Secondary Market

The number of loans refinanced through HARP in the first quarter of 2012 was nearly double the number of refinances in the fourth quarter of 2011, according to the Federal Housing Finance Agency's March 2012 Refinance Report released Friday. The report showed that 180,185 loans were refinanced through HARP during the year├â┬ó├óÔÇÜ┬¼├óÔÇ×┬ós first quarter, nearly twice the 93,190 refinances in the previous quarter. The month of March alone saw 79,470 loans refinanced with HARP, implicating nearly one in seven loan refinances in the quarter.

SharperLending LLC, a technology provider for the mortgage industry, announced Thursday that it has re-designed one of its key products, its Appraisal Firewall. The new version of the firewall allows for more integration between appraisers and lenders.

Three mortgage insurers wrote $7.1 billion in newly originated primary mortgage insurance in April, up from $3.7 billion last year, according to the Mortgage Insurance Companies of America. MICA said that the companies, including Genworth Mortgage Insurance Corp., Mortgage Guaranty Insurance Corp., and Radian Guaranty Inc., fielded new primary insurance from $6.7 billion in March. Some 30,575 borrowers used private mortgage insurance to buy or refinance their homes in April. The insurers reported 22,569 defaults and 20,678 cures in April.

As the debt crisis in Europe continues to worsen and investors look to Treasury bonds for security, fixed mortgage rates fell to all-time record lows in the last week of May. According to the results of Freddie Mac's Primary Mortgage Market Survey, the 30-year fixed averaged 3.75 percent with an average 0.8 point for the week ending May 31. This is down from 3.88 percent the previous week and 4.55 percent at the same time last year. The 15-year fixed rate mortgage also fell, bringing three of the four benchmark mortgage rates under 3 percent.

Churchill Mortgage, a lender with a presence in 23 states continues to grow since its founding in 1992 and just announced the addition of 12 new professionals joining its team in Tennessee and Texas.

The thirteenth largest servicer in the nation, Dallas-based American Home Mortgage Servicing, Inc., announced Tuesday a company-wide re-launch under a new brand: Homeward Residential, Inc.

David H. Stevens, president and CEO of the Mortgage Bankers Association is leaving his post to assume the role of president of SunTrust Mortgage. Stevens will leave his current position June 30 and assume his new position at SunTrust July 16.

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.

The Case Shiller Home Price Indexes fell for the seventh straight month in March. The drop in the broader 20-city index was barely noticeable ├â┬ó├óÔÇÜ┬¼├óÔé¼┼ô down to 134.10 from 134.14 in February ├â┬ó├óÔÇÜ┬¼├óÔé¼┼ô while the 10-city index fell to 146.61 from 146.74. Year-over-year, the 10-city index was down 2.8 percent and the 20-city index off 2.6 percent, improving from February. Economists had expected the 20-city index to show a 2.7 percent year-over-year decline. Separately, the national Case Shiller Index, reported quarterly, was down 2.0 percent in the first quarter.