LenderLive Network, a domestic-based end-to-end mortgage services provider, hired a president for the company's LenderLive Settlement Services division. Joe Mowery was appointed to the position and brings nearly 10 years of expertise in marketing and management in the title insurance industry.

For the tenth consecutive quarter, FDIC insured banks and savings institutions reported year-over-year increases, with earnings at $26.3 billion for the 2011 fourth quarter. This is $4.9 billion more from the $21.4 billion reported last year for the 2010 fourth quarter. Overall, the 2011 fourth quarter ended 23 percent higher than the fourth quarter last year. The $26.3 billion is still a decrease compared to the $35.3 billion in earnings from the previous 2011 third quarter.

Principal reductions have been approached with some reluctance and much debate throughout the industry, but as part of the recent $25 billion settlement with the state attorneys general, the nation's largest servicers have agreed to administer the loss mitigation tactic. Fitch maintains the issue of principal reductions is not a simple ""yes"" or ""no"" question, and ""if not implemented carefully, a wide-ranging principal reduction program could potentially increase defaults among borrowers who would otherwise remain current.""

In order to clear up the backlog of properties in foreclosure in Florida, a judicial state known for its long foreclosure time frame, a bill was pushed through the state's House to streamline and speed up the process.

Fixed mortgage rates moved slightly lower for the week and are still hovering around the near 60-year lows, according to the Primary Mortgage Market Survey released by Freddie Mac. This week, the 30-year fixed-rate mortgage averaged 3.90 (0.8 point) percent, down from last week when it was 3.95 percent.

In a recent New Jersey Supreme Court ruling, it was determined that the name of the company which owns a loan and its contact information must be included in notifications related to pending foreclosure action. Oftentimes, only the servicer which collects the debt on the loan, not the originator of the loan, is listed.

Personal Income rose 0.3 percent in January, compared with market expectations for an increase of 0.5 percent. Personal income grew 3.6 percent in the last year. Consumer Spending grew 0.2 percent, compared with market expectations for an increase of 0.4 percent.

First time claims for unemployment insurance edged down by 2,000 for the week ended February 25, the Department of Labor reported today. Data for the previous week were revised upward, turning a flat report into an increase in initial claims. The revision means claims rose and did not decline during the week used by the Bureau of Labor Statistics in its month survey for the unemployment rate.

Pre-foreclosure short sales and sales of foreclosed REOs totaled 907,138 in 2011, RealtyTrac reported Thursday. These foreclosure-related transactions made up 23 percent of all residential sales in the U.S. last year, with short sales accounting for 9 percent and REOs accounting for 14 percent. Short sales increased more than 40 percent on a year-over-year basis in several states, including Michigan, Georgia, and Arizona. RealtyTrac expects short sales to continue to gain momentum in 2012 as lenders become more aggressive disposing of distressed assets.

A nationwide recruiting agency announced its search for mortgage professionals in the Dallas-Fort Worth area in response to growing needs for mortgage industry professionals. Due to record-low interest rates, demand for services related to the mortgage industry has grown as homeowners look to refinance and potential homebuyers look to lock in mortgages at low rates.