Servicing

The seasonally adjusted application volume index fell by 12.9% from the previous week spurred by refinance applications falling to their lowest number in the past 12 months, according to new figures released by the Mortgage Bankers Association.

Foreclosures on Federal Housing Administration-insured loans spiked by more than 40% in fiscal year 2010 as losses per REO averaged $76,000, according to new government figures.

Certain states — including California and Virginia — are contemplating changing their real estate laws to require any mortgage firm pursuing a foreclosure to recreate all the transfers and assignments of a loan, according to real estate attorneys.

Despite budding economic improvements funding and liquidity hardships may persist in 2011, especially for small businesses. More resources, however, may be available in not so traditional places.

Sometimes local solutions can ease up the lack of a credit challenge many small businesses are currently facing. Size works to their advantage as small shops have more agility and flexibility to adapt to market demands and in the process promote community growth, which is why any size assistance can help.

From changing social behavior to defining business conduct, the explosion of social technology tools through MySpace, Facebook, Twitter and LinkedIn are expected to dramatically revise organizational existence in 2011.“We ain’t seen nothing yet,” says technology innovation expert Scott Klososky, author of “Enterprise Social Technology,” one of the first books to focus on online publicity.

It may not be clear when the private-label securitized market will come back, but the developments that will likely shape it are coming into focus: the government-sponsored enterprises and the pending qualified residential mortgage definition/risk retention regulation.

Fannie Mae held 86,155 foreclosed properties on its books at the end of September, while its sister company, Freddie Mac, held slightly less: 74,897.

LRES Corp. is using DepotPoint’s TrackPoint REO technology, a workflow and tracking system that manages the REO process by guiding its users through transactions with the fewest required tasks.

Over the past three years the sale of bulk servicing rights has been anemic, that is, unless Uncle Sam (namely the FDIC) has been the one doing the selling.