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Cabinet Post for Cruz?

Could one senator’s transformation to Trump supporter from adversary of the billionaire be a signal that the Republican lawmaker from the Lone Star State has his eye on a cabinet post that impacts home lending?

Last month, Sen. Ted Cruz (R-Texas) endorsed Trump for chief executive of the United States. Cruz worked the phones Thursday for Trump, though the LA Times said he never explicitly said to vote for Trump.

The decision to throw his support behind the GOP nominee was made after Trump referred to Cruz as “Lying Ted;” offended his wife, Heidi Cruz; and suggested Cruz’s father was associated with Lee Harvey Oswald.

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From:: Financing

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Mortgage Rates Hold, Could Climb

Interest rates on residential loans held steady this past week. But an increase is likely in the next report unless tomorrow’s employment report is weak.

The Primary Mortgage Market Survey from Freddie Mac had fixed rates on 30-year mortgages averaging 3.42 percent in the week ended Oct. 6.

Although there was no change in long-term rates compared to the previous week, rates have declined from 3.76 percent in the same week last year.

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From:: Financing

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CIT shares soar on sale of aircraft leasing business for $10 bln

CIT Group Inc. plans to sell its commercial aircraft leasing business for $10 billion to Avolon Holding Ltd., a subsidiary of China’s Bohai Capital Holding Co., the commercial lender said late Thursday. Once the deal is finalized, CIT plans to return $2.98 billion in common equity to shareholders, including $64 million in dividends. The sale, which is expected to close in the first quarter, is part of CIT’s strategy to become a leading middle-market bank. Shares of CIT jumped 8.6% after hours.

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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Honeywell shares decline after outlook cut

Honeywell International Inc. shares declined in the extended session Thursday after the industrial products company trimmed its outlook. Honeywell shares fell 3.3% to $111.75 after hours. The company said it expects third-quarter earnings of about $1.60 a share, or $1.67 a share excluding stock compensation restructuring. Analysts surveyed by FactSet estimate $1.70 a share. Honeywell forecast fourth-quarter earnings of $1.74 to $1.78 a share. Analysts expect $1.80 a share.

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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M&T Bank launches mortgage assistance program for minority neighborhoods

Aiming to help underserved borrowers buy a home, M&T Bank announced a new mortgage subsidiary program for certain minority neighborhoods in New Jersey, Connecticut, New York, Pennsylvania and Delaware. According to M&T Bank, the program will allow qualifying homebuyers who are purchasing or refinancing properties in targeted neighborhoods to receive mortgage assistance that can exceed $10,000. …read more

From:: Real Estate Wire

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Gap Inc.’s September same-store sales impacted by distribution center fire

Gap Inc. said Thursday it had September sales of $1.43 billion for the month ending Oct. 1, down 2% from $1.46 billion for the same period last year. Same-store sales dropped 3% for the month. The retailer, whose brands include the namesake Gap stores, Banana Republic, and Old Navy, estimates that a fire that occurred at its Fishkill, NY distribution center negatively impacted the same-store sales result by 3 percentage points. The company expects the incident to negatively impact October same-store sales by about 3 percentage points, and have a negative impact on fiscal fourth-quarter same-store sales. At the time, a Gap spokesperson told MarketWatch that the company has “contingency plans in place” to manage the aftermath of the fire. Gap Global had the steepest decline in September same-store sales at 10%. Banana Republic same-store sales fell 9%. Old Navy saw same-store sales climb 4%. Gap Inc. shares are up 5.6% in after-hours trading, but are down nearly 20% for the past year. The S&P 500 Index is up 9.1% for the last 12 months.

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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Realtor.com® and PNC Bank Talk Industry Growth

By Beth McGuire

equal-housing-lender-icon

The residential mortgage industry has seen a big rise in non-bank lenders this year, but PNC Bank never got the memo; business expanded throughout the year and is poised for growth.

Realtor® Magazine spoke with Pete Boomer, Executive Vice President of mortgage originations at PNC Bank, N.A. to find out what’s new at PNC and what it has planned for next year.

Behind its success is a wide array of products. The company last year was an early adopter of the “3 percent down” mortgage products rolled out by Fannie Mae and Freddie Mac, and continues to be a major FHA lender—one of the few large banks still doing a lot of loans with the agency.

For customers who don’t fit neatly into FHA or Fannie Mae and Freddie Mac products, the company also has its own affordable 97 percent loan-to-value program, which gives underwriters the flexibility to look at nontraditional credit history criteria such as past rental payments in accessing the applicant’s ability to repay.

To improve the loan applicants’ experience, the company is doing a full underwriting within three days of receiving loan applications and has rolled out online tools—Home Insight® Tracker and PNC AgentView®—to make it easier for applicants and real estate agents to follow what’s happening throughout the processing period.

Read the full interview here to find out what’s new at PNC and what it has planned for next year.

PNC, PNC HomeHQ, PNC Home Insight, Home Insight and PNC AgentView are registered service marks of The PNC Financial Services Group, Inc. (“PNC”). PNC has pending patent applications directed at various features and functions of Home Insight® Tracker and PNC AgentView®. All loans are provided by PNC Bank, National Association, a subsidiary of PNC, and are subject to credit approval and property appraisal. This information is provided for business and professional uses only and is not to be provided to a consumer or the public. This information is provided to assist real estate professionals and is not an advertisement to extend consumer credit as defined by Section 226.2 of Regulation Z. Programs, interest rates, and fees are subject to change without notice.

©2016 The PNC Financial Services Group, Inc. All rights reserved. PNC Bank, National Association. Member FDIC

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From:: Finance and Economy

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Realtor.com® and PNC Bank Talk Industry Growth

By Beth McGuire

equal-housing-lender-icon

The residential mortgage industry has seen a big rise in non-bank lenders this year, but PNC Bank never got the memo; business expanded throughout the year and is poised for growth.

Realtor® Magazine spoke with Pete Boomer, Executive Vice President of mortgage originations at PNC Bank, N.A. to find out what’s new at PNC and what it has planned for next year.

Behind its success is a wide array of products. The company last year was an early adopter of the “3 percent down” mortgage products rolled out by Fannie Mae and Freddie Mac, and continues to be a major FHA lender—one of the few large banks still doing a lot of loans with the agency.

For customers who don’t fit neatly into FHA or Fannie Mae and Freddie Mac products, the company also has its own affordable 97 percent loan-to-value program, which gives underwriters the flexibility to look at nontraditional credit history criteria such as past rental payments in accessing the applicant’s ability to repay.

To improve the loan applicants’ experience, the company is doing a full underwriting within three days of receiving loan applications and has rolled out online tools—Home Insight® Tracker and PNC AgentView®—to make it easier for applicants and real estate agents to follow what’s happening throughout the processing period.

Read the full interview here to find out what’s new at PNC and what it has planned for next year.

PNC, PNC HomeHQ, PNC Home Insight, Home Insight and PNC AgentView are registered service marks of The PNC Financial Services Group, Inc. (“PNC”). PNC has pending patent applications directed at various features and functions of Home Insight® Tracker and PNC AgentView®. All loans are provided by PNC Bank, National Association, a subsidiary of PNC, and are subject to credit approval and property appraisal. This information is provided for business and professional uses only and is not to be provided to a consumer or the public. This information is provided to assist real estate professionals and is not an advertisement to extend consumer credit as defined by Section 226.2 of Regulation Z. Programs, interest rates, and fees are subject to change without notice.

©2016 The PNC Financial Services Group, Inc. All rights reserved. PNC Bank, National Association. Member FDIC

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From:: Real Estate News