Servicing

Major commercial real estate (CRE) sectors continue to improve, albeit at a slow pace, the National Association of Realtors (NAR) said in its latest quarterly CRE forecast. The outlook, published by NAR's Research Division, projects national vacancy rates to decline across all commercial sectors in the next year, with the largest drop hitting the office sector as "gradual economic improvement and job creation [drive] absorption of space." The multifamily market is forecast to see the smallest decline in vacancy rates as space remains tight.

New home sales jumped 15.6 percent in January--the strongest gain in 20 years--to a seasonally adjusted annual rate of 437,000, the Census Bureau and HUD reported Tuesday. The sharp increase in sales combined with steep price drops suggests builders are taking aggressive actions to pare inventories. Housing completions (as reported separately by Census and HUD) routinely exceed new home sales, and the gap between completions and sales has been widening.

As regulatory institutions provide some clarity to the mortgage market, the National Association of Home Builders insists the market is in need of a sound and functional appraisal system.

Home prices in December were mostly flat from the month before, according to the latest Home Price Index (HPI) released by Lender Processing Services (LPS). LPS' index shows prices climbed 0.1 percent in December, staying at a rounded-off $207,000. November's HPI was also reported at $207,000. While December's index was little changed from the prior month, it was up 5.8 percent from $196,000 in December 2011. January 2012's index was also an estimated $196,000, meaning the year-to-date change throughout 2012 was also 5.8 percent.

Residential Finance Corporation (RFC), an award-winning mortgage lender headquartered in Columbus, Ohio, hired Sonya Gray as director of organizational development.

A newsletter from DBRS asserts those states still reporting high levels of mortgage fraud risk may see their home values drop.

Equity Loans, a residential mortgage industry leader based in Atlanta, Georgia, announced that after a series of tests regarding its staffing, processes, experience, and organization, it has received Fannie Mae's approval as a seller and servicer of one-to-four family first lien mortgages for whole loan execution.

Quicken Loans Inc., the largest online mortgage lender and third largest lender in the country, announced the launch of its Bring It Home sweepstakes, in which the company will pay five peoples' monthly mortgage bills each time NASCAR driver Ryan Newman finishes among the top five in a Sprint Cup Series race.

Mortgage origination volume continued to climb in 2012, according to data from Mortgage Daily's 2012 Mortgage Lender Ranking. According to data collected from surveys, earnings filings, and other public disclosures, loan volume across all lending firms grew 30 percent annually in 2012. In the fourth quarter alone, Mortgage Daily reports residential originations coming in around 3 percent above third-quarter volume. Year-over-year, Q4 saw mortgage production grow 17 percent.

Housing affordability rose close 1 percentage point up to 74.9 percent in the fourth quarter of 2012, according to the NAHB's Housing Opportunity Index.