Origination

Lending solutions provider Wipro Gallagher Solutions announced Wednesday the results of a third-party scalability test of its loan origination system, NetOxygen, at levels of 10,000 to 20,000 users.

The Pending Home Sales Index gave back its entire March increase in April, falling to 95.5 from 101.1 one month earlier, the National Association of Realtors reported Wednesday. The March index was revised downward from the originally reported 101.4 adding to the gloomy report. Economists had expected the Index to increase 0.5 percent from March. Even with the decline though, the index is up 14.4 percent since April 2011, but is now at its lowest level since December, dampening expectations.

McDonald Computer Corporation, a mortgage servicing software provider based in Southfield, Michigan, announced Tuesday the celebration of its 36th anniversary.

Investors helped keep interest rates for mortgage loans in record-low territory this week, as European Union leaders grappled with lurking debt crises in Spain and Italy. Real estate Web site Zillow recorded the 30-year fixed-rate mortgage at 3.6 percent, just above an all-time low of 3.59 percent set two weeks before. Rates for 15-year loans averaged 2.91 percent, while those for 5-year and 1-year adjustable-rate mortgages hovered at 2.54 percent. Rates for 30-year fixed-rate loans largely fell in most states, climbing only in Illinois, New York, and Washington.

The Supreme Court ruled unanimously in favor of Quicken Loans, Inc., Thursday, in a case that bars lenders from splitting settlement fees with third parties. The decision upholds an interpretation of the Real Estate Settlement Procedures Act that gives lenders leeway when it comes to charging fees. It rejects a longstanding HUD policy that interpreted the law to include a flat ban on unearned fees. Much of the contention surrounded previous guidance issued by HUD supporting the view that the legal framework prohibits lenders from charging unearned fees.

Advisory and risk management company MCT Trading, Inc., announced Friday the addition of a new member to its capital markets trading team.

A task force created by the Obama administration to crack down on residential mortgage-backed securities misconduct recently went live with a new website for whistleblowers. The Residential Mortgage-Backed Securities Working Group established the online portal for those willing to air grievances about misconduct in the packaging and sale of mortgages into securities at financial institutions. The Justice Department launched the RMBS Working Group earlier this year to look into allegations of misconduct.

The number of financial institutions at risk of failure dropped for the fourth consecutive quarter, falling from 813 to 772. The FDIC reported Thursday that the decline signals the smallest number of problem banks since yearend 2009, with total assets waning from $319 billion to $292 billion. The much-weakened Deposit Insurance Fund saw its first-quarter net worth rise to $15.3 billion, up from $11.8 billion over the fourth quarter last year. Insured deposits grew by an estimated 0.7 percent over the first quarter.

The Responsible Homeowner Refinancing Act of 2012, introduced this month by Sens. Robert Menendez and Barbara Boxer, received backing from witnesses at a Senate Banking Committee hearing. The bill aims to address what the senators say are barriers impeding the success of the recently revised Home Affordable Refinance Program, commonly referred to as HARP 2.0. The bill aims to eliminate all upfront fees and appraisal costs for refinances, prohibit second-lien holders from unreasonably hindering refinances, and more.

Brokers will have a new resource to tap into, with the launch of United Wholesale Mortgage's Elite program. The mortgage lender will use the new product to offer broker's access to the best conventional rates and pricing in the industry, according to a company statement.