Secondary Market

In sharp contrast to reports of improving builder confidence, housing starts plunged at the steepest rate in more than two years in April.

Lender Processing Services, Inc. introduced the web-based Workout Interaction Tool (WIT), which provides data from its MSP servicing system to and from Fannie Mae's Servicing Management Default Underwriter (SMDU) platform.

The latest Residential Price Index (RPI) from FNC, Inc., shows home price gains continuing in March for the 13th straight month. The index, which is based on recorded sales of non-distressed properties in the nation's 100 largest metros, rose 0.4 percent month-over-month in March and 5.5 percent year-over-year. On a quarterly basis, prices were up 0.7 percent from Q4 2012 and 5.7 percent from Q1 2012 as of the end of March, FNC reported. As usual, growth was more accelerated in the smaller 30- and 10-metro indexes.

FDIC announced Tuesday the closure of Central Arizona Bank (Scottsdale) by the Arizona Department of Financial Institutions. To protect depositors of the failed bank, FDIC entered into a purchase and assumption agreement with Western State Bank (Devils Lake, North Dakota).

In Connecticut, Total Mortgage Services, LLC announced the launch of its new and improved website offering users with a dynamic browsing experience across all devices.

Nationwide Title Clearing, Inc., a Florida-based post-closing services provider for the residential mortgage industry, released a new white paper outlining the ten hottest issues servicers must consider when undertaking the lien release.

Ally Financial Inc. announced an agreement that settles any existing and potential claims from Residential Capital--its bankrupt mortgage subsidiary--and ResCap creditors, according to an announcement Tuesday.

The Home Tour Network--a division of Realbiz Media Group, Inc.--announced the expansion of its video on demand real estate network into the greater Atlanta area.

In San Diego, Mortgage Capital Management (MCM) announced the hiring of Robert Satnick as national sales director.

Trulia tossed its two cents into the bubble debate with the release of Trulia Bubble Watch, a report that compares various price indexes to per-capita income and rent data.