Servicing

Lower mortgage rates, driven by the debt ceiling negotiations and bad economic news, led to a 7.1% increase in application volume the week ended July 29, according to the Mortgage Bankers Association. But, an economist with the group pointed out, refinance volume is still 30% lower than it was at this time last year.

To strengthen its position in the hospitality sector, the Lightstone Group has closed on a senior mortgage acquisition secured by the Holiday Inn Express Hotel & Suites Tower Center.

Home prices increased by just under 1% in June from the prior month, marking the third consecutive monthly increase, according to new figures compiled by CoreLogic, Santa Ana, Calif.

Annaly Capital Management, one of the largest mortgage investing REITs in the U.S., posted net earnings of $120.8 million in the second quarter, compared to a loss of $218.2 million in 2Q 2010.

In one of the first actions of its kind, the National Credit Union Administration late last week filed a civil claim against a local real estate appraiser in Salt Lake City, saying he provided a faulty appraisal for a loan that caused roughly $400,000 in losses at the defunct Utah Central Credit Union.

Federal officials should go easy on overriding state sovereignty by changing foreclosure laws without a legislative mandate, former HUD general counsel Robert Couch told a Senate panel on Tuesday.

A recent federal appeals court decision is likely to cause the delay of dozens of pending Dodd-Frank Act regulations.

On Tuesday, Freddie Mac suspended Republic Mortgage Insurance Co. as an approved mortgage insurer, according to an email it is sending to its sellers.

Tuesday was a bad day for mortgage stocks as investors switched their worries from the debt ceiling compromise to the overall economy, an attitude that took out most of the publicly traded mortgage related stocks as well.

Fannie Mae purchased $41.4 billion of home mortgages from its seller/servicers in June, its best purchase month of the second quarter, and a sign that originations in the primary market may be on the upswing.