Origination

After falling throughout May, mortgage application volume rose for the first week of June, according to the Mortgage Bankers Association's (MBA) Weekly Mortgage Applications Survey. The survey's Market Composite Index, a measure of loan application volume, increased 5.0 percent for the week ending June 7, MBA reported. Unadjusted, the index rose 16 percent. The previous week's results included an adjustment for the Memorial Day holiday. The increase in application volume came despite continued rises in rates.

Redfin agents reported 69.5 percent of offers written in May faced competition, a decrease from 73.3 percent in April.

DataQuick, a real estate solutions provider, announced the promotion of Rich Kuegler to SVP of branch production for DataQuick Title (formerly Rels Title).

Out of San Diego, BankersLab announced the launch of Bank-it: Credit Edition, the latest in its suite of mobile learning apps for retail lending professionals.

The Consumer Reports Trouble Tracker Index, which measures the proportion of consumers that have faced financial difficulties and the number of events they've encountered, fell sharply from 41.7 in the last report to 34.0--the lowest level since the measure was created. As of the latest report, the tracker has fallen more than 50 percent from its reading of 68.7 in September 2009. At the same time, the index's employment measures showed job gains outpacing losses for the third straight month.

The number of job openings fell in April for the fourth time in the last five months as the number of people leaving their jobs jumped to the highest level since August, the Bureau of Labor Statistics (BLS) reported Tuesday in its month Job Openings and Labor Turnover Survey (JOLTS). According to the JOLTS report, the number of persons unemployed for each job opening rose to 3.10, the first increase in that measure since February. The number of unemployed per job opening fell sharply in the construction industry to 7.7.

The pace at which home prices are rising should moderate later this year, according to an analysis from Capital Economics.

Nationally, asking prices increased 9.5 percent year-over-year in May, but in the ten least affordable metros, asking prices spiked 16.3 percent during the same time period.

The Mortgage Bankers Association (MBA) announced the nomination of Quicken Loans CEO Bill Emerson to be its vice chair for the 2014 membership year.

Mortgage Contracting Services (MCS) announced the promotion of Wade Petty and Marie Walters to VP of finance and controller/assistant VP, respectively.