Origination

More applications ticked up as record-low mortgage rates spurred refinance applications to their highest level since April 2009. The Mortgage Bankers Association found that applications increased 0.9 percent from the week before. The Refinance Index climbed by 2 percent to reach the highest level in three years, with the refinance share of activity ticking up to 81 percent of application volume from 80 percent last week. The adjustable-rate mortgage share of activity amounted to 4 percent of total volume from the week before.

Compared to the two-year high for new home sales in May, June's figures were met with disappointment. On Wednesday, the Census Bureau reported new home sales dropped 8.4 percent month-over-month to 350,000 in June compared to an upwardly revised 382,000 for May. In an IHS Global Insight commentary, economists Patrick Newport and Michele Valverde pointed out that figures for March, April, and May were all revised up, and that sales were up in the Midwest and West, but down in the Northeast and South.

The Glendale, California, house that once belonged to sports legend Casey Stengel has hit the market for $2.41 million. The Mediterranean home, which was built in 1925, was Stengel's life-long residence, and the basebal star called the property home until his death in 1975.

As the deadline for implementation of the uniform loan delivery dataset arrived on Monday, Wipro Gallagher Solutions announced its adoption of ULDD standards. The company noted that clients using its loan origination systems will now be able to seamlessly interface with the GSEs, as per ULDD's objectives.

The Asian Real Estate Association has named Ivan Choi as its chair-elect. Choi will assume the leadership post following the AREAA's national convention in September, where he will be officially installed as the organization's chairman of the board.

Texas-based Caliber Funding LLC has announced the departure of its CEO and the appointment of a new president. Caliber has named Jim Ferriter as the company's president, and his promotion follows former CEO Brian Simon's exit from the organization.

Richard Cordray, director of the Consumer Financial Protection Bureau, laid out the agency├â┬ó├óÔÇÜ┬¼├óÔÇ×┬ós aims to reform mortgage lending standards before a congressional subcommittee Monday. Speaking before House lawmakers, Cordray acknowledged that although the Dodd-Frank Act has had a hand in improving most consumer lending markets, tight mortgage lending standards have kept creditworthy borrowers out of homes. In an effort to fix these issues, Cordray said that CFPB is proposing ├â┬ó├óÔÇÜ┬¼├àÔÇ£clear rules of the road├â┬ó├óÔÇÜ┬¼├é┬Ø to address each stage of the mortgage process and to rebuild consumer and investor confidence.

The 30-year fixed-rate mortgage slid to 3.35 percent, setting a new low for Zillow, as Europe braced for another wave of credit downgrades. The real estate Web site found the 15-year home loan averaging 2.8 percent, while interest rates for 5-year and 1-year adjustable-rate mortgages each hovered at 2.52 percent. She added that Zillow expects mortgage rates to remain near record lows as investors keep watch on economic stability in Europe. Mortgage rates zigzagged lower across the country, falling by as much as 10 basis points in Florida.

For the first time since 2007, home values saw a year-over-year gain in the second quarter of 2012, according to the Zillow Home Value Index. The index showed homes increased in value by 0.2 percent to $149,300 from last year├â┬ó├óÔÇÜ┬¼├óÔÇ×┬ós second quarter. Additionally, values have increased for the fourth month in a row. Out of 167 metros covered by Zillow, 53 posted increases from the second quarter of 2011 to the same quarter this year. Values in Phoenix rose by 12.1 percent, the highest among other metros during the same time period.

Pamela Anderson has many followers and fanatics thanks to her status as the world's most famous Playmate, and those who want to get a little closer to Anderson can now do so by renting her Malibu pad. However, the opportunity comes with a serious price tag, and Anderson is asking $50,000 per month to dwell in her 2,750-square-foot abode.