Mortgage applications increased 1.3 percent on a seasonally adjusted basis in May, according to the Mortgage Bankers Association's latest mortgage application survey released Wednesday. The survey measured application data for the week ending June 1 and included an adjustment for the Memorial Day holiday. On a non-seasonally adjusted basis, application rates were not as strong, falling more than 9 percent from the previous week. Refinances continue to make up a large portion of mortgages, taking up 78 percent of activity for the week, up 1 percent from the previous week.

Nationstar Mortgage LLC, a wholly-owned subsidiary of Nationstar Mortgage Holdings Inc., announced Tuesday that it reached a deal with Bank of America to acquire residential mortgage servicing rights for a portfolio with $10.4 billion in unpaid principal balance. The entire portfolio is backed by the GSEs. The deal was struck with a co-investment from New York-based Newcastle Investment Corp. Newcastle├â┬ó├óÔÇÜ┬¼├óÔÇ×┬ós $44 million contribution toward the purchase price of the portfolio comes with rights.

More than a year after releasing a white paper that set forth three options for housing finance reform, Treasury and HUD struggle to determine the best path forward for America's housing finance system. Speaking before an audience at a meeting of the American Real Estate and Urban Economics Association, Counselor to the Treasury Secretary for Housing Finance Michael Stegman explained that rather than answering the broader question of what the future of housing should look like, each proposal seems to ignite a slew of additional critical questions.

SharperLending LLC, a technology provider for the mortgage industry, announced Thursday that it has re-designed one of its key products, its Appraisal Firewall. The new version of the firewall allows for more integration between appraisers and lenders.

After filing suit in January 2010 for predatory lending practices, the city of Memphis, Tennessee, and Shelby County have dropped charges against Wells Fargo. The two parties reached an agreement that requires the mortgage giant to commit $7.5 million to homeownership initiatives. Of the total, $4.5 million will go to down payment and home renovation assistance in amounts up to $15,000 for qualifying families and individuals. The city of Memphis and Shelby County will receive the remaining $3 million.

Churchill Mortgage, a lender with a presence in 23 states continues to grow since its founding in 1992 and just announced the addition of 12 new professionals joining its team in Tennessee and Texas.

In what the head of the Consumer Financial Protection Bureau called an important step in the development of our nonbank supervision program, the CFPB officially proposed a rule last week to establish procedures for the bureau's supervision of nonbank financial entities. The Dodd-Frank Act grants the CFPB authority to supervise a nonbank that "it has reasonable cause to determine is posing a risk to consumers based on complaints or other information it receives."

The thirteenth largest servicer in the nation, Dallas-based American Home Mortgage Servicing, Inc., announced Tuesday a company-wide re-launch under a new brand: Homeward Residential, Inc.

David H. Stevens, president and CEO of the Mortgage Bankers Association is leaving his post to assume the role of president of SunTrust Mortgage. Stevens will leave his current position June 30 and assume his new position at SunTrust July 16.

McDonald Computer Corporation, a mortgage servicing software provider based in Southfield, Michigan, announced Tuesday the celebration of its 36th anniversary.