Foreclosures | Mortgages | Financing
The PNC Financial Services Group Inc.’s quarterly home-lending volume rose and delinquency fell. The servicing portfolio was flat.
Income before income taxes and non-controlling interest at PNC came to $1.3 billion during the three months that ended on Sept. 30.
The Pittsburgh-based firm provided the details, along with other operational and financial metrics, in its third-quarter earnings report.
From:: Financing
Wells Fargo & Co. said late Friday it will try to win back the trust of Ohio after being banned to do business with state agencies. “Wells Fargo values the State of Ohio’s business and will fight to earn it back,” the bank said in a statement. On Friday, Ohio Gov. John Kasich said he is barring the bank from participating in future state debt offerings or state financial service contracts for one year because of the bank’s business practices. The Ohio ban follows a similar one in Illinois and a grilling by Congress that resulted in the resignation of CEO John Stumpf.
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From:: Stock Market News
As expected, new residential lending activity slowed during the holiday week, with purchase financing and refinancing activity both taking a similar hit. Jumbo business fared worst.
The U.S. Mortgage Market Index from OpenClose and Mortgage Daily, which provides insight into prospective home lending activity, was 129 in the week ended Oct. 14.
Compared to the previous week, the index — a reflection of average per-user rate locks by OpenClose clients for the seven days ended Thursday at midnight — tumbled a fifth.
From:: Financing
By swheeler@housingwire.com Arch MI’s toolkit includes a customizable PowerPoint presentation outlining the mortgage process, interactive worksheets to calculate their financial eligibility and budget for a future home. “Our Roadmap to Homeownership enables lenders to reach out to, educate and encourage this audience by setting up their own home-buying seminar using the toolkit’s materials,” said Leslie Gibin, Arch MI’s vice president for client risk management. …read more
From:: Real Estate Wire
In the eyes of Sen. Elizabeth Warren, D-Mass, the chair of the Securities and Exchange Commission has not done nearly enough to prevent the “flood” of money flowing from corporations into the election process and has repeatedly “undermined” the SEC’s mission to protect investors, and therefore needs to replaced immediately. …read more
From:: Real Estate Wire
Veros Real Estate Solutions forecasted the strongest and weakest housing markets for the next year. While hot markets like California don’t even make the list, states in the Northwest dominate the list of hottest markets. …read more
From:: Real Estate Wire
As the mortgage servicing portfolio continued to diminish at Citigroup Inc., the rate of delinquency deteriorated. Home-lending activity was mostly flat.
The New York-based firm reported in its third-quarter 2016 earnings results that income from continuing operations before income taxes was $5.6 billion.
Earnings at Citi slipped from the prior quarter, when income was $5.8 billion, and declined from the year-prior quarter, when the total came to $6.2 billion.
From:: Financing
U.S. stocks on Friday finished barely higher as an early rise, buoyed by gains in bank shares, faded into the close. The three main equity benchmarks finished the week with a second-straight weekly loss. On the day, the Dow Jones Industrial Average ended up 0.2% at 18,138, closing well of its highs of the session, the S&P 500 index wrapped up little-changed at 2,132 and the Nasdaq Composite Index was flat at 5,214. Better-than-expected quarterly results from the likes of J.P. Morgan Chase & Co. delivered an initial jolt to the banking sector and the broader market, with strength in J.P. Morgan’s trading unit hinting at a possibly solid quarter for trading powerhouse Goldman Sachs Group . Goldman’s rise led gains for the Dow industrials. Goldman is set to report its results Oct. 18. Although financial institutions set an upbeat tone, Wells Fargo & Co.’s fake-account scandal overshadowed its solid results. Comments from Federal Reserve Chairwoman Janet Yellen midday Friday, where she suggested the fed could overshoot its 2% inflation target, and a strengthening dollar , up 0.6%, helped to limit gains for U.S. equities. For the week, the Dow closed off 0.6%, the S&P 500 ended with a weekly decline of 1% and the Nasdaq Composite closed off 1.5%. Meanwhile, the buck ended up 1.5% on the week. A rising dollar can be viewed as a headwind for multinational companies, which rely on selling goods abroad.
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From:: Stock Market News
WASHINGTON (MarketWatch) — The U.S. ended fiscal 2016 with a $587 billion deficit, a rise of $148 billion. Outlays rose by 5% while receipts rose less than 1%, the Treasury Department said. As a percentage of GDP, the deficit rose to 3.2%, up from 2.5%. Higher spending for Social Security; Medicare and Medicaid; interest on the public debt; and less receipts from spectrum sales and dividends from Fannie Mae and Freddie Mac impacted the outlays.
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From:: Stock Market News
The Department of Transportation has banned Samsung Electronics Co. Ltd. Galaxy Note 7 from air travel in the U.S., according to reports. The ban is in effect Saturday at noon Eastern. Travelers cannot carry the recalled phones, or have them in carry-on luggage or checked luggage on flights to and from the U.S. as well as within the country. Passengers could be denied boarding or the phone could be confiscated if the DOT order is not followed. The Galaxy Note 7 reportedly can overheat and catch fire, and Samsung earlier this week slashed its profit expectations due to the Note 7’s recall.
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From:: Stock Market News