicing

A unit of Brick Realty Capital, New York, has purchased a $2.69 million nonperforming commercial mortgage collateralized by a 30-unit multifamily building on New York’s Upper East Side.

Fannie Mae sold 62,814 REO properties in the first quarter, a 65% jump in activity from the same period a year ago, according to new figures released by the firm.

After reporting a nationwide double-dip in home prices in its May report, Clear Capital said there are signs for a recovery in the real estate market.

The Treasury Department is taking disciplinary action against the residential servicing divisions of Wells Fargo & Co., Bank of America, and JPMorgan Chase for failing to comply with Home Affordable Modification Program guidelines.

The delinquency rate on commercial loans packaged into MBS reached 9.18% in the first quarter, the highest reading ever recorded, according to figures compiled by the Mortgage Bankers Association.

A program has been started that encourages homebuyers to use rehabilitation loans in order to increase sales for bank-owned properties.

Wingspan Portfolio Advisors has formed a platform that allows real estate professionals, lenders and servicers an opportunity to accelerate and manage their short sales.

In order for the Las Vegas market to recover during these troubling times in the real estate market, premier luxury realty will be a leading indicator whether the city can revive itself, according to Portfolio Realty Group.

HEI Hotels & Resorts acquired the 309-room Sheraton Dallas North for an undisclosed amount.

A website called PREO.com has been launched to simplify the short sale process from months to weeks.