Foreclosures | Mortgages | Financing
The performance of securitized commercial real estate loans improved last month, with mortgages secured by retail properties leading the way.
Delinquency of at least 30 days on loans that are included in commercial mortgage-backed securities came in at 2.90 percent as of Sept. 30.
The rate of past-due payments declined 5 basis points versus one month previous. Compared to a year previous, the rate has plunged 59 BPS.
From:: Financing
It’s been nearly three years since Ocwen Financial agreed to offer $2 billion in consumer relief and pay up to $127.3 million to settle a Consumer Financial Protection Bureau investigation into its servicing practices. But it looks like Ocwen may not be done with the CFPB yet, as the company revealed Thursday that it is currently under investigation by the CFPB over the company’s mortgage servicing practices, and could be facing a fine and/or other disciplinary action. Click the headline to read more. …read more
From:: Real Estate Wire
Approximately 44 mortgage lenders and mortgage brokers are about to get a wake-up call from the Consumer Financial Protection Bureau, warning them that they might be in violation of the Home Mortgage Disclosure Act. The bureau, in sending these warning letters, made no determination that a legal violation did, in fact, occur, but the industry can take this as a notice that the bureau is watching. …read more
From:: Real Estate Wire
Compared to one year earlier, quarterly business more than doubled, the book of business ballooned and defaults declined at Arch Mortgage Insurance Co.
Prior to income taxes, income was $317 million during the period that commenced on July 1 and concluded on Sept. 30, climbing from $263 million the prior period.
That is according to the third-quarter 2016 earnings report released Wednesday by the mortgage insurer’s parent, Hamilton, Bermuda-based Arch Capital Group Ltd.
From:: Financing
There’s no wonder United Parcel Service Inc.’s has sped up the implementation of its own route optimization and navigation software, known as ORION–it saves the company a lot of miles, and miles are money. Chief Financial Officer Richard Peretz said in a post-earnings conference call with analysts that while third-quarter U.S. delivery stops and volume increased 5.7% from a year ago, with the help of ORION, delivery miles traveled rose just 1.4%. He told MarketWatch in a phone interview, that for each mile saved per day, on average, annualized savings are about $50 million. “Orion is saving us about six and seven miles per driver per day,” Peretz said, which translates to annual savings of about $300 million to $350 million. While it’s not fully implemented yet, the company said 100% of eligible U.S. drivers will be utilizing ORION during the peak season–from Thanksgiving to News Year’s Eve–compared with 70% last year. Given that deliveries in the peak season are expected to increase by about 17% to 700 million, ORION should help save a lot of miles and money. The stock, which slipped 1.1% in afternoon trade, has climbed 12% year to date, while the Dow Jones Transportation Average has climbed 6.5% and the S&P 500 has gained 4.7%.
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 storm for Deutsche Bank AG in regards to its looming settlement with the U.S. Justice Department is still not over. But as the German bank awaits a final judgment, it posted an unexpected quarterly profit. Is this enough to calm investors? …read more
From:: Real Estate Wire
When WCI Communities, a “lifestyle community developer and luxury homebuilder” headquartered in Florida, announced last month that it agreed to a “definitive merger agreement” with fellow homebuilder Lennar for $643 million, the company said that its board was going to take a 35-day “go shop” period to seek a better deal. Now, the 35-day “go shop” period is over and the merger with Lennar is moving forward, but it’s not a done deal yet. …read more
From:: Real Estate Wire
With the World Series underway, the Chicago Cubs’ home stadium of Wrigley Field is one of the few Major League ballparks to lie within a neighborhood. Reportedly, rooftop owners are charging an arm and a leg to watch the game. So what does the current rental landscape of this area and the surrounding neighborhoods look like? Axiometrics takes a deep dive into the market to see if there is a correlation between annual effective rent growth in the Windy City and Cubs performance.
on Axiometrics.
From:: Property Management
The homeownership rate increased slightly from last quarter, but still remain near lows not seen since 1965. The industry looks hopefully to the next generation of homeowners, Millennials, in hope that they will bring a surge to the homeownership rate. …read more
From:: Real Estate Wire
Twitter.com Inc. plans to shut down its Vine mobile video app within a few months, according an announcement posted to Medium Thursday. This comes on the same day that Twitter announced it would cut 9% of its workforce, or roughly 350 jobs. Vine said it will keep the website active so that creators can continue to watch their vines, which are short clips that circulate on loops similar to GIFs. Earlier on Thursday, Twitter reported better-than-expected quarterly earnings and revenue and said its user base increased 3% to 317 million monthly active users, compared with the FactSet consensus estimate of 316.3 million. Shares of Twitter rose 1.1% to $17.50 in afternoon trade. While they’re up 11% in the past three months, they’re off more than 44% from 12 months ago. The S&P 500 , meanwhile, is down 1.2% in the past three months but has risen 3.6% in the past year.
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