Based on fundamentals, including prices-to-income, prices-to-rents, and historical data, Trulia Chief Economist Jed Kolko estimated in a post on Wednesday that home prices at the national level were still 2 percent undervalued in the fourth quarter of 2014.

In New York, national title insurance firm MiT National Land Services added Daniel Eckert to its team to run the company's National Division.

The Mortgage Bankers Association (MBA) reported Wednesday that mortgage application volumes jumped by a seasonally adjusted 49.1 percent for the week ending January 9. The surge—the largest weekly increase since 2008, MBA said—followed a sharp drop in 2014's closing weeks.

In a comment letter addressed to the Federal Housing Finance Agency's (FHFA) general counsel, Alicia Nealon, director of regulatory affairs for the National Association of Federal Credit Unions (NAFCU), voiced the association's opposition to the proposal, which she says would "disenfranchise over 1 million credit union member-owners."

Using data drawn from tens of thousands of appraisals nationwide, Quicken Loans reported a 0.74 percent month-over-month drop in its Home Value Index (HVI) last month. Bob Walters, chief economist for Quicken Loans, said it would be a mistake to put too much emphasis on a slight monthly decline.

Carrington Holding Company has named Rudy Orman as managing director of business development for Carrington Mortgage Holdings, according to an announcement from the firm.

California's Department of Business Oversight is moving to halt Ocwen's operations in the state after the company failed to provide documentation about its compliance with California's Homeowner Bill of Rights. With the latest news, Ocwen is off to a less than promising start to 2015 after concluding what was a rocky 2014.

Looking at the shopping behaviors of mortgage borrowers in 2013, the bureau found that 47 percent of buyers don't take the time to shop around and compare lenders, resulting in potentially higher costs. Furthermore, 77 percent end up applying with only one lender or broker rather than filling out multiple applications to see who will offer the best deal.

The president reported in his speech that the housing market has not come all the way back yet and there is still work to be done. But according to one analyst, the president may have overestimated how far the housing market has come back and the administration's role in the recovery.

Citing concerns about the Federal Housing Administration's (FHA) low capital reserve ratio and its 2013 bailout, senators Bob Corker (R-Tennessee) and David Vitter (R-Louisiana) are calling on the Obama administration to reconsider its plan to cut FHA's annual mortgage insurance premium by half a percentage point.