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Mortgage Processing Turnaround Slows

As the monthly share of mortgage originations that were for refinances expanded last month, the length of time that it took to process and close a residential loan increased.

Of all home loans that were originated in September, sixty-eight percent were conventional mortgages. Conventional share widened from 64 percent the same month in 2015.

The share of closings that were insured by the Federal Housing Administration worked out to a fifth last month. FHA share diminished from 23 percent in September 2015.

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From:: Financing

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Phillips 66 Partners raises quarterly cash distribution by 5% to 53.10 per unit

Phillips 66 Partners LP said Wednesday it’s raising its quarterly distribution by 5% to 53.10 cents per unit. The new payment will be mad Nov. 14 to unitholders of record as of Nov. 2. Shares were up 1% but are down 23% in the year so far, while the S&P 500 has gained about 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.

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Hedge fund manager Kyle Bass warns U.S. is headed for stagflation

Kyle Bass, founder of Hayman Capital Management, on Wednesday warned that the U.S. is headed toward stagflation where economic growth remains subdued amid higher prices. “2017 is the year of increasing inflation and the economy lagging,” said Bass in an interview with CNBC, noting that consumer prices are picking up and wages and real estate prices are rising. “It’s a stagflation environment” and people will have a hard time generating positive returns, he said, urging investors to avoid long-duration bonds. The hedge fund manager also reiterated his view that China has already reached the point where it is a problem due to excessive debt buildup and that China’s financial woes will drag on global growth. Meanwhile, Bass made no secret of whom he is supporting in the election, referring to Republican nominee Donald Trump as a “circus clown.” “Hillary is the only thing we got,” he said.

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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Housing Permit Pace Up, Multifamily Starts Sink

The annual pace of building permits rose last month, but multifamily activity dragged down housing starts. The West overcame a national slump in completed construction.

In places where building permits are issued, there were 107,600 U.S. permits handed out for the construction of new privately owned housing units during September.

The number of permits dipped from a month prior, when there were an upwardly revised 108,400. But permits rose from an upwardly revised 98,300 issued a year prior.

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From:: Financing

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Tesla to unveil new product today

Tesla Motors Inc. Chief Executive Elon Musk tweeted Wednesday the electric-car maker is ready to make a product “announcement” at 5 p.m. Pacific. Thirty minutes of a question-and-answer media session will follow, he said. Musk had postponed the unveiling from Monday. He has said another announcement, this time showcasing a Tesla and SolarCity Corp. product, is scheduled for Oct. 28. Tesla plans on a $2.6 billion merger with SolarCity, a solar-power provider led by Musk’s cousin. Musk is chairman and largest shareholder of both companies. Shares of Tesla ticked higher after the tweet, and were recently up 2.4%. Shares have lost 15% so far this year, contrasting with gains of 5.1% for the S&P 500 index in 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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Purchases Push Up Weekly Mortgage Applications

A dip in weekly applications for mortgage refinances was more than offset by increased applications for loans to finance home purchases.

A less than 1 percent week-over-week escalation was recorded for new retail residential mortgage applications in the week ended Oct. 14.

The seasonally adjusted activity was based on the Market Composite Index, which is a measure of mortgage loan application volume.

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Mortgage Revenues Jump at US Bank

Modest quarterly growth in mortgage originations and servicing was reported for U.S. Bancorp. But the increase in mortgage revenues was much more than modest.

Income before taxes was $2.1 billion during the three months ended Sept. 30. Earnings were mostly unchanged compared to the prior quarter and year-prior period.

The results, in addition to other operational and financial metrics, were included in the Minneapolis-based company’s third-quarter earnings report issued Wednesday.

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T-Mobile to pay at least $48 million FCC settlement over data plan disclosures

T-Mobile U.S. Inc. will pay at least $48 million to settle a Federal Communications Commission investigation into whether the mobile service provider inadequately disclosed speed and data restrictions for its unlimited data plan. The investigation found that company policy allowed T-Mobile to slow data speeds when customers exceeded a monthly data threshold. The $48 million settlement includes a $7.5 million fine, at least $5 million in services and equipment to American schools, and $35.5 million in consumer benefits to T-Mobile and Metro PCS customers with unlimited plans. Eligible customers will receive notice about benefits from the settlement on Dec. 15. T-Mobile will also update its disclosures to explain its policy and who may be impacted, and the company must notify customers who are approaching the threshold. T-Mobile shares are down 0.9% in Wednesday trading, but up 20% for the year so far. The S&P 500 Index is up 4.9% 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