Origination

As issues related to compliance regulations continue to escalate, Connecticut-based Norcom Mortgage is preparing to meet the challenges ahead by hiring accordingly. The company recently announced the addition of Jeremy Potter, who will join Norcom as chief compliance attorney.

New York Attorney General Eric T. Schneiderman accused Wells Fargo of using Hurricane Sandy to evade obligations under the national mortgage settlement.

The Consumer Financial Protection Bureau (CFPB) is granting more time to implement new mortgage disclosures required under the Dodd-Frank Act.

NewDay USA, LLC, announced it is packing up and moving its Maryland office into a new 60,000 square foot facility to better support the launch of NewDay USA University, an educational and training center created for new and established mortgage banking professionals.

Capsilon's revenue in this year's third quarter was double that of the same period last year, the company announced. The San Francisco-headquartered provider of cloud-based document sharing, imaging, and collaboration solutions for mortgage lenders reported its revenue for the first nine months of 2012 is also double that of the first three quarters of 2011.

In a speech at the Operation HOPE Global Financial Dignity Summit in Atlanta, Federal Reserve Chairman Ben Bernanke spoke of the amplified effect the housing crisis has had on minorities and low-income families across the country. He pointed out that while homeownership has declined for the nation overall, the decline has been steepest among households with incomes of $20,000 or less. The homeownership decline among African Americans is also steeper than the national average, Bernanke said, referencing data from the Census Bureau.

Despite a relatively flat September, FNC's latest Residential Price Index (RPI) showed home prices were up in the third quarter. Based on recorded sales of non-distressed properties (both new and existing homes) in the 100 largest metropolitan statistical areas (MSAs), September home prices were mostly unchanged from August. However, prices were up 2.3 percent from September 2011, the largest yearly increased since February 2007. September also marked the third straight month of year-over-year price improvement.

The NAHB revealed 74.1 percent of all homes sold in Q3 were affordable to families earning the U.S. median income.

Prospect Mortgage, a provider of home renovation and purchase financing, announced it is offering two loan programs to help homeowners impacted by Hurricane Sandy rebuild their lives. The programs, backed by the Federal Housing Administration (FHA), provide funding beyond insurance or other disaster assistance by offering financing for owners in declared disaster areas to repair or rebuild their homes or even to purchase a new home if necessary.

Since the IRS will soon allow electronic signatures on Form 4506-T, Equifax has enhanced verifications services in anticipation of the change.