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.

A California man has been indicted by a federal grand jury for allegedly trying to rig public foreclosure auctions in Northern California between 2008 and 2011.

Home prices rose 1.2% in April, from the previous month, in the largest seasonal gain since 2005, according to FNC.

Senate Democrats are urging regulators to investigate potential discrimination in how banks and other financial institutions handle and market foreclosed homes.

Royal Financial in Chicago has agreed to sell $29.1 million in distressed assets, a deal mandated by a bankruptcy judge as part of the company's acquisition of PNA Bank.

The U.S. Attorney's Office for the Eastern District of California has indicted Robert Farrace of Modesto, Calif., on charges of wire fraud in connection to a short-sale scheme.

When the next wave of REO activity hits, it will be heavily influenced by some of the leftover problem loans from the last downturn, as well as new defaults from more recent originations.

RealtyTrac reported 126,868 foreclosure filings last month, the highest level of activity in 19 months, driven mainly by bank repossessions and a 5% year-over-year increase in scheduled foreclosure auctions.

The decline in foreclosures and short sales is contributing to the dearth of housing inventory, complicating the prospects for home buyers feeling the pinch of tight credit and lenders that need purchase mortgages to supplant refinancing once interest rates rise.

Foreclosures might seem like yesterday's news, but banks are still busy with the cleanup phase of the housing crisis. The situation is producing some herky-jerky housing statistics, and prompting calls for more reforms in states like New York still suffering from stalled dockets and blight.

Invitation Homes, a subsidiary of Blackstone Group, is back with its third single-family rental securitization of the year.