News

Fiserv, Inc., announced it has partnered with ChannelNet to create LoanLink, an online channel that enables LoanServ users to quickly roll out self-service websites for borrowers.

First time claims for unemployment insurance increased for the fourth time in the last five weeks, edging up 4,000 for the week ending April 13 to 352,000, the Labor Department reported Thursday. Economists expected 347,000 initial claims. Initial jobless claims for the week ending April 6 were revised up to 348,000 from the originally reported 346,000.

Despite threats from the federal budget sequester, the nation's economy expanded "at a moderate pace" from late February to early April, the Federal Reserve reported Wednesday in its periodic Beige Book. Reports on mortgage lending, the Beige Book said, "were mostly favorable" with stronger refinancing activity in New York and Atlanta. The Cleveland and Kansas City districts, according to the report, "noted a shift from mortgage refinancing to new purchases," and New York, Richmond, Dallas, and San Francisco "reported an uptick in residential mortgage loans."

Purchase loan share picked up more ground in March as mortgage rates climbed further, according to the latest Origination Insight Report from Ellie Mae.

Bank of America's first quarter net income nearly quadrupled over that of last year, according to the bank's quarterly filings. BofA reported Wednesday net income of $2.6 billion for the first quarter of 2013, up from $653 million the same quarter last year. Revenue was $23.7 billion, up from $22.5 billion a year ago. On the residential lending front, the company reported lower mortgage banking income, largely as a result of lower servicing income.

Genworth U.S. Mortgage Insurance (USMI), a unit of Richmond-based Genworth Financial, announced a redesigned Commitment/Certificate of Insurance intended to make it easier for customers to understand information about their mortgage insurance.

In today's seller's market, Trulia says buyers in today's market are especially vulnerable to making decisions they may regret in the future.

According to MBA's Weekly Mortgage Applications Survey for the week ending April 12, application volume increased 4.8 percent week-over-week on a seasonally adjusted basis.

Blueberry Systems, LLC announced that its RELAY loan origination system (LOS) is now the platform of choice at Cole Taylor Mortgage.

Carrington Mortgage Services' Wholesale Lending Division announced it has added 14 professionals to its sales staff to better provide in-market services to brokers and borrowers.