Thursday, December 31, 2009

Your Daily Dose from DSNews.com

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2009 has been one of the most significant years in the default servicing industry to date. DS News would like to look back on the year that was, and the Technology-related stories that were most read and left the biggest impact on viewers.

California-based Equator (formerly known as REOTrans) says it has launched the industry's first-ever short sale module for a large national lender. Although Equator declined to name the lender, the San Francisco Chronicle has reported that Bank of America is the company in question.
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The Mortgage Electronic Registration Service (MERS), which was set up to facilitate the quick transfer of mortgages between lenders and the inclusion of the loans in mortgage-backed securities, may not hold water legally in foreclosure proceedings - as confirmed by a Kansas Supreme Court ruling earlier this month.
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Wells Fargo, JPMorgan Chase, and other major banks are fraudulently closing down home equity lines of credit (HELOCs), Chicago attorney Jay Edelson is alleging on behalf of a number of clients. Edelson has embarked on a crusade against the banks for suspending HELOCs when a computer program tells them - falsely, he claims - that a borrower's house has declined in value.
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Marketing of listings and properties isn't easy. Sure, you can use virtual tours, printed brochures, and the stand-by mailers. Still, there is one important factor missing: the power of video.
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Lenders Asset Management Corporation (LAMCO) has announced the formalization of its system to manage and liquidate REO properties. The company has been developing and evolving the system since its inception 20 years ago, and says the process has enabled it to turn REO properties around in half the time of the industry standard.
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1 comments:

Jeff Green said...

Thanks for posting this update on the announcement of LAMCO to manage and liquidate REO properties.

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