Foreclosures | Mortgages | Financing
It seems like we’ve gone from caucus to raucous this election year. Anyone not bombarded by the rancor is probably hiding under a rock. The rest of us, however, are left wondering not only who will occupy the White House next, but what we’re in for. For mortgage and real estate professionals, there’s some interesting solace to be found in historical economic data. …read more
From:: Real Estate Wire
While Wells Fargo is fighting to earn back its customers’ trust and fighting off various forays from legislators because of the more than 2 million fake accounts that 5,000 of the bank’s former employees opened in order to get sales bonuses, the bank’s ability as a mortgage servicer is still on solid footing, according to a new repot from Fitch Ratings. …read more
From:: Real Estate Wire
Several updates to income requirements at the Federal Home Loan Mortgage Corp. will make it easier for some borrowers to qualify.
Among the changes being made are alternatives being added for the borrower’s signature on tax returns such as a signed IRS Form 8879.
Freddie Mac said verbal verifications of employment will no longer require verification of the borrower’s position or length of employment.
From:: Financing
Oil futures settled lower Friday, deepening their loss for the week, as uncertainty surrounded a weekend meeting of major oil producers who are expected to discuss a proposal to curb crude production. December West Texas Intermediate crude-oil futures finished down $1.02, or 2.1%, at $48.70 a barrel. For the week, oil closed off about 4%, marking its first weekly decline after booking weekly gains for five straight weeks, according to FactSet data.
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
Regeneron Pharmaceuticals Inc. said Friday that it and its partner Sanofi received notice from the Food and Drug Administration that the biologics license application for sarilumab won’t be approved until certain concerns are resolved. The FDA’s “complete response letter” for sarilumab, a treatment for rheumatoid arthritis, refers to deficiencies indentified during a routine good-manufacturing-practice inspection of the Sanofi Le Trait facility in France where sarilumab is filled and finished. Regeneron said Sanofi submitted a corrective action plan to the FDA. Regeneron said it remains committed to the development of sarilumab. Regeneron’s stock was down 2.5% prior to a trading halt, which is scheduled to be lifted at 3:05 p.m. ET. It has tumbled 34% year to date, while Sanofi shares have lost 9% and the S&P 500 has gained 4.1%.
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
Mortgage refinance transactions were behind a weekly decline in new residential lending activity. But financing activity for home shoppers managed an increase.
At 159, the U.S. Mortgage Market Index from OpenClose and Mortgage Daily for the week ended Oct. 28 was down nearly 3 percent from a week earlier.
But the index, which provides insight into upcoming originations based on average per-user rate locks by OpenClose clients, was up 22 percent from a year earlier.
From:: Financing
Gold futures rose Friday, finishing at their highest level in nearly a month and marking a third straight weekly gain as the U.S. dollar weakened, lifting the appeal of the dollar-denominated yellow metal. “Overall, it looks like the recent selloff in gold is over and it’s starting to turn back upward, while the U.S. dollar looks overextended and [is] peaking,” said Colin Cieszynski, chief market strategist at CMC Markets. December gold rose $7.30, or 0.6%, to settle at $1,276.80 an ounce. That was the highest finish since Oct. 3, according to FactSet data.
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
Consumers’ confidence in the economy reached a two-year low in October. Experts are now analyzing whether this dip is due to an economic downturn, or just a dip right before the presidential election. …read more
From:: Real Estate Wire
Oil futures remained lower on Friday after data from Baker Hughes revealed that the number of active U.S. rigs drilling for oil fell by 2 to 441 rigs this week. That marks the first weekly decline since June. The total active U.S. rig count, which includes oil and natural-gas rigs, climbed by 4 to 557, Baker Hughes said. December crude fell 54 cents, or 1.1%, to $49.17 a barrel on the New York Mercantile Exchange, trading close to the same level it was at before the rig data.
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
A modest increased in quarterly residential loan originations was reported by EverBank Financial Corp. The company’s mortgage servicing portfolio diminished.
EverBank revealed in its third-quarter 2016 earnings report that it earned $59 million before the provision for income taxes during the three months ended Sept. 30.
Income at the Jacksonville, Florida-based financial institution soared from $35 million during the prior quarter. Earnings also improved from $47 million a year prior.
From:: Financing