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Origination

United States Appraisals Names Chief Appraiser

New

United States Appraisals, a nationwide appraisal management company based in Kansas, named Richard Garrie as chief appraiser. Garrie has more than 17 years of residential valuation experience, including eight years as a branch manager for Forsythe Appraisals, LLC.

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ORNL Federal Credit Union to Build 33rd Branch

ORNL Federal Credit Union (FCU), the largest credit union in East Tennessee, announced it has entered into an agreement to purchase land to be used for a new full service branch in 2014. The announcement follows a tremendous year of growth for the credit union, which saw a 15 percent increase in its customer loan portfolio and a more than 12 percent growth in all loans in 2012.

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First-Time Jobless Claims Drop, Continuing Claims Hit 43-Month Low

Bolstered by favorable seasonal adjustment factors, first-time claims for unemployment insurance dropped 27,000 to 341,000 for the week ending February 9, the Labor Department reported Thursday. Economists expected a much smaller decline to 360,000. Initial claims were under 350,000--a dividing line between a strong and weak labor market--for the third time in the last five weeks, hinting layoff activity has returned to normal.

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President Addresses Housing Concerns, Demands Congressional Action

In his State of the Union address, President Obama acknowledged the progress that has been made in the housing market with rising prices, increasing home purchases, and an uptick on construction. However, "even with mortgage rates near a 50-year low, too many families with solid credit who want to buy a home are being rejected," he said. Obama also proclaimed his support for expanding access to refinancing, calling on Congress to pass a refinance bill currently in the pipeline.

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Altisource to Purchase Fee-Based Businesses from Ocwen

Altisource Portfolio Solutions announced it is purchasing certain fee-based businesses from Ocwen Financial for a combined purchase price of $218.6 million. According to a company release, Altisource entered into non-binding letters of intent with Ocwen to acquire certain fee-based businesses related to the servicer's recent purchase of Homeward Residential and the anticipated purchase of the mortgage servicing platform from Residential Capital.

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CFPB Aims to Prepare Industry, Consumers for Pending Rules

CFPB

The Consumer Financial Protection Bureau recently finalized several rules for the mortgage industry, including the ability-to-repay rule and new mortgage servicing guidelines. As the Bureau prepares for the rules to take effect in January 2014, it aims to take several actions to educate and prepare both the industry and consumers on the new regulations.

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RE/MAX Reports Growth in Transactions, Volume in 2012

RE/MAX agents in the United States reported nearly 840,000 transaction sides last year--a 12 percent increase over 2011, the agency reported Tuesday. More notably, individual productivity within the RE/MAX network rose 15 percent to an average of 16.3 transaction sides per agent.

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