LenderLive Network, which provides a range of services for the mortgage industry, expanded its mortgage servicing department and bifurcated how performing and nonperforming loans are treated. The company brought in David Vida to manage the expanded department as the chief strategy officer and executive vice president of loan servicing. Vida founded and was the CEO of Acqura Loan Servicing. As part of the expansion, LenderLive will now offer traditional subservicing of performing assets and specialty servicing to resolve nonperforming ones. It will continue to provide loan modifications, short sales and the management of REO properties. In 2010, LenderLive said it had a hand in 25% of all loans that went through the Home Affordable Modification Program. The move by LenderLive is the latest in a trend of servicing department retooling under way across the country. The Federal Housing Finance Agency announced in January that it would work with Fannie Mae, Freddie Mac and federal regulators to develop a new standard for mortgage servicing. Bank of America (BAC) in February revamped its mortgage servicing unit, devoting an entire department to handle loss mitigation for distressed loans. Write to Jon Prior. Follow him on Twitter: @JonAPrior
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