For the week ending January 15, 2010, mortgage rates fell even lower, and as a result, the volume of mortgage loan applications increased, according to the Weekly Mortgage Application Survey released Wednesday by the Mortgage Bankers Association (MBA). The Market Composite Index, a measure of mortgage loan application volume, jumped 9.

As foreclosures continue to plague homeowners across the nation, foreclosure auctions are becoming an increasingly popular option to sell these properties. Due to the increased demand for these auctions, Real Estate Disposition Corporation (REDC), a real estate auction company based in Irvine, California, says sales are better than ever.

In a recent announcement, Kennedy Wilson Auction Group, a division of the international real estate services and investment firm Kennedy Wilson, said Joel LaPinta will join the group's rapidly growing business development team and has been named as VP, business development.

The weekly average rate for 30-year fixed mortgages, 15-year fixed mortgages, and 5-1 adjustable rate mortgages (ARMs) dropped even lower last week, according to the Zillow Mortgage Rate Monitor, compiled by Zillow Mortgage Marketplace. The weekly average rate borrowers were quoted for 30-year fixed mortgages dropped to 4.

In an announcement Tuesday, Lincoln, Nebraska-based Mortech, a mortgage technology company specializing in daily pricing, product decisioning, and lead management, said it has formed a strategic relationship with Google. This partnership comes as Google rolls out its new AdWords comparison ads feature, which allows consumers to shop for and compare mortgages.

In an announcement today, Starwood Property Trust, a commercial real estate finance company based in Greenwich, Connecticut, said Andrew J. Sossen joined the company on January 14 as EVP, general counsel, and chief compliance officer.

In order to inform congressional decision-making representatives about efforts to address problems in the mortgage markets, the growing problem of poor loan performance and negative home equity in the nonprime mortgage market was addressed in a recent report by the Government Accountability Office (GAO).

According to the Economic Advisory Committee of the American Bankers Association, the economy is on a sustainable recovery path, and job growth will return this year. However, a more rapid economic growth will be hindered by high unemployment and restrained consumer spending.

In an effort to prevent foreclosures in communities across the country, Wells Fargo & Co. said it is continuing to use the federal Home Affordable Modification Program (HAMP) and other modifications to provide customers with mortgage payment relief. As a result, over 400,000 Wells Fargo loan customers received assistance through active trial and completed modifications in 2009.

Florida was hit hard by foreclosures in 2009, and a predicted increase in foreclosures in 2010 has prompted many attorneys to add foreclosure defense to their practices, according to Sarasota, Florida-based AmStar Litigation Support, a provider of continuing education and legal process outsourcing (LPO).