In Virginia, McLean Mortgage Corporation announced the release of its RateFlex Program, a new concept designed to aid homeowners and prospective homebuyers in today's volatile interest rate environment. Under the program, borrowers purchasing a home or refinancing their loan can lock in on an interest rate, protecting them against rate increases during the application process.

Rep. Mel Watt (D-North Carolina) won't be sworn in as director of the Federal Housing Finance Agency (FHFA) until next week, but he's already making waves with a statement explaining that he plans to delay the increase in guarantee fees (g-fees) that was announced by acting director Edward DeMarco on December 9. Watt said he wants more time to evaluate """"the rationale for the plan.""""

Wells Fargo has agreed to pay $591 million to Fannie Mae to resolve repurchase claims on loans originated prior to 2009. The settlement will close the book on a number of problem legacy loans for both companies. For Wells Fargo, the agreement resolves substantially all repurchase liabilities related to the loans covered, and for Fannie Mae, it marks the conclusion of the GSE's legacy repurchase reviews.

Effective January 1, Ken P. Wilson, MAI, SRA, will take over as president of the Appraisal Institute, the group announced. Wilson, a valuation professional and consultant based in Plano, Texas, has been involved in the industry for 35 years.

Mortgage industry commentators may argue (and they certainly have) about the Consumer Financial Protection Bureau's (CFPB) performance over the last year, but one thing is certain: The bureau knows how to command headlines. Early this year, CFPB finally issued its long awaited Qualified Mortgage (QM) guidelines along with a slew of other finance regulations. With the future of housing finance on the line, it's no wonder readers of DSNews.com couldn't tear themselves away from the news.

Based on early estimates of home values, Zillow says properties nationwide are expected to have gained almost $1.9 trillion in value in 2013. Analysts for the real estate marketplace predict home values will total a cumulative $25.7 trillion at year-end, up 7.9 percent from 2012. If their predictions ring true, it would be the second straight annual gain and the largest increase since 2005.

Existing-home sales dipped on both a monthly and annual basis in November, marking the first year-over-year decline in sales in nearly two and a half years. Hurt by higher mortgage interest rates, constrained inventory, and tight credit, sales of previously owned homes came in at an annualized rate of 4.90 million last month, the National Association of Realtors reported.

A new face has joined Freddie Mac's board of directors. The company named Sara Mathew as its latest addition. Mathew is an executive with global financial and general management experience. She served most recently as CEO of the Dun & Bradstreet Corporation.

Effective immediately, Ginnie Mae will release monthly loan-level data for existing, active single-family mortgage-backed securities (MBS), the company announced. The data will include both new issuances and existing loans and pools. The government agency, whose focus is on ensuring liquidity to support mortgage lending, also announced the start of the first phase of an initiative to modernize its securitization platform.

The latest Residential Price Index from FNC Inc. shows October prices were up an average 0.3 percent nationally from September to October. The increase was the weakest monthly gain in FNC's index in the last eight months, owing to slow seasonal trends and increased distressed sales. Year-over-year, it was a different story: October's prices were up 6.5 percent nationally compared to last year, accelerating to the fastest growth pace in seven years.