Kazwell.com

In August 2009, Wells Fargo Home Mortgage reported that its U.S.-based servicing staff stood at 11,500.

At the time, the company noted that it was staffing up to handle a backlog of pending loan modifications.

As of February, Well Fargo's servicing staff climbed to more than 14,500 employees, according to data reported by Moody's Investors Service.

A settlement with Vanderbilt Mortgage and Finance Inc. was announced by the North Carolina Office of Commissioner of Banks.

The state alleged numerous violations of North Carolina law.

Vanderbilt was included in the 2006 acquisition of Clayton Homes Inc. by Berkshire Hathaway.

Coester Appraisal Group reported that its survey of more than 1,500 licensed and certified appraisers found that average turnaround on appraisals was two to three days regardless of whether the appraisal was ordered through a third party or not.

An alternative to broker price opinions was released last month by Valligent.

Global DMS announced its appraisal process management software is up-to-speed with the new Federal Housing Administration appraisal requirements and guidelines.

A report announced by the University of Michigan's Ross School of Business indicated that the risk of mortgage defaults declined between the fourth-quarter 2009 and the first-quarter of this year.

It was the lowest point for the index since 2005.

The index reportedly measures the risk of default on newly originated mortgages by tracking local and national economic conditions.

Fifth Third announced plans to expand in Tennessee.

The company said Geoff Hill was tapped to oversee the expansion as head of a new Tennessee mortgage division.

A spokeswoman told MortgageDaily.com in an interview that the bank entered the market with its 2004 acquisition of another bank.