News

Dykema, a leading law firm with more than a dozen offices across the United States, named Haydn J. Richards as director of its Financial Industry Group.

Citi also reported a 4 percent decline in retail banking revenues to $1.6 billion, "reflecting lower mortgage origination and servicing revenues."

Total retail activity rose $1.6 billion in June compared with an increase of $2.25 billion in May. Auto sales accounted for $1.4 billion of the June increase and sales at gasoline stations another $316 million. Gasoline prices rose about 1 cent per gallon from May ($3.68) to June ($3.69). In June, sales at building material and garden supply stores dropped $574 million from May, the largest month-over-month decline since May 2012. Sales increased in June at furniture stores, clothing stores, and health and personal care stores.

WFG National Title Insurance Company announced it is now authorized to issue title insurance in the state of Michigan.

Fannie Mae's issuance of multifamily mortgage-backed securities (MBS) in the second quarter was relatively even at $7.6 billion, the GSE announced.

The Index of Consumer Sentiment, published by the University of Michigan and Thomson Reuters twice each month (one preliminary reading and one final reading), dropped to 83.9 from June's final value of 84.1. The median forecast among economists surveyed by Bloomberg was 84.7. Amna Asaf, economist at analytics firm Capital Economics, said the drop "was probably a reaction to the decline in equity prices in late-June and early-July. The expectations index, meanwhile, fell from 77.8 to a three-month low of 73.8.

In Georgia, Xerox Mortgage Services named Ken Marlin as its new VP and general manager.

The Mortgage Bankers Association (MBA) released another new monthly survey measuring mortgage loan application activity on new single-family properties for lenders affiliated with homebuilders.

The Mortgage Bankers Association (MBA) released its final paper explaining its vision for a successful common securitization platform.

Rick Sharga has departed Carrington Mortgage Holdings to serve as EVP for Auction.com, the online real estate marketplace announced in a release. From his office in Auction.com's Irvine, California headquarters, Sharga will serve as the company's chief spokesman on topics related to the U.S. housing market, mortgage market, commercial real estate, and international real estate.