In Scottsdale, Arizona, V.I.P. Mortgage, Inc., announced its recent selection into Genworth U.S. Mortgage Insurance's (USMI) exclusive Leadership Circle. V.I.P. was the only Arizona corporate-based account to receive the award, which recognizes lending excellence as measured by a company's performance, processes, and values.

Mortgage Contracting Services LLC (MCS), a Texas-based provider of property preservation, inspections, and REO property maintenance to the financial services industry, named Ken Scheller as VP of operations.

Citigroup Inc.'s earnings improved 31 percent year-over-year in the first quarter as the recovering economy helped bolster the bank’s income. Citigroup reported net income of 3.8 billion (on revenues of $20.5 billion) for the first quarter of 2013, an improvement over the $2.9 billion (on revenues of $19.4 billion) reported for the same quarter last year. According to the company, the increase ""was driven by revenue growth and lower net credit losses, partially offset by higher expenses, a lower loan loss reserve release and a higher effective tax rate.""

Home sales rose 25 percent month-over-month in March, reflecting the normal spring spike that occurs every year, according to Redfin. On a year-over-year basis, however, sales were up just 0.9 percent--the smallest gain in 14 months. Ten of the 19 markets tracked by Redfin saw sales increase year-over-year, one fewer than February. All 19 markets posted month-over-month improvements. Home prices also saw a nice boost, growing 6.2 percent from February and 15 percent from March 2012. However, the number of homes for sale fell 31 percent from March 2012 to March 2013.

Genworth U.S. Mortgage Insurance (USMI), a unit of Genworth Financial, Inc., announced it will offer 24 training classes in April to help mortgage lenders and servicers improve their efficiency and build their business. Genworth offers an extensive slate of training courses through classroom teaching, instructor-led webinars, and videos and recorded webinars that customers can access and complete at their own pace.

Vice Capital Markets, one of the nation's leading mortgage hedge advisory firms, named former managing director Troy D. Baars president. Baars joined the company in early 2008 during the onset of the financial crisis.

According to data from Moody's Analytics and RCA, Commercial real estate (CRE) prices ticked up slightly in February. The Commercial Property Price Indices (CPPI) national all-property composite index increased 0.5 percent in February from the January price level, Moody&'s revealed in a release. The index's two components--apartment and core commercial--increased by 1.3 percent and 0.2 percent, respectively, for the month.

Edward DeMarco, acting director of the Federal Housing Finance Agency (FHFA), announced the promotion of Fred C. Graham to deputy director of the Division of Federal Home Loan Bank Regulation. Graham has been with FHFA since its establishment in 2008 and has held several senior positions within the agency.

Wells Fargo reported record net income of $5.2 billion for Q1 2013, up from $5.1 billion quarter-over-quarter and from $4.2 billion year-over-year. Tim Sloan, CFO at Wells Fargo, credited the record results to a rise in average loans and deposits, a drop in expenses, and improvement in credit metrics. However, origination volume dropped at the nation’s biggest mortgage lender. JPMorgan also posted strong performance across its businesses, recording a net income of $6.5 billion (compared with $4.9 billion in the first quarter of 2012).

Fixed mortgage rates plummeted this week following the release of disappointing employment data for March. According to Freddie Mac's Primary Mortgage Market Survey, the 30-year fixed-rate mortgage (FRM) averaged 3.43 percent (0.8 point) for the week ending April 11, down from 3.54 percent last week. A year ago, the 30-year FRM was averaging 3.88 percent. The 15-year FRM this week averaged 2.65 percent (0.7 point), down from 2.74 percent in the last survey.