Origination

The FDIC announced that the Washington State Department of Financial Institutions shuttered Westside Community Bank on Friday. The bank's two branches are reopening as branches of Irvine, California's Sunwest Bank.

GSF Mortgage announced COO Chad Jampedro is now leading the Wisconsin-based company as president. Jampedro began his career at GSF in June 2001 as a loan originator at the company's Illinois branch. Since that time, he has held several positions within GSF, has earned his real estate license, and even served as president of the Wisconsin Mortgage Professional Association.

Linear Title and Closing announced plans to introduce a web portal just for consumers who have closed on a loan with the company. Through the portal, consumers can access their personal databases, such as the completed mortgage package, a detailed analysis of the flow of mortgage funds, any rebates due to them, and proof of the mortgage recordation, the Rhode Island-based company explained.

The housing market felt December's chill as home sales, listings, and prices all slipped, according to Redfin's Real-Time Price Tracker. While it's not unusual to see the market cool off in the holiday season, December's decline in listings was considerable compared to the years prior. According to Redfin, listings were down 11.5 percent from November, 33 percent from December 2011, and 44 percent from December 2010. The lack of selection had a hindering effect on sales.

Zillow announced the renewal of its strategic marketing program with Century 21 Real Estate LLC, through which the company's listings will continue to automatically appear on the Yahoo! Zillow Real Estate Network.

Wells Fargo pulled in a record net profit of $5.1 billion in the final quarter of 2012, up 24 percent from the same period in 2011.

Nearly one-third--29.3 percent, or 20.6 million--of homeowners own their homes free and clear of mortgage debt, according to a recent analysis from Zillow. Zillow also revealed what factors might influence the percentage of homeowners who own their home outright in certain areas. For one, metro areas with lower home values tended to have a higher rate of mortgage-free homeowners since smaller loan amounts can be paid off more quickly. Age and credit rating were also contributing factors.

Four years after inheriting an economy on the brink, Secretary of the Treasury Tim Geithner is stepping down. The nominee to replace him: Jack Lew, former director of the Office of Management and Budget during both the Clinton and Obama administrations and current White House Chief of Staff.

CoreLogic is expanding its presence in Florida, recently announcing that the company has established technology partnerships with four of the state's real estate organizations. The Realtor groups will tap into CoreLogic's MLS Data Co-op to launch a multiple listing service (MLS) data sharing initiative.

Mortgage rates took a jump this week as markets await the fiscal drama to unfold in the next few months. According to Freddie Mac's Primary Mortgage Market Survey, the average rate on a 30-year fixed-rate mortgage (FRM) was 3.40 (0.7 point) percent for the week ending January 10, up somewhat significantly from 3.34 percent in 2013's first survey. Bankrate reported similar results in its weekly survey, with the 30-year fixed average soaring to 3.67 percent--its highest level since September.