Servicing

Mortgage Cadence LLC announced that Langley Federal Credit Union (FCU) in Virginia will now use the Symphony platform to support its expanding mortgage program.

Richard Cordray's nomination to continue leading the Consumer Financial Protection Bureau (CFPB) is headed to the Senate following a vote from the Committee on Banking, Housing, and Urban Affairs Tuesday. The committee confirmed Cordray's nomination by a party-line vote of 12-10, with Republican members keeping to their vow to not support any potential leader until CFPB's structure is fundamentally changed. Ranking member Sen. Mike Crapo specifically criticized the agency's spending, which he says is not as transparent as it should be.

Housing permits rose a sharp 4.6 percent to a seasonally adjusted annual rate of 946,000 in February, to the highest level since June 2008, while housing starts edged up 0.8 percent to 917,000, the Census Bureau and HUD reported jointly Tuesday. Most--almost 62 percent├â┬ó├óÔÇÜ┬¼├óÔé¼┼ôof the increase in permits came in applications to build multifamily units. While the comparisons are favorable, the June 2008 activity came in the midst of a steady decline in residential construction.

GMH Mortgage Services, a nationally recognized mortgage banker based in Newtown Square, Pennsylvania, welcomed John Minigiello as the company's new regional sales manager and assistant VP for the New England market.

In a letter addressed to the president as well as the Senate majority and minority leaders, a group of attorneys general representing nine states refer to Edward DeMarco, acting head of the Federal Housing Finance Agency, as a "direct impediment to our economic recovery" and called for his replacement. The attorneys' general complaint stems from DeMarco's refusal to allow the GSEs to engage in principal reductions for struggling and underwater homeowners.

Mortech, Inc., announced the successful integration of LendingTree's new LoanExplorer product into its suite of marketing and point of sale tools.

If projections hold out, home values will rise 22 percent cumulatively by the end of 2017, according to Zillow's first-quarter Home Price Expectations Survey. On average, the panel forecasts price growth of 4.6 percent in 2013 and 4.2 percent in 2014. More moderate growth is expected after that, with annual appreciation rates between 3.6 percent and 3.8 percent for 2015, 2016, and 2017, leading to an average 4.1 percent growth annually for the next five years.

Builder confidence slipped in March to 44, the National Association of Home Builders (NAHB) reported Monday. Economists had expected the Housing Market Index to improve to 47 from February's reading of 46. Tighter inventories had been expected to improve confidence, but builder attitudes have also been weighed down by prices of new single-family homes. With the March report, the total index remained below 50 for the 83rd straight month.

A new report from Realtor.com shows listing inventories increased by 1.15 percent month-over-month in February, while median list price rose 1.55 percent.

RE/MAX's latest report shows home sales rose 0.9 percent month-over-month and 2.3 percent year-over-year. The median home price also increased, rising to $160,500--3.5 percent above January and 7.0 percent above February 2012. RE/MAX CEO Margaret Kelly said today's low prices and low interest rates create "an attractive combination that most of us will never see again in our lifetimes." Meanwhile, inventory remains a major concern as the spring selling season dawns.