Government

The nation├â┬ó├óÔÇÜ┬¼├óÔÇ×┬ós unemployment rate inched up to 7.9 percent in October, even as the economy added 171,000 jobs, the Bureau of Labor Statistics reported Friday. The labor force--the sum of employed and unemployed--improved in October, causing the bump in the unemployment rate and signaling renewed confidence among those on the sidelines that jobs are available. With its mixed results, the report provides fodder for both President Barack Obama and Governor Mitt Romney four days before Election Day.

After aggressively pursuing opportunities to grow, Ocwen Financial Corporation (Ocwen) reported an increase earnings in the third quarter of 2012. The mortgage servicer reported a net income of $51.4 million, or $0.37 per share in Q3 2012, a sharp increase of more than $30 million from the same quarter a year ago. Revenue soared even higher in Q3, spiking 90 percent from last year to $232.7 million. Ocwen says the figures for revenue and income from operations were record-setting numbers.

The mortgage market may be the largest market for consumer finance, but the sector lacks a comprehensive national database, according to the Federal Housing Finance Agency (FHFA) and Consumer Financial Protection Bureau (CFPB). This is why the federal agencies are coming together to create a national mortgage database.

Cetip, a private asset clearinghouse based in Brazil, will partner with technology provider FNC. Through the partnership, Oxford, Mississippi-based FNC, Inc. will apply its technology solutions to the Brazilian mortgage industry.

A survey released by the Federal Reserve shows slight easing of standards and strengthened demand for home loans.

According to the CFPB, an examination of financial institutions found "instances of significant non-compliance with" regulatory statutes.

A Texas judge granted a motion to dismiss a case filed against Mortgage Electronic Registration Systems, Inc. (MERS), and its co-defendants over county recording clerk filing fees. The dismissal was MERS' second victory of the week in Texas. One day earlier, MERSCORP announced that the Supreme Court of Texas denied a borrower's petition for review.

Fixed mortgage rates fell back slightly to start November as investors anxiously wait for signs of which direction the economy is headed.

The National Credit Union Administration (NCUA) announced the closing of U.S. Central Bridge Corporate Federal Credit Union (U.S. Central Bridge). The closing comes after three years of efforts to stabilize the corporate credit union sector, the agency stated in a release.

First-time claims for unemployment insurance fell 9,000 to 363,000 for the week ended October 27, the Labor Department reported Thursday. It was the second straight weekly decline and the fourth drop in the last six weeks. The initial claims report has been unusually volatile for the last month, with wide swings in the seasonal adjustment factors used by the Labor Department to "normalize" the data. The seasonal adjustment for next week's report will be "unfavorable," bumping first-time claims higher.