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Stearns Lifts Originations, Servicing and Staffing

Quarterly mortgage originations increased at Stearns Lending Inc., while the size of the mortgage servicing portfolio was larger, and the number of people on the payroll rose.

Stearns reported as part of the Mortgage Daily Third Quarter 2016 Mortgage Origination Survey that it serviced 115,332 loans for $24.244 billion as of Sept. 30.

The Santa Ana, California-based company’s mortgage servicing portfolio grew from three months earlier, when the total came to 113,715 loans serviced for $23.857 billion.

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From:: Financing

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TRID Behind Buyers Remorse With Mortgage Lenders

Although customers who took out a new mortgage are more satisfied this year, a significant share have experienced buyer’s remorse.

The level of overall satisfaction among borrowers who closed on a residential loan is higher for this year than it was for last year.

But despite the improvement, a big share of borrowers who financed a home purchase were remorseful about their choice of lender.

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From:: Financing

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U.S. stocks open lower as post-election rally stalls

U.S. stocks retreated on Friday as a dramatic postelection rally ran out of steam. The S&P 500 index fell 5 points, or 0.2%, to 2,163. The Dow Jones Industrial Average , which surged to record highs on Thursday, slid 18 points, or 0.1%, to 18,793. The Nasdaq Composite Index shed 21 points, or 0.3%, to 5,193. Oil prices moved sharply lower, weighing on energy shares. Amazon.con Inc. weighed on the technology sector as the tech giant was on track for a fifth straight weekly loss. Other big tech losers were Chinese e-commerce giant Baidu Inc. and Apple Inc. . The S&P was on track for its best week since October 2014, while the Dow was on track for its best week since December 2011.

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.

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From:: Stock Market News

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Alibaba reports sales of more than $1 billion in first 5 minutes of Singles Day

Alibaba Group Holding Limited said Thursday that sales settled through Alipay in the first five minutes of of the 2016 11.11 Global Shopping Festival, known as Singles Day, exceeded $1 billion. “Chinese consumers purchased more in the first hour of 11.11 this year than the entire 24 hours in 2013,” said Chief Executive Daniel Zhang in a statement. The annual shopping day kicked off at 12 a.m. China time. Sales at the 19 hour 37 minute mark, according to Alibaba’s live blog of the shopping event, reached $15 billion. Total sales in 2015 were $14.3 billion. Alibaba shares are down 1.2% in premarket trading, but up 16.1% for the year so far. The S&P 500 Index is up 6% for 2016 to date.

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.

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From:: Stock Market News

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J.C. Penney shares sink after sales miss

J.C. Penney Co. Inc. shares sank 7.3% in Friday premarket trading after the retailer reported a third-quarter sales miss. THe company had a net loss of $67 million, or 22 cents per share, compared with a loss of $115 million, or 38 cents per share, for the same period last year. Adjusted loss per share was 21 cents, in line with the FactSet consensus. Sales totaled $2.86 billion, down from $2.90 billion last year and below the $2.95 billion FactSet estimate. Same-store sales declined 0.8%, below the 2.2% increase FactSet forecast. J.C. Penney expects positive adjusted EPS for full-year 2016 and same-store sales up 1% to 2%. The FactSet consensus expects full-year EPS of 14 cents and same-store sales growth of 2.2%. J.C. Penney shares are up 32.3% for the year so far while the S&P 500 Index is up 6% for the same period.

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.

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From:: Stock Market News

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UPS to build package hub in Atlanta, adding 1,250 jobs

United Parcel Service plans to invest more than $400 million to build a package sorting facility in Atlanta, Georgia. The regional hub will be the third largest processing facility in the UPS network and will create 1,250 jobs, UPS said in a statement Thursday. It is expected to become operational by the end of 2018. Shares in UPS were unchanged in premarket trading Friday.

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.

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From:: Stock Market News

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Singer Leonard Cohen dies at 82

Singer and songwriter Leonard Cohen has died at the age of 82. “It is with profound sorrow we report that legendary poet, songwriter and artist, Leonard Cohen has passed away,” a statement read on his Facebook page late Thursday. The statement did not include the cause of death. Cohen is perhaps best known for his 1967 song “Suzanne” and 1984’s “Hallelujah.” Cohen’s career spanned five decades, and he was inducted into the Rock and Roll Hall of Fame in 2008.

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.

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From:: Stock Market News

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Pam Patenaude reportedly under consideration to serve as Trump’s HUD secretary

With future Commander-in-Chief Donald Trump officially set, there are 15 other seats on the president’s cabinet to start speculating about. And the one that’s closest to housing, the secretary of Housing and Urban Development, could possibly go to someone who was recently featured on the cover of HousingWire Magazine and was included as a Women of Influence in 2013. …read more

From:: Real Estate Wire

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Dan Loeb’s Third Point takes stakes in Apple, Alibaba, boosts shares of Facebook

Dan Loeb’s Third Point LLC reported Thursday that it owned 2.5 million shares of Apple Inc. and 2.6 million shares of Alibaba Group Holdings at the end of September, according to a regulatory filing. It raised its stake in Alphabet Inc. to 550,000 shares and increased its position in Facebook Inc. to 5.5 million shares versus 3.8 million previously. Third Point’s new holdings also included Visa Inc. and Humana Inc. . However, the hedge fund trimmed its stakes in Allergan PLC to 3.8 million from more than 5.4 million at the end of June and it no longer listed Activision Blizzard Inc. among the list of stocks it owned.

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.

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From:: Stock Market News