Servicing

Mortgage servicers often are "not delivering" key best practices such as providing transparency around fees during the loan modification process compared to when they originate loans, according to a new study from J.D. Power and Associates.

Residential delinquencies and foreclosures on all mortgages fell in the second quarter on a sequential basis for the period ending June 30, but the elevated level of late payments has the industry grappling with $963 billion worth of troubled loans.

Foreclosure resales accounted for 34.2% of the resale market in Southern California in July, up from 32.8% in June, but down from 43.4% a year ago.

The city of Los Angeles joined the commonwealths of Virginia and Massachusetts, and the state of Connecticut, in accepting the MERS System as an alternative to the city’s registry of foreclosed properties and property preservation contacts for vacant properties.The city of Los Angeles joined the commonwealths of Virginia and Massachusetts, and the state of Connecticut, in accepting the MERS System as an alternative to the city’s registry of foreclosed properties and property preservation contacts for vacant properties.

John Fisher, 35, of Jupiter, Fla., pleaded guilty in federal court to one count of conspiracy to commit mail and wire fraud and to one count of substantive mail fraud.Also pleading guilty were defendants Tracey Balli, 35, of Pembroke Pines, Fla., Justina Bryan, 35, of Hollywood, Fla., and Delano McLennon, 33, of North Lauderdale, Fla.

A big surge in the number of active mortgage fraud cases has helped push the Second Quarter 2010 FraudBlogger.com Index higher.The heavier caseload follows increased efforts by the Obama administration to prosecute mortgage crimes, according to Ann Fulmer, vice president business relations at Interthinx.

Thrifts originated $30.8 billion of single-family loans in the second quarter, a 13% hike from 1Q with the industry posting its fourth consecutive quarterly profit.

Real estate professionals in Florida, Alabama, Mississippi, Louisiana and Texas, are getting $16 million in special allocated funds to pay claims for loss of income due to the Gulf oil spill.

Mortgage applications rose 4.9% last week as more borrowers refinanced at the lowest rates in decades, according to new figures released by the Mortgage Bankers Association.

Specialized Loan Servicing LLC, Littleton, Colo., has hired Oscar Southall as senior vice president of default operations.