Last year, some analysts were speculating the large supply of REOs and shadow inventory would keep the market depressed, but instead, the market is dealing with a lack of inventory available for sale, ProTeck Valuation Services noted in its May Home Value Forecast (HVF). ""[I]n reality the shortage of housing inventory has led buyers to bid more competitively against one another leading to significant home price increases and tighter housing conditions,"" said Tom O'Grady, CEO of Pro Teck.

RCO Legal, P.S., a mortgage default and foreclosure-focused law firm based in Bellevue, Washington, will join forces with Atlanta-based Johnson & Freedman, L.L.C., a law firm with a similar practice group.

VRM Mortgage Services, a real estate solutions provider focused on helping financial institutions adapt and excel in a changing marketplace, named Ed Hunter as VP of business development.

Fannie Mae and Freddie Mac reminded servicers of mortgage relief options available to homeowners whose residences were affected by the tornado that ravaged areas in Oklahoma.

The five banks that took part in the national mortgage settlement are getting close to completing their consumer relief obligations a year after the landmark deal was reached. So far, the five banks--Bank of America, JPMorgan Chase, Wells Fargo, Citigroup, and Ally Financial--have provided $50.63 billion in consumer relief to over 621,700 borrowers, according to an update from the settlement monitor Joseph A. Smith, Jr. The provided relief comes out to about $81,437 per borrower.

Ernst Publishing Company, a provider of technology and closing cost data for the real estate and home finance industries, received the 2013 Best of Albany Award in the publishers category.

Mackie Wolf Zientz & Mann, P.C. (MWZM) announced two new hires along with the expansion of its operations into Tennessee.

As Congress moves to consider immigration reform, the housing industry is also weighing in on how certain provisions will impact the market. According to the NAHREP, allowing a path for the legalization of undocumented immigrants could mean $500 billion in new real estate transactions. The NAHB also provided input on immigration reform and asked lawmakers to establish a ""fair and workable"" E-Verify system during a congressional round table discussion last week.

DataQuick announced the full integration and rebranding of Rels Title to DataQuick Title after the title company was acquired in September of last year.

The Mortgage Bankers Association (MBA) shared a proposal to bring private capital back into the mortgage market while decreasing costs for taxpayers and borrowers. In a recent paper, the MBA explained the up-front risking sharing concept, which calls for the GSEs to offer risk-sharing at the front end of transactions. The proposal also suggested Fannie Mae and Freddie Mac should accept loans with ""deeper levels of credit enhancement"" in exchange for reduced guarantee fees and other loan level charges.