Government

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.

Federal Housing Administration (FHA) Commissioner Carol Galante sat in front of the House Financial Services Committee for the second time to field questions and criticisms about the agency's practices and market share. It was established during the hearing that FHA insures 56.4 percent of mortgage loans today, though Galante was quick to assert in her testimony that FHA's "market share has been declining steadily since its peak in 2009." The commissioner also maintained the agency has no immediate need for a bailout.

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.

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.

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.

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.

Genworth's U.S. Mortgage Insurance (USMI) unit announced the completion of integrated electronic interfaces with two major loan origination systems.

Brooke Hoag will now be the face of Gold Star Mortgage Financial Group's community service efforts, the company announced. As Gold Star's community commitment liaison, Hoag will devote her energy to formalize and expand community giving efforts developed by employees over the years.

RentRange, LLC, a Westminster, Colorado-based data and analytics provider for the single-family rental market observed changes in rent prices for three-bedroom, single-family homes located in cities with at least 25,000 residents. The data firm found the greatest growth in La Quinta, California, where rents increased 35.75 percent from December 2011 to December 2012.

Freddie Mac's board has a new member. The company announced the election of Steven W. Kohlhagen, Ph.D. to its board of directors. Kohlhagen brings more than three decades of experience with him, having held senior executive positions at leading financial institutions, including First Union National Bank (predecessor to Wachovia National Bank), American International Group, Stamford Capital Group, Bankers Trust Corporation, and Lehman Brothers.