Although the change in activity was minor, mortgage rates nudged up for the week ending March 25, 2010, Freddie Mac and Bankrate reported Thursday. According to the results of Freddie Mac's Primary Mortgage Market Survey (PMMS), 30-year fixed-rate mortgages averaged 4.99 percent. And Bankrate said 30-year fixed-rate mortgages averaged 5.11 percent.

Seven housing industry veterans will lead HOPE LoanPort, the counselor Web-based tool that streamlines the submission of completed loan modification applications. In an announcement Wednesday, the organization named its CEO and the six individuals that will serve on its board of directors.

A new ranking of the mortgage loan servicers in the United States published by a national mortgage industry trade publication put eight of the top 10 largest servicers on the active client list for Palm Harbor, Florida-based Nationwide Title Clearing (NTC), a document and services provider for the residential mortgage industry.

According to the Federal Housing Finance Agency's (FHFA) recently-released monthly House Price Index, U.S. house prices fell 0.6 percent from December 2009 to January 2010. And for the12 months ending in January, prices fell 3.3 percent.

Florida's existing home and condo sales rose on both a month-to-month and year-over-year basis in February, according housing data released Tuesday by Florida Realtors. Existing home sales increased 21 percent from February 2009, and condo sales surged 59 percent from a year ago.

In an effort to encourage greater homeowner participation in modification programs, Bank of America has launched a new approach to modify severely underwater loans. The bank announced Wednesday that it will first look at principal forgiveness -- ahead of an interest rate reduction -- when modifying certain subprime and adjustable-rate mortgages (ARMs). BofA expects to slice off an estimated $3 billion from loan balances through this initiative.

Marking the second consecutive week of decreased activity, mortgage application volume fell 4.2 percent for the week ending March 19, 2010, the Mortgage Bankers Association (MBA) reported Wednesday. The slump coincided with 30-year mortgage rates inching above the 5 percent mark.

PMI Mortgage Assurance Co. (PMAC) has been approved by Freddie Mac as a direct issuer of mortgage guaranty insurance. Pursuant to Freddie Mac's approval, PMAC may write new mortgage insurance business in certain states in the event that MIC is required to cease operations in those states due to its inability to meet applicable regulatory capital requirements.

Encore Retail, LLC, a subsidiary of Dallas-based Encore Enterprises, recently named Daniel Underwood as senior property manager of the firm. In his new position, Underwood will oversee the day-to-day property management services function of monitoring the physical operation and condition of each property, and he will be in charge of the coordination of tenant improvements, collection of revenue, expense control, and financial reporting for existing and new retail assets.

Due to an overwhelming need in the marketplace, Service 1st Valuation and Settlement Services, an appraisal management company based in Pittsburgh, has added commercial broker price opinions (BPOs) to its list of services. The company has been providing commercial BPOs to a select list of current valuation clients for several months and received an extremely positive response. As a result, it will now offer this service on a nationwide level.