Servicing

Wells Fargo and VRM win big at 2011 Pinnacle Awards

Wells Fargo/Premiere Asset Services and Vendor Resource Management scooped up multiple awards at HousingWire's annual Pinnacle celebration. Wells Fargo/Premiere won four Pinnacles and VRM won three and one runnerup award. The Pinnacle Awards, now in its second year, recognizes the nation’s top real estate management firms and corporate real estate departments. Winners are chosen via an extensive survey data involving thousands of real estate agents and brokers nationwide.
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Half a million bad mortgages got better or foreclosed in first quarter

Lender Processing Services [stock LPS][/stock] said 500,000 ailing mortgage borrowers either came current on their payments or lost their home to foreclosure in the first quarter, according to a recent mortgage monitor from the Florida-based data provider. Those mortgages are supported by "seasonal trends" that supported large increases in cure rates. However, the numbers also show the volume of foreclosures continues to rise with the inventory as of March 31 at 2.2 million, which 33% higher than the end of February and an all-time high.
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New York shadow inventory extends past 10 years

The shadow inventory in the state of New York — properties with mortgage borrowers more than 90 days delinquent — will take around 154 months to clear. That's nearly 13 years of unsold property supply. In the case of shadow inventory, a meaningfully strong housing market will not grow to vibrancy unless homes where the borrower is not likely to amortize are resold. The number of such homes in New York greatly outweighs the national average of 49 months, according to a Standard & Poor's research note released this week.
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VIDEO: Is the MBA a success? Real reactions from industry specialists

Thursday marked the second day of the Mortgage Bankers Association National Mortgage Servicing Conference & Expo in Grapevine, Texas. HousingWire.com interviewed several industry experts on camera inside the expo hall for the second day. Most are optimistic the industry will be able to meet the demands of regulators as sweeping changes begin to impact mortgage servicers nationwide. Others found a foothold in trying to sell their products. Here's a sampling of what's on the mind of servicing professionals:
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