Economy

Purchases of new homes unexpectedly retreated in June and prior readings were revised down, painting a picture of less robust improvement during the industry's busiest time of year.

Ares Management LP and Kayne Anderson Capital Advisors LP are merging to create Ares Kayne Management LP, an alternative investment group whose $113 billion in assets will rank it among the world's biggest private equity firms. Ares Management's real estate group provides debt and equity financing for commercial properties.

One of the biggest U.S. mortgage lenders is looking to disrupt the disruptors in the market for peer-to-peer loans.

F.N.B. in Pittsburgh reported higher second-quarter profit as it booked more commercial real estate and business loans.

National Penn Bancshares in Allentown, Pa., said its second-quarter profit improved as increased real estate lending offset higher expenses.

U.S. housing-finance reform may be even more remote thanks to a provision in the Senate's transportation bill that uses the mortgage giants as a source for funds, according to lawmakers and industry groups.

Interest rates for fixed mortgages fell in the week ending July 23, but short-term adjustable-rate mortgages saw modest increases, according to Freddie Mac's primary mortgage market survey.

Ellie Mae will add new integrations of Fannie Mae's automated loan review technology to its loan origination system to help lenders ensure loans remain eligible for sale throughout the underwriting process and eliminate surprises at the end.

Old Republic International Corp. doubled its title insurance revenue during the second quarter, while First American Corp.'s commercial title business was a significant driver of growth.

Texas Capital Bancshares in Dallas has formed a mortgage correspondent aggregation business line, to complement its existing mortgage finance business.

The Consumer Financial Protection Bureau's new integrated disclosure regulations could pose problems for warehouse line providers along with their mortgage lender clients.

Zillow Group in Seattle has agreed to buy DotLoop in Cincinnati, a provider of real estate document technology.

The West Coast continued to dominate the top housing markets across the country in terms of property values, according to the most recent Home Value Forecast offered by Pro Teck Valuation Services.

Huntington Bancshares in Columbus, Ohio, reported higher quarterly in profit that reflected higher in mortgage banking fees and steady loan growth.

Just a day after the Dodd-Frank Act's fifth anniversary, Senate Banking Committee Chairman Richard Shelby launched a new attempt to make significant changes to the law, attaching his regulatory relief bill to legislation that would provide funding for financial services agencies.

The Mortgage Bankers Association on Wednesday said the housing market recovery has shifted to "a higher gear," and it raised its forecasts for total originations and home purchases for this year and 2016.

Bankers were pleased with the dramatic leap in home lending last quarter, but they cautioned that volume will slow in the second half as rate increases curb refinancings, nonbanks provide stiffer competition, servicing costs remain high and underwriting standards change.

WASHINGTON — The Senate Finance Committee voted Tuesday for a measure that would extend a temporary 10-basis point hike in Fannie Mae and Freddie Mac guarantee fees for an additional four years.

Radian's note repurchase and issuance of new debt have helped increase the liquidity and capital strength of its mortgage insurance business.

Sales of previously owned U.S. homes climbed to an eight-year high in June as momentum in the residential real estate market accelerated.