FICO, the decision management technology and makers of the ubiquitous credit scores announced the net income for its fiscal second quarter is down 40 percent to $7.7 million, or $0.19 per share due to an $8.1 million after-tax restructuring charge for workforce and facility reductions.

As of May 1, code enforcement officials and field service providers for the mortgage servicing industry will have a new tool at their disposal to facilitate and streamline communication.

Icon Residential Lenders recently bolstered the company's West Coast sales team with two notable promotions from within the organization and a new hire joining Icon from 360 Mortgage Group. Rhett Hubbard was promoted to area sales manager for Orange and San Diego counties, and Justin Smith will also take on an upgraded role as area sales manager for Los Angeles, Riverside, San Bernardino, and Ventura counties. New to Icon, Debbie Hood has been appointed as the area sales manager for the Pacific Northwest.

Short-term mortgages are getting a boost in the form of collaboration between myCUmortgage.com and CU Structured Finance LLC. The companies have teamed up to develop a line of credit funded by credit unions.

The National Credit Union Administration which is now controlled by Federal regulators, is threatening to sue several investment banks unless they refund more than $50 billion in securities that were purchased by the five wholesale credit unions that make up the organization.

Since the Federal Reserve Board's loan officer compensation rule doesn't allow loan officers to lower their commission to cover a concession, the mortgage industry presented a proposal to create point banks that loan officers could solicit to grant price concessions to borrowers. The Fed has officially rejected the idea, which would involve taking 10 basis points per loan transaction and putting the cash in a ├â┬ó├óÔÇÜ┬¼├ï┼ôpoint bank.'

Texas Representative, Jeb Hensarling, reconfirmed his commitment to eliminating Fannie Mae and Freddie Mac within five years saying, "We have waited for years to do something. It is time to start doing something." Referring to the two-time rejection of his legislation by a Democrat-controlled chamber, he added, Hopefully, the third time is a charm. The fourth-ranking House Republican said he would reintroduce his legislation to end the conservatorship of Fannie and Freddie within two years of passage.

Mortgage rates hit a two-month low, declining to 4.67 percent for 30-year fixed loans. That's down from 4.88 percent one week ago, according to Freddie Mac. The average 15-year loan was down to 3.97 percent.

The weekly data report tracking mortgage applications nationally showed a 0.7 percent drop in volume from last week's numbers, based on a seasonally adjusted composite index. On an unadjusted basis, the index decreased 0.5 percent, compared to the prior week ending March 11. The refinance index had increased by 0.9 percent since last week, making it the highest refinance survey since December 2010.

ISGN is partnering with LoanSifter to offer MORvision's first integrated loan product and pricing engine initiative. The collaboration will use Loansifter's real-time product and pricing engine.