Origination

While rapid price gains have some analysts issuing warnings about a housing bubble in the making, newly released reports argue that a repeat of the 2008 crash is unlikely.

A recent industry survey detects rising optimism in the commercial real estate and single-family housing sectors over the next few years. The survey, conducted by the Urban Land Institute and Ernst & Young, finds a consensus among analysts that the real estate market will improve as transaction volumes rise and vacancies decline. "After a prolonged period of uncertainty, we're seeing a revival of investor confidence as the economy continues to recovery," said Dean Schwanke, SVP at the Urban Land Institute.

Edward DeMarco, acting director of the Federal Housing Finance Agency (FHFA), announced the promotion of Fred C. Graham to deputy director of the Division of Federal Home Loan Bank Regulation. Graham has been with FHFA since its establishment in 2008 and has held several senior positions within the agency.

Wells Fargo and JPMorgan Chase both pulled in record quarterly profits during the first months of 2013, according to earnings reports released Friday by both banks. Wells Fargo reported record net income of $5.2 billion for Q1 2013, up from $5.1 billion quarter-over-quarter and from $4.2 billion year-over-year. JPMorgan also posted strong performance across its businesses, recording a net income of $6.5 billion (compared with $4.9 billion in the first quarter of 2012).

January saw nearly half a million new refinances, according to data released by the Federal Housing Finance Agency (FHFA).

The Federal Housing Finance Agency (FHFA) announced Thursday it is extending the life of the Home Affordable Refinance Program (HARP). Originally slated to expire at the end of this year, HARP will now expire December 31, 2015. The agency also announced it plans to launch a campaign in an attempt to reach more eligible borrowers for the program. While FHFA stated it can't provide "hard estimates" on the number of additional homeowners who are eligible, the hope is for a substantial number to be reached.

Churchill Mortgage, a Tennessee-based lender providing conventional and government-backed mortgages across 26 states, is expanding into Michigan with the opening of two branches.

David B. Lowman, a long-time senior leader in the mortgage finance industry, is joining Freddie Mac as EVP of the Single-Family Business effective May 20, the company announced.

Norcom Mortgage, headquartered in Avon, Connecticut, welcomed Lynn LaPierre on staff as a mortgage consultant. LaPierre brings more than 12 years of industry experience to Norcom. She joins the team from Village Mortgage, where she operated as a loan officer for the company's Collinsville branch.

While last year's mortgage market was largely dominated by refinance loans, a new report from MortgageMarvel.com says the stage is already set in some areas for purchase loans to take point.