Secondary Market

As the market recovers, Berkery Noyes anticipates more volume in originations and greater need for alliances between mortgage and tech companies.

Irvine, California-based ICON Residential Lenders announced Sean Finn has joined the company as area sales manager of the Midwest Region for Wholesale. Finn joins the national wholesale mortgage originator and servicer from Wells Fargo, where he had a successful career in sales management.

According to FNC's Residential Price Index, home prices rose in August for the sixth consecutive month, increasing at a seasonally unadjusted rate of 0.3 percent from July. While August's month-to-month increase is modest compared to the months prior, it still represents a peak since early 2011. FNC said the increase is "consistent with signs of strengthening market conditions that are led by rising existing-home sales and declining foreclosure activities."

The American Civil Liberties Union announced it has filed a suit against Morgan Stanley on the grounds of encouraging loan discrimination.

A Manhattan real estate attorney was sentenced to 51 months in prison for his role in a $9 million mortgage fraud scheme, Manhattan U.S. Attorney Preet Bharara announced Friday. According to the indictment and statements made in court proceedings, Eric Finger and his co-conspirators used "straw buyers" to fraudulently obtain mortgages from lenders.

MISMO, the non-profit standards development subsidiary of the Mortgage Bankers Association (MBA), announced Monday it is seeking nominations to serve on its Residential and Commercial Governance Committees. The committees are responsible for providing strategic and tactical guidance to MISMO's workgroup and standards development activities.

A significant increase in home prices helped push Deloitte's Consumer Spending Index up in September, the company reported.

Higher mortgage revenues helped Citigroup see retail banking revenues increase 35 percent to $1.7 billion from the third quarter of 2011.

Citing "positive developments occurring in the housing market," A.M. Best is maintaining a stable ratings outlook for title insurance.

The GSEs have increased their presence in the multifamily loan sector over the past several years, relying on these loans to meet affordable housing goals, according to a recent study by the Government Accountability Office (GOA). From 1994 through 2011, both GSEs generally increased the amount of multifamily loans they held. Fannie Mae generally held a lower percentage of multifamily loans than Freddie Mac. However, the trend changes slightly around 2008.