Secondary Market

The refinance share of originations ran up to 57 percent for independent mortgage banks during the fourth quarter last year, according to the Mortgage Bankers Association. The trade group said in a fourth-quarter performance report Thursday that new numbers for refinance share reflected a jump from 45 percent seen in the third quarter. Chartered financial institutions and independent bankers profited by $1,093 from each loan made in the fourth quarter, a decline from $1,263 per loan in the third quarter last year. Average production income hovered around 58 basis points in the fourth quarter.

Mortgage rates changed little from last week, continuing consecutive record lows from previous weeks. Freddie Mac found the 30-year fixed-rate mortgage averaging 3.98 percent, down a notch from 3.99 percent, while the 15-year loan hovered near 3.21 percent, down from 3.23 percent last week. The 5-year adjustable-rate mortgage fell from 2.90 percent to 2.86 percent, with the 1-year mortgage unchanged at 2.78 percent. Finance Web site Bankrate.com fielded few changes. The 30-year loan inched forward to 4.25 percent from 4.23 percent.

Massachusetts-based lender Mortgage Master, Inc., has hired a new leader for its sales division. The company recently announced the appointment of Donald Henig as Mortgage Master's national sales director.

Home prices for non-distressed property sales ticked up 0.7 percent in February from January, even while figures for the same fell by 2 percent year-over-year, according to CoreLogic. The analytics firm said that home prices also marked a seventh straight monthly decline by falling 0.8 percent from January this year. Inclusive of distressed sales, the five states that encountered appreciation in their home prices at the fastest clip included Arizona (4.5 percent), Florida (4.7 percent), Michigan (5.8 percent), South Dakota (4.1 percent), and West Virginia (8.6 percent).

Weak economic news out of Europe and comments from the Federal Reserve chairman last week conspired to keep interest rates for mortgage loans near all-time lows ├â┬ó├óÔÇÜ┬¼├óÔé¼┼ô and flat ├â┬ó├óÔÇÜ┬¼├óÔé¼┼ô for another week. Real estate Web site Zillow found the 30-year fixed-rate mortgage hovering at 3.81 percent, down from 3.88 percent last week. The 15-year loan averaged 3.04 percent, even while the 5-year and 1-year adjustable-rate mortgages hit 2.57 percent. The Web site found mortgage rates zigzagging in states across with the union, with those in California and New York each falling furthest at a clip of 11 basis points.

V.I.P. Mortgage is increasing its footprint in Tucson, Arizona. The company recently announced that it conducted in excess of $113 million in mortgage loans during 2011, and V.I.P. also noted that it is continuing to add home loan specialists within its Tucson branch, hiring nearly a dozen personnel last year alone. The company has merged two of its loan groups in the city, combining V.I.P. teams led by Rob Purvis and Jim Kaiser. Currently, V.I.P. has a total of 35 employees in Tucson.

A lawsuit was filed against GFI Mortgage Bankers alleging it charged African American and Hispanic borrowers higher interest rates and fees on mortgage loans because of their race rather than their creditworthiness, the U.S. Justice Department announced in a statement Tuesday. The complaint was filed in the Southern District of New York under the federal Fair Housing Act and Equal Credit Opportunity Act. According to the statement, GFI knew that its loan officers priced loans based on factors that resulted in thousands of dollars in overcharges for minority borrowers.

Mortgage Contracting Services (MCS) has been selected by Gateway Mortgage Group as the company's partner for property inspection and preservation needs. Targeting enhanced efficiency for the property-related management of its servicing portfolio, Gateway chose Florida-based MCS for streamlined support.

In Texas, Churchill Mortgage has added two industry professionals to bolster mortgage loan production in its Houston branch. The company recently announced that Peter Oreziak and Mike Gonzalez have been hired as home loan specialists. Prior to joining Churchill, Oreziak accrued more than nine years of experience in the mortgage business, and he has previously been active in customer service and transaction protection initiatives. Oreziak's new role for Churchill encompasses the provision of client guidance throughout the lending process from application to funding.

Lawmakers seated on the Senate Banking Committee slated five nominees to head up regulatory agencies for full-chamber votes Friday. Committee Chairman Tim Johnson led the voice vote that cleared nominees for boards responsible for the Federal Reserve System, FDIC, and Troubled Asset Relief Program, among others. The nominees set for votes include Jerome Powell and Jeremy Stein for governorships with the Fed; Jeremiah Norton, for a board role with the FDIC; Richard Berner, for directorship of the Office of Financial Research; and Christy Romero, for service as TARP├â┬ó├óÔÇÜ┬¼├óÔÇ×┬ós next special inspector general.