REO

The bankruptcy of Wingspan Portfolio Advisors epitomizes the existential crisis facing default servicing. This once-thriving sector of the mortgage industry now finds itself declining in lockstep with the drop in loan delinquencies and foreclosures.

F.N.B. in Pittsburgh reported higher second-quarter profit as it booked more commercial real estate and business loans.

Creditors of a Dallas-based special servicer and mortgage services firm that filed Chapter 7 bankruptcy this week include technology providers, financial institutions and property management companies.

Foreclosure volume was down 3% for the first six months of 2015 compared with the same time span last year, a new report from analytics firm RealtyTrac found.

The national foreclosure rate in May fell to its lowest level since December 2007 as the housing market showed continued signs of improvement, according to CoreLogic.

Blackstone Group's Invitation Homes, after spending more than $9 billion in a U.S. property-buying spree, is starting to sell some houses as it shifts focus from rapid expansion to fine-tuning its holdings.

Two mortgage servicers have agreed to join a group of peer institutions in following a series of guidelines to address zombie properties in New York State, Gov. Andrew Cuomo announced Thursday.

The Federal Housing Administration wants to set a hard deadline for servicers to file claims on soured mortgages. Industry executives say it should be manageable — unless foreclosures surge again.

The share of U.S. home purchases made with cash has fallen to a five-year low as investors pull back from a property market that's rebounding without them.

CV Holdings agreed to a new financing arrangement with Tricadia Capital Management to expand its business of acquiring and servicing nonperforming loans.