Secondary Market

Norcom Mortgage in Connecticut introduced to the world its newest member of the family. Angel Muniz Jr. joined the Norcom staff as a loan originator.

Williston Financial Group (WFG), the parent company of WFG National Title Insurance Company and WFG Title Insurance Company, announced it is extending its southern California presence with the acquisition of ITC Holdings, Inc., the parent of Investors Title Company.

Greystone, a leading national provider of multifamily and commercial mortgage loans, announced it is teaming up with The Bassuk Organization to form the Greystone Bassuk Group.

The implementation of the Basel III capital rules may be postponed beyond the start of 2013, according to a joint statement released by the Office of the Comptroller of the Currency, the FDIC, and the Federal Reserve. The announcement follows a comment period during which many trade organizations and institutions expressed apprehension about the new requirements.

Prospect Mortgage, LLC hired an industry veteran to lead the company's plans to grow its lending and loan servicing capabilities. Amy Brandt was selected as president of correspondent lending and servicing. In her new role, Brandt will help build Prospect's national correspondent lending platform and develop its loan servicing potential.

The state of the housing market continues to improve though recovery remains fragile, according to the October Housing Scorecard released Friday by the Obama administration. Along with the scorecard, the administration released special instructions for those administering the Making Home Affordable Program in areas affected by Hurricane Sandy. In areas directly impacted by Hurricane Sandy, servicers must offer at least three months forbearance to any homeowners eligible for Making Home Affordable who request forbearance.

Gateway Mortgage Group, a privately held mortgage company, is expanding into the Florida market with the opening of a new retail branch in Winter Park.

The housing market may close out the year with a whimper, according to data in Redfin's Real-Time Demand Pulse for November.

A lower supply of inventory and fewer distressed sales led to stronger home price gains across the country, the National Association of Realtors (NAR) revealed in a recent report. On a national level, the median price for existing single-family homes increased 7.6 percent to $186,100 in the third quarter of this year compared to last year, the strongest annual gain since first-quarter 2006. The median price for existing homes improved in 120 out of 149 areas since last year.

Bank of America's Merrill Lynch unit lost in an attempt to throw out an action from the Federal Housing Finance Agency over mortgage-backed securities (MBS) sold to Fannie Mae and Freddie Mac. Merrill's motion to dismiss the case did not hold up under scrutiny from U.S. District Judge Denise Cote, who is overseeing claims filed by FHFA against Merrill and a number of other banks. Only days prior, Cote denied a similar motion filed by JPMorgan Chase.