Foreclosures | Mortgages | Financing
President Donald Trump is “expected to name” Joseph Otting to serve as the Comptroller of the Currency, one of the country’s top financial regulators, per a CNBC report. Otting served as the CEO of OneWest Bank from 2010 until 2015, working alongside Steven Mnuchin, the recently installed Secretary of the Department of the Treasury and the former chairman of OneWest. …read more
From:: Real Estate Wire
The stock market’s internal readings suggest that while bears are dominating bulls, the selling remains relatively calm and collected, which might suggest that many investors aren’t so worried about the market yet. On the New York Stock Exchange, declining stocks outnumbered advancers by a 2,224 to 715 margin. Meanwhile, the NYSE Arms Index, a volume-weighted measure of market breadth many use to measure selling intensity, rose to 1.338. That was only slightly above the equilibrium level of 1.000, which would suggest the intensities of buyers and sellers was in perfect balance, and well below the 2.000 level, that many technicians believe implies panic selling, or capitulation by bull. The S&P 500 slumped 1%, putting it on track to snap a 109-session streak that it closed without a 1% decline.
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
Earnings at independent servicers of residential loans swung to a profit in the final quarter of last year. Behind the improvement were gains on mortgage servicing rights.
As of Dec. 31, 2016, an average of 85,676 loans were serviced for $14.786 billion by the average independent mortgage servicer and mortgage subsidiaries of banks.
Servicing portfolios grew from 84,157 loans for $14.459 billion at the end of the third-quarter 2016 and 73,118 units serviced for $12.101 billion at the end of 2015.
From:: Financing
Oil prices settled lower on Tuesday, with the April futures contracts expiring at their lowest level since November. The contract expiration on the New York Mercantile Exchange contributed to volatility ahead of the latest weekly data on U.S. crude supplies. Analysts polled by S&P Global Platts forecast an increase of 2 million barrels in crude stockpiles. April West Texas Intermediate crude lost 88 cents, or 1.8%, to settle at $47.34 a barrel. May WTI crude , which is now the front-month contract, lost 67 cents, or 1.4%, to end at $48.24 a barrel.
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
Earnings at independent mortgage banking firms plummeted more than 50 basis points on a quarter-over-quarter basis. Secondary marketing gains and expenses hurt income.
From Oct. 1, 2016, through the end of last year, average originations for independent mortgage bankers and mortgages subsidiaries of banks were 2,971 loans for $0.730 billion.
Average production slipped from the third quarter, when 3,179 loans were closed for $0.787 billion, but rose from 2,265 loans for $0.538 billion in the fourth-quarter 2015.
From:: Financing
Regional bank stocks were pummeled Tuesday, as investors reset expectations of the benefits of rising interest rates and of any potential boost from President Donald Trump’s fiscal plan. The SPDR Regional Banking ETF (KRE) tumbled 5.2% toward the lowest close since Nov. 30, with all 99 of its components trading lower by at least 2%. Seven of the 10 biggest one-day percentage losers in the S&P 500 were KRE components. Among the biggest decliners on Tuesday, shares of California-based Pacific Premier Bancorp Inc. plunged 8.8%, of Arkansas’s Bank of the Ozarks Inc. shed 7.6% and of South Dakota’s Great Western Bancorp Inc. slumped 7.4%. The best performer was Massachusetts-based Bekrshire Hills Bancorp Inc.’s stock , which lost 2.0%. The KRE has now lost 4.8% year to date, while the S&P 500 has gained 5%.
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
Gold futures tallied a fourth straight session climb on Tuesday, with dollar-denominated prices for the metal buoyed by a drop in the U.S. Dollar Index to its lowest level in about seven weeks. Euro-dollar gained after France’s first televised presidential debate left pro-euro candidate Emmanuel Macron on solid footing, according to polls, while the British pound gained ahead of the launch of the U.K.’s exit from the European Union. April gold rose $12.50, or 1%, to settle at $1,246.50 an ounce.
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
Shares of Bank of America Corp. dropped $1.46, or 6%, to a 1 1/2-month low in active afternoon trade Tuesday, enough to make them the biggest percentage decliner within the S&P 500, amid a selloff in the financial sector and broader stock market as investors started resetting expectations for a boost from President Donald Trump’s policies. Volume spiked to 180.4 million shares, nearly double the full-day average of 92.4 million shares, and enough to make the stock the most actively traded on the NYSE. The stock was on track to suffer the biggest one-day percentage decline since June 27, 2016, and the biggest one-day price drop since Aug. 8, 2011. The stock was underperforming the SPDR Financial Select Sector ETF , which shed 2.7%, and the S&P 500 , which slumped 1.1%.
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
The president of the Federal Reserve Bank of New York told the Banking Standards Board in London on Tuesday that he sees quite a few similarities between the Wells Fargo fake account scandal and the subprime mortgage crisis of the late 2000’s. “Compensation, once again, seems to be at the center of a scandal,” NY Fed President William Dudley said in the speech. …read more
From:: Real Estate Wire
The recent growth of independent mortgage bank profit hit a speed bump when mortgage interest rates started to steadily increase toward the end of 2016. Now, despite the surge in profit at the start of 2016, independent mortgage bank profit is struggling. But rising interest rates isn’t all bad news for the bottom line. …read more
From:: Real Estate Wire