Origination

August home prices across the United States were up an average 4.6 percent since the start of the year, according to data from Lender Processing Services' (LPS) Applied Analytics division. LPS' Home Price Index, which reflects transacted sales rather than recorded sales, revealed that the average U.S. home price increased to $205,000 in August, up 0.2 percent from July. The average home price in August 2011 was $199,000, or 2.6 percent less than this year's reading. The most recent price increase brings the HPI up 4.6 percent from January 2012.

The New York State Court of Appeals ruled that mortgages issued by federal credit unions are subject to the state mortgage recording tax. In a case brought to the court by the Hudson Valley Federal Credit Union, the plaintiff argues that the Federal Credit Union Act's (FCUA) exemption from all taxation includes an exemption from taxes on mortgage recording.

Global DMS, the leading provider of Web-based compliant valuation management software, introduced to the world its newest project designed to integrate its valuation solution with leading loan origination systems (LOS).

Lenders are lining up to take advantage of the LoanQuest mortgage origination solution offered by MortgageFlex Systems, Inc., the company announced. The Jacksonville, Florida-based company touted its newly rewritten LoanQuest system, which is "smarter and better than ever."

Mortgage applications fell 12 percent for the week ending October 19, according to data from the Mortgage Bankers Association.

The Department of Justice sued Bank of America for over $1 billion for alleged mortgage fraud related to the sale of loans to Fannie Mae and Freddie Mac.

In a US Housing Market Update released by the firm, analyst and property economist Paul Diggle notes that while "a substantial overhang of properties still in the shadow inventory" will keep distressed sellers in the market, the peak in distressed supply appears to be well behind us, giving homebuilders more room to grow with less competition from discounted homes. In addition, short sales--typically sold at a smaller discount--have been gaining traction as foreclosure sales drop, creating "less of a depressing influence on the new-build market."

Patton Boggs is welcoming back a former partner, announcing that Todd R. Harrison has rejoined the firm's litigation and dispute resolution practice group. Harrison is headed back to Patton Boggs after departing in 2011 to serve as chief counsel for oversight and investigations on the energy and commerce committee for the U.S. House of Representatives.

An executive from Churchill Mortgage recently received recognition from The Nashville Business Journal. Matthew C. Clarke, Churchill's CFO and COO, was a finalist in this year's CFO Awards, which recognize leading CFOs from corporations in Middle Tennessee.

Mortgage rate movement last week was "so slight it was almost nonexistent," according to data from Freddie Mac and Bankrate.com.