Technology

Mortgage origination numbers from the first quarter of the year are in and closing totals indicate a generally diminished lending pace. While diverse factors contributed to the decline in originations, the departure of two major correspondent lenders during the period are considered a key catalyst in driving down closings. According to statements from Mortgage Lender Ranking, residential production sunk by 5.56 percent between quarters. However, year-over-year origination tallies are in opposition to the quarter-to-quarter results, showing a 10.88 percent improvement.

Interest rates for 30-year fixed-rate mortgages slid this week to 3.65 percent, a four-year low made feasible by turmoil in French and Greek elections, real estate Web site Zillow said Tuesday. The 30-year loan fell from 3.69 percent last week and represents the lowest recorded by Zillow since the Web site began tracking mortgage rates in April 2008. Interest rates for the 30-year also zigzagged across the country, falling most steeply in places like Colorado and Illinois. Rates for the 15-year fixed-rate loan averaged 2.91 percent, alongside 2.52 percent for 5-year and 1-year adjustable-rate mortgages.

In Dallas, Texas, First Preston HT has appointed a new president and CEO. The company's chairman, Nancy Tartaglino Richards, recently announced the promotion of First Preston HT veteran Lisa Barrentine to the leadership role.

Bank of Colorado recently reported an estimated 25 percent uptick in loan production during the past 24-months, and the company's technology provider, Mortgagebot, is taking partial credit for the significant increase. Citing the bank's use of MortgageboT's PowerSite platform, the tech company says that its integrated point-of-sale solution helped the financial institution capitalize on current market conditions. Mortgagebot noted that the departure of several larger lenders in Bank of Colorado's geographical region created opportunities to increase market share.

In the United Kingdom, Experian Identity & Fraud is reporting another annual uptick in mortgage fraud, recently revealing statistics that showed an eight percent rise in incidences of fraud during 2011. The company's survey marks the fifth consecutive year during which the rate of mortgage-related fraudulent activity has increased. Experian's findings indicate that an estimated 34 of every 10,000 mortgage applications contained false information in 2011. The results of the study represent a significant elevation of numbers seen in 2006.

As anticipated, Costco will now begin offering consumers access to mortgage loans through the company├â┬ó├óÔÇÜ┬¼├óÔÇ×┬ós online presence. The discount retailer will move ahead with its initiative to extend residential mortgage to borrowers through partnerships with 11 U.S lenders.

Genworth Financial, Inc., is ushering in a new senior vice president and chief information officer. The company recently announced the appointment of Daniel J. Sheehan IV to the executive role.

In Washington, D.C., the National Association of Real Estate Brokers (NAREB) is preparing to host its State of Housing in Black America Issues Forum. The group, which is the oldest African American trade association of real estate business owners and professionals in the U.S., will present commentary from members of Congress, minority businesses, and granting agencies during the event on May 2.

The Appraisal Institute has submitted its response to a recent report released by the Financial Crimes Enforcement Network. The group's March 2012 Mortgage Loan Fraud Update showed that incidences of mortgage fraud rose by 20 percent year-over-year between the third-quarter of 2011 and the third-quarter of 2010. The group's March 2012 Mortgage Loan Fraud Update showed that incidences of mortgage fraud rose by 20 percent year-over-year between the third-quarter of 2011 and the third-quarter of 2010.

Transwestern has announced the appointment of a new president for its Midwest region. The company recently named Mike Watts to the leadership role, and Watts will take over responsibilities for overall strategy, business development, recruitment, and financial performance for the region.