News

Marking the 50th bank closing nationwide this year, the two branches of Hometown Community Bank in Braselton, Georgia shut their doors Friday and reopened Saturday as branches of CertusBank, National Association of Easley, South Carolina.

According to Redfin's Real-Time Home Price Tracker for October 2012, home sales increased 9.8 percent across 19 major U.S. markets from September to October, an unusual gain in a month that commonly sees monthly declines of at least 5 percent. Prices also increased in October, though on a more modest scale. The tracker reported price increases of 8.4 percent year-over-year and 0.4 percent month-to-month. Seventeen of the 19 cities covered in the report saw higher prices than in 2011.

Builder confidence continued its march to "break-even," with the Housing Market Index (HMI) climbing five points in November to 46.

After a tumultuous divorce, Grammy-winning singer Usher is selling his Georgia mansion, recently listing the property for $3.2 million. According to Zillow, the 12,544-square-foot home still serves as the main residence for the star's now ex-wife, and the website noted that, as per their settlement agreement, Usher is allowed to place the abode on the market with only 60-days notice.

Weathering Hurricane Sandy, sales of existing homes increased in October, the National Association of Realtors reported Monday. Total existing-home sales rose 2.1 percent to a seasonally adjusted annual rate of 4.79 million in October from a downwardly revised 4.69 million in September. September sales were originally reported at 4.75 million. October home sales are up 10.9 percent over October 2011. The median price of an existing single-family home was $178,600 in October, 11.1 percent ahead of the median price in October 2011, $160,300.

As issues related to compliance regulations continue to escalate, Connecticut-based Norcom Mortgage is preparing to meet the challenges ahead by hiring accordingly. The company recently announced the addition of Jeremy Potter, who will join Norcom as chief compliance attorney.

New York Attorney General Eric T. Schneiderman accused Wells Fargo of using Hurricane Sandy to evade obligations under the national mortgage settlement.

The Consumer Financial Protection Bureau (CFPB) is granting more time to implement new mortgage disclosures required under the Dodd-Frank Act.

NewDay USA, LLC, announced it is packing up and moving its Maryland office into a new 60,000 square foot facility to better support the launch of NewDay USA University, an educational and training center created for new and established mortgage banking professionals.

Capsilon's revenue in this year's third quarter was double that of the same period last year, the company announced. The San Francisco-headquartered provider of cloud-based document sharing, imaging, and collaboration solutions for mortgage lenders reported its revenue for the first nine months of 2012 is also double that of the first three quarters of 2011.