Foreclosures | Mortgages | Financing
Loan origination systems for mortgage firms have recently been evaluated, enhanced and integrated with offerings from other technology service providers.
The 2017 Technology Insights Survey from SRATMOR Group included results data to assess the LOS landscape’s readiness for coming digital mortgages.
According to the report, off-the-shelf LOS systems come up short — with low user satisfaction, and LOS systems are not delivering what they could.
From:: Financing
Mortgage brokers now have the ability to compete with Quicken Loans’ Rocket Mortgage and other digital mortgage options from large lenders, as United Wholesale Mortgage unveiled its own fully digital mortgage that brokers can offer to their borrowers. Here are the details on UWM’s “BLINK.” …read more
From:: Real Estate Wire
A bank merger that was completed last summer was expected to enable the planned expansion of three business, including the residential lending business.
When KeyCorp acquired First Niagara Financial Group last year, it was expected that around 300 employees would initially be needed to handle all mortgage functions.
That was because Cleveland-based KeyCorp’s home-lending subsidiary, KeyBank Mortgage, outsourced its production and portfolio management to PHH Mortgage.
From:: Financing
While quarterly and annual mortgage refinance production is expected to tumble, the volume of loans to finance home purchases is predicted to climb.
Originators of residential loans are expected to generate $335 billion in total mortgage originations during the first three months of this year.
Home lending is then expected to leap to $443 billion in the second quarter before retreating to $432 billion in the following three-month period.
From:: Financing
While quarterly and annual mortgage refinance production is expected to tumble, the volume of loans to finance home purchases is predicted to climb.
Originators of residential loans are expected to generate $335 billion in total mortgage originations during the first three months of this year.
Home lending is then expected to leap to $443 billion in the second quarter before retreating to $432 billion in the following three-month period.
From:: Financing
For more than two years, Ocwen Financial has been prohibited from acquiring new mortgage servicing rights in bulk, thanks to the company’s $150 million settlement with the New York Department of Financial Services. Now, it appears that Ocwen could be on the brink of returning to the MSR market full force, after the nonbank announced Monday that it reached a new agreement with the NYDFS. Click the headline for the full story. …read more
From:: Real Estate Wire
Rising interest rates on residential loans have senior mortgage banking executives less optimistic about spring home purchase financing than a year ago.
Thirty-five percent of senior executives at U.S. mortgages bankers think it would be easy for consumers to get a home loan as of the first quarter.
That turned out to be the biggest share of executives since at least the first-quarter 2014, when the share who considered it easy was just 15 percent.
From:: Financing
Whole Foods Market Inc. has experienced a 3% traffic decline over the last year and a half, or about 14 million customers, according to a Barclays note published Monday. Traffic has declined six consecutive quarters, according to their analysis. Barclays estimates that the loss is in the range of 9 million to 14 million transactions annually, with an average basket size in the range of $30 to $50. Kroger Co. , with $16 billion in natural and organic sales, has the “most meaningful overlap” with Whole Foods and stands to gain the most, the note said. Barclays calls the loss “staggering” because “as most retailers know, once traffic has been lost, those patterns rarely reverse.” And nearly half of Kroger’s stores (47%) are within three miles of a Whole Foods. More than half (51.8%) are within five miles. Analysts say it would be a headwind for Kroger if Whole Foods manages a turnaround. Whole Foods shares closed down 1.4% and are down 11.2% for the past year. Kroger shares closed Monday down 0.6% and are down 23.2% for the last 12 months. The S&P 500 index is up 15% for the past year.
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From:: Stock Market News
Elevate Credit , which had postponed its initial public offering in January 2016, set a $12 to $14 price range for its offering Monday. Elevate plans to sell 7.7 million shares to raise up to $107.8 million. The venture-backed company is an online service that offers small loans and has been criticized for the high interest rates it charges. The stock has been approved to list on the New York Stock Exchange under the symbol “ELVT.”
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
From:: Stock Market News
Red Hat Inc. shares rose in the extended session Monday after the software company’s forecast for the year topped Wall Street estimates and it reported higher-than-expected revenue for the quarter. Red Hat shares advanced 3.8% to $85.30 after hours. The company reported adjusted fiscal fourth-quarter earnings of 61 cents a share on revenue of $629 million. Analysts surveyed by FactSet had estimated earnings of 61 cents a share on revenue of $618.6 million. For the year, Red Hat expects adjusted earnings of $2.60 to $2.64 a share on revenue of $2.72 billion to $2.76 billion. Analysts estimate earnings of $2.59 a share on revenue of $2.71 billion.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
From:: Stock Market News