Servicing

Builders lowered prices and buyers responded in August, pushing new home sales up 7.9 percent to 421,000, reversing almost half of July's 64,000 drop in sales, the Census Bureau and HUD reported Wednesday. The report for August showed a slight shift away from higher-priced homes as houses priced at $500,000 or more accounted for 9 percent of August sales, down from 12 percent in July. Homes priced at $300,000 or less represented 63 percent of all August sales, unchanged from July.

The First National Bank of Long Island (FNBLI) is now using Fiserv's Common Origination Platform for its consumer, business, and mortgage lending needs, the companies announced jointly.

Zillow's Home Value Index climbed to $162,100 in August, up 0.4 percent month-over-month and 6.6 percent annually--the largest yearly gain since July 2006, when values rose 7.9 percent. "August marked the end of one of the hottest summer home shopping seasons in years, as home value appreciation rates continued their rocket ride upward--perhaps dangerously so in some metro areas," said Zillow chief economist Stan Humphries, noting that the monthly pace of appreciation has started to moderate.

The Mortgage Bankers Association (MBA) has appointed Harry Gardner to the board of directors for the Mortgage Industry Standards Maintenance Organization (MISMO), the trade group announced.

Originators and servicers are going to have to step up their documentation procedures as regulatory guidelines dovetail, financial services firm PwC says in a new white paper. "The age-old question asks: if a tree falls in the forest and no one hears it, does it make a sound? A modern version to that question might be: if a lender in fact determines a borrower's ability to repay, or originates a Qualified Mortgage (QM), but cannot evidence it, has the lender complied with the Ability-to-Pay (ATR) or QM standards?" PwC asks.

The Appraisal Institute announced the 14th edition of The Appraisal of Real Estate, the newest update to the profession's most comprehensive source of information for appraisers and other real estate professionals.

Even as price increases start to lose momentum, the majority of Americans polled by finance site Bankrate.com anticipate more gains over the next year. According to Bankrate, 55 percent of Americans surveyed think prices will go up over the next 12 months, while 27 percent said they expect prices to stay flat. "It seems like Americans' love affair with real estate has returned," said Greg McBride, CFA, senior financial analyst for Bankrate, though he admitted there are still "some clear headwinds."

Entitle Direct Group, Inc. (EDG), the parent company of EnTitle Insurance Company, announced the appointment of John Sheffield as its new CFO and corporate secretary.

Home price increases slowed on a monthly basis in July as more markets approach their pre-crash peaks, Lender Processing Services (LPS) reported in its monthly Home Price Index (HPI) report. Nationally, LPS' index was up to $231,000 in July, a 0.6 percent gain over June. Compared to last year, July's index was up 8.7 percent. Meanwhile, several of the largest metros across the United States--including many of Texas' bigger cities--continue to outperform their pre-recession highs.

Home sales and prices both improved year-over-year for the 19th straight month in August, according to multiple listing service (MLS) data from RE/MAX.