Government

The Federal Housing Finance Agency's (FHFA) House Price Index (HPI) continued its upward crawl in August, rising 0.7 percent from July and 4.7 percent from August 2011, according to a release from the agency. The August index is down 15.9 percent from its peak in April 2007 and is at roughly the same level as June 2004's index. Regionally, all divisions reported year-over-year price increases in August, with prices in the Mountain division showing the most growth at 11.4 percent.

The National Association of Mortgage Brokers, NAMB, recently announced a partnership with The Bond Exchange to offer mortgage license bonds to all members and their companies. The Bond Exchange has a reputation for negotiating bond prices that are at least as low and sometimes lower than other bond issuers.

In Michigan, Edward Surovell Realtors has teamed up with Howard Hanna Real Estate Services. Already the top-selling company in the state's Southeastern region, Surovell Realtors has now become a part of the fourth largest real estate organization in the United States.

New home sales jumped 5.7 percent in September to a seasonally adjusted average annualized rate of 389,000, the highest rate since April 2010, the Census Bureau and Department of Housing and Urban Development reported Wednesday. Economists surveyed by Bloomberg expected the report to show a sales pace of 385,000. The month-to-month sales improvement was the strongest since February, when sales improved 27,000, or 8.0 percent. While sales numbers improved, both the median and average sales price of a new home dropped.

Impac Mortgage has a new face to help lead its Correspondent Lending Division. Judy Treichler has joined the company as VP and operations manager. Treichler has 15 years of experience in mortgage operations with a focus on customer service, process improvement, and quality control.

The housing sector is showing strength unmatched in previous years, according to Freddie Mac's Economic and Housing Market Outlook for October.

The state of Texas dismissed mortgage fraud charges against a Dallas socialite and former pageant winner, The Dallas Morning News reported. According to the report, the Dallas County district attorney requested to drop three charges brought against socialite and former Miss Georgia Erin Hill.

When it comes to creating sustainable homeownership, some economists are saying the FHA is celebrating results it hasn't actually achieved. In a new study, New York University economics professor Andrew Caplin and his co-authors investigate mortgage risk assessment and the FHA's actual progress toward creating sustainable homeownership. Caplin and his co-authors conclude that the FHA measuring the wrong data and using flawed results to estimate mortgage risk--specifically, the risk related to internally refinanced loans.

Consumers purchasing mortgage loans during the third quarter have revealed their preferences, recognizing 10 companies as lending leaders. Asking borrowers to rank specific aspects of their experience during the loan process in a recent survey, LendingTree identified the top 10 customer-rated companies within its network of more than 250 lenders.

The Mortgage Bankers Association (MBA) swore in Debra Still, E.J. Burke, and Bill Cosgrove as chairs at the association's 99th Annual Convention & Expo in Chicago, MBA announced Monday.