Foreclosures | Mortgages | Financing
Just a month after declining to the lowest level on record, the 11th District Cost of Funds Index took a turn for the worse.
As of November of this year, COFI, an index for some legacy adjustable-rate mortgages, was calculated at 0.603 percent.
The index increased from a month earlier, when it stood at 0.598 percent — the lowest level on record based on data back to 1981.
From:: Financing
TransUnion has revealed that it has agreed to settle charges related to the marketing and sale of its consumer reports and credit scores.
Chicago-based TransUnion disclosed the $19.4 million settlement in a Form 8-K filing with the Securities and Exchange Commission.
The settlement includes $13.9 million in consumer redress, a $3.0 million civil penalty and $2.5 million in administrative and other costs.
From:: Financing
Lumber Liquidators Holdings Inc. revealed Friday afternoon that founder Thomas Sullivan is leaving the company after 22 years. According to a filing with the Securities and Exchange Commission, Sullivan resigned as a director after learning that the company had terminated his active employment to make him a non-employee director. Sullivan founded the building-materials retailer in 1994 and served as its chief executive until 2006, maintaining a role with the company since. He defended the company and eventually took back the reins as interim CEO amid a scandal involving formaldehyde in Chinese flooring sold by Lumber Liquidators. The CEO who replaced him, John Presley, lasted just a year before being replaced in November. Lumber Liquidators, which avoided a complete recall of the formaldehyde-tainted flooring but still faces class-action litigation, was steady in late trading Friday after closing with a 1.8% decline at $15.74.
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From:: Stock Market News
Precedent Management, a nationwide provider of real estate solutions, is expanding its business with the acquisition of the HOA and tax lines of business from Prescient, Inc., a government-focused real estate provider. …read more
From:: Real Estate Wire
U.S. stocks ended the final trading session of 2016 with small losses, but logged solid annual gains. The S&P 500 declined 0.5% to end at 2,238.85, according to preliminary figures, but finished with a yearly gain of more than 9.5%. The Dow Jones Industrial Average ended with a decline of around 57 points, or 0.3%, to 19,763. On a yearly basis, the blue-chip gauge advanced more than 13%. The Nasdaq Composite ended the day off 0.9% but saw a 7.5% annual rise.
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
Transunion, one of the nation’s largest credit reporting agencies, will pay just shy of $17 million as part of a settlement with the Consumer Financial Protection Bureau over the company’s advertising and marketing practices, the company disclosed late this week. Click the headline to read more. …read more
From:: Real Estate Wire
Recent enhancements to loan origination systems for real estate finance have focused primarily on integrations with other mortgage technology service providers.
The 2016 LOS Technology Insight Survey found that 28 percent of home lenders were very satisfied with their LOS. The share rose from 27 percent in 2015.
Another 42 percent indicated they were somewhat satisfied, while an additional 30 percent were not satisfied with their LOS — up from 29 percent the prior year.
From:: Financing
Michael DeMasi, a reporter for the Albany Business Review, profiled Miguel Berger, president of Better Homes & Gardens Real Estate Tech Valley in Colonie, New York. Berger and his son developed software for Amazon’s virtual assistants — Echo, Echo Dot and Tap — that gives buyers a hands-free way to search for homes, DeMasi explains.
From:: Real Estate Wire
U.S. oil futures ended slightly lower in light trade in the final session of 2016, but notched a nearly 45% annual gain for the first calendar-year rise since 2013. West Texas Intermediate crude for February delivery on the New York Mercantile Exchange fell 5 cents, or 0.1%, to close at $53.72 a barrel. Oil logged an 8.5% rise in December, with recent strength pegged in large part to expectations major oil producers inside and outside of the Organization of the Petroleum Exporting Countries will abide by agreements to limit production in an effort to end a persistent crude glut.
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From:: Stock Market News
Gold futures fell Friday but snapped what had been the longest weekly losing streak in more than 12 years with a 1.5% weekly gain. Gold logged a some 9% gain for all of 2016, owed to its early-year move. Gold is off more than 15% from its 2016 best, which was the settle high of $1,364.90 hit July 6.
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From:: Stock Market News