Servicing

The FDIC closed another Pennsylvania institution Friday, bringing the state's year-to-date tally to two and the national tally to 47. The FDIC approved the payout of the insured deposits of NOVA Bank in Berwyn, Pennsylvania, after the Pennsylvania Department of Banking and Securities closed the institution.

Consumer spending rose $87.9 billion, 0.8 percent, in September twice the 0.4 percent growth in personal income, $48.1 billion, the Bureau of Economic Analysis reported Monday. While the increase in income matched economist expectations, the increase in spending was higher than forecast. It was the third straight month spending grew faster than income, confirming last Friday's report showing a solid growth in Gross Domestic Product from 1.3 percent in the second quarter to 2.0 percent in the third.

Global Markets Intelligence suggests the Fed is turning to the housing market "as the last, best hope" for strengthening the economy.

Ally Bank announced it has launched a "process to explore strategic alternatives for its agency mortgage servicing rights (MSR) portfolio and its business lending operations." The announcement signals another step in Ally's shift away from the housing market. In November 2011, the bank began to reduce its correspondent originations business to focus on a smaller group of strategic clients, and in July 2012, it announced its intent to exit the warehouse lending business by the end of the year.

When famed news anchor and 60 Minutes star Mike Wallace passed away earlier this year, the nation mourned the loss of the media legend. However, Wallace's many fans recently got the opportunity to learn more about his life off camera, when his Manhattan duplex hit the open market for a lofty $20 million earlier this month.

As the Federal Housing Finance Agency (FHFA) makes declarations of intentions of "establishing a path for shifting mortgage credit risk from the Enterprises (and, thereby, taxpayers) to private investors," one company in its infancy plans to take advantage of this opening for private mortgage insurers.

Ocwen Loan Servicing, LLC and Walter Investment Management Corp. outbid Nationstar Mortgage Holdings and received preliminary approval for the purchase of Residential Capital's mortgage servicing and origination assets. Ocwen's $3 billion was the highest bid for the assets, which went to auction Tuesday.

August home prices across the United States were up an average 4.6 percent since the start of the year, according to data from Lender Processing Services' (LPS) Applied Analytics division. LPS' Home Price Index, which reflects transacted sales rather than recorded sales, revealed that the average U.S. home price increased to $205,000 in August, up 0.2 percent from July. The average home price in August 2011 was $199,000, or 2.6 percent less than this year's reading. The most recent price increase brings the HPI up 4.6 percent from January 2012.

Global DMS, the leading provider of Web-based compliant valuation management software, introduced to the world its newest project designed to integrate its valuation solution with leading loan origination systems (LOS).

Lenders are lining up to take advantage of the LoanQuest mortgage origination solution offered by MortgageFlex Systems, Inc., the company announced. The Jacksonville, Florida-based company touted its newly rewritten LoanQuest system, which is "smarter and better than ever."