Origination

With a boost from the calendar, personal income rose 0.5 percent in May--faster than economists had forecast--while personal consumption went up an unsurprising 0.3 percent the Bureau of Economic Analysis (BEA) reported Thursday.

First-time claims for unemployment insurance dropped 9,000 to 346,000 for week ending June 22, the Labor Department reported Thursday. Economists expected 345,000 claims. Claims filings for the week ended June 15 were revised up to 355,000 from the originally reported 354,000.

Micoley.com is hosting an online auction featuring 20 residential and multifamily properties in Northwest Illinois.

A new index from the Mortgage Bankers Association (MBA) and AllRegs shows credit availability opened up slightly from April to May.

Radian Group Inc. announced the appointment of Derek Brummer as EVP and chief risk officer. The position was previously co-managed by Brummer, who oversaw risk management for Radian Asset Assurance, and Scott Theobald, who oversaw risk management for Radian Guaranty Inc. Departing his former co-management post, Theobald will assume the newly created role of EVP for lender and structured products at Radian Guaranty.

MortgageFlex Systems, Inc., a provider of loan origination and servicing technology, announced its LoanQuest loan origination system (LOS) has been selected as the platform of choice for Indiana's FORUM Credit Union.

Mortgage applications continued to fall last week following a sizable spike in interest rates, the Mortgage Bankers Association (MBA) reported in its Weekly Mortgage Applications Survey. The Refinance Index fell 5 percent from the previous week, dipping to its lowest level since November 2011. The refinance share of total mortgage activity also declined, falling to 67 percent--the lowest level since July 2011. Meanwhile, the seasonally adjusted Purchase Index actually rose, increasing 2 percent.

Butler & Hosch, P.A., a multistate law firm focused on the legal needs of the mortgage banking industry, purchased the majority of assets from three former subsidiaries of Prommis Solutions, which filed for bankruptcy in March.

The Consumer Financial Protection Bureau (CFPB) announced Monday proposed revisions to its ability-to-repay rule, mortgage servicing rules, and rules regarding consumer protections. "Today's proposal revises and clarifies certain aspects of our rules to ease implementation and to pave the way for more effective consumer protections in the marketplace," said Richard Cordray, director of the CFPB. Monday's proposals also addressed the ban on financing credit insurance premiums.

The Texas Mortgage Bankers Association (TMBA) announced the election of Susan Stewart at president for 2013-2014. Stewart is the president and CEO of SWBC Mortgage Corporation, a full-service mortgage banking firm. During her time there, she has guided the company through multiple acquisitions and the approval processes to become Fannie Mae and Ginnie Mae seller servicers.