Servicing

Rising interest rates resulted in reduced refinance volume, and as a result overall mortgage application volume fell by 5.9% for the week ended June 17, according to the Mortgage Bankers Association.

Small mortgage banking companies suffered a 66% drop in profitability in the first quarter as the refinancing boom came to an abrupt end in January and managers rushed to cut payrolls and other expenses.

A preliminary settlement has been reached between Florida-based suppliers, insurers and homeowners in which tainted Chinese drywall was used to construct various homes within the state.

A partnership between two high-profile real estate professionals and two hotel management companies has created a new joint venture called the Lodging Opportunities Group.

Two veteran real estate professionals have formed a new investment firm that buys, renovates and sells distressed residential properties.

JCR Capital, a Denver-based commercial real estate finance fund manager, has provided Lexin Capital with approximately $4.9 million to expedite the closing on a condominium complex in Scottsdale, Ariz.

Morgan Stanley Real Estate Investing has acquired the 24-story Viad Corporate Center in an effort to expand its Phoenix office portfolio.

Field Asset Services, a national provider of field services including property preservation, maintenance and repair in the REO industry, has formed a group that gives the servicer greater positioning with its vendors.

The Counts Realty & Auction Group will conduct a lender-ordered auction of a building lot in Kilmarnock, Va., on June 25 at 12 p.m.

If Congress does not act in time to increase the federal debt ceiling, the Federal Housing Administration will likely shut down -- cutting off a key source of mortgage credit for homebuyers.