News

Elevated refinance activity under the Home Affordable Refinance Program continues to support overall growth in originations, according to LPS.

The FDIC announced that the Washington State Department of Financial Institutions shuttered Westside Community Bank on Friday. The bank's two branches are reopening as branches of Irvine, California's Sunwest Bank.

The Federal Reserve announced it paid a record $88.9 billion to Treasury in 2012. The earnings are from Fed programs that were introduced to stimulate the economy and involve the purchase of billions in mortgage-backed securities (MBS) each month to keep interest rates down.

GSF Mortgage announced COO Chad Jampedro is now leading the Wisconsin-based company as president. Jampedro began his career at GSF in June 2001 as a loan originator at the company's Illinois branch. Since that time, he has held several positions within GSF, has earned his real estate license, and even served as president of the Wisconsin Mortgage Professional Association.

Linear Title and Closing announced plans to introduce a web portal just for consumers who have closed on a loan with the company. Through the portal, consumers can access their personal databases, such as the completed mortgage package, a detailed analysis of the flow of mortgage funds, any rebates due to them, and proof of the mortgage recordation, the Rhode Island-based company explained.

The National Rural Housing Coalition recently released a report detailing two successful rural housing programs that, according to the Coalition, are two of the most cost-effective federal housing programs. However, funding for these programs is being drastically cut.

The housing market felt December's chill as home sales, listings, and prices all slipped, according to Redfin's Real-Time Price Tracker. While it's not unusual to see the market cool off in the holiday season, December's decline in listings was considerable compared to the years prior. According to Redfin, listings were down 11.5 percent from November, 33 percent from December 2011, and 44 percent from December 2010. The lack of selection had a hindering effect on sales.

Zillow announced the renewal of its strategic marketing program with Century 21 Real Estate LLC, through which the company's listings will continue to automatically appear on the Yahoo! Zillow Real Estate Network.

President Obama opened a big hole in his White House by tapping Jack Lew to replace Timothy Geithner as Secretary of the Treasury, leaving empty--for the moment--the role of chief of staff. It's not the first time the president has looked to change nameplates of those who already worked for him. Strong managers, according to Harvard Business School theory, can move from one discipline to another without specific expertise, and Harvard Law alum Obama apparently picked up something beyond a law degree while in Cambridge.

Wells Fargo pulled in a record net profit of $5.1 billion in the final quarter of 2012, up 24 percent from the same period in 2011.