Foreclosures | Mortgages | Financing
People shouldn’t be worried about the 3% down program. The FHA, USDA and VA have been doing it for years, and with the right guidelines and criteria in place these are great for borrowers. Whatever is best for borrowers and prudent lending standards is what all lenders and originators should be looking to offer. …read more
From:: Real Estate Wire
When contemplating compliance with new industry requirements, technology can pose both challenges and opportunities. For UCD specifically, there are seven issues that should be on everyone’s radar. …read more
From:: Real Estate Wire
The 11th District Cost of Funds Index increased again the past month, this time rising to the highest level in two and a half years.
As of August 2016, COFI, which is utilized to determine rate changes on some adjustable-rate mortgages, was 0.703 percent.
The last time that the index was as high as it was last month was in February 2014, when it was calculated to be 0.709 percent.
From:: Financing
On loans used to finance a home purchase, lower-income and black borrowers saw their share rise. But a decline was noted on refinances.
Between 2014 and 2015, the number of mortgages originated was up by 1.4 million units. That worked out to an increase of 22 percent.
On just mortgage refinances, production was up by 36 percent from 2014. Purchase financing loans saw a year-over-year rise of 13 percent.
From:: Financing
Alphabet Inc. has hired an adviser to help evaluate a bid to acquire Twitter Inc. , which would add another Internet advertising revenue stream to the search giant’s portfolio, Bloomberg News reported Friday afternoon. Twitter is looking for potential acquisition bids, according to a report last week, and reports of companies evaluating the move so far have included Salesforce.com Inc. and Walt Disney Co. Bloomberg reported that Alphabet had hired Lazard Ltd. to evaluate a potential acquisition, the same firm that oversaw Alphabet’s acquisition bid for Apigee Corp. earlier this year. Twitter shares, which have gained nearly 25% since reports of a potential acquisition surfaced last week, added almost 4% in after-hours trading Friday after the report hit. Alphabet shares were stable in late trading.
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
KBR Inc. shares fell in the extended session Friday after the engineering and energy-industry services company cut its profit outlook for the year because of increased costs. KBR shares dropped 7.5% to $14 after hours. The company now forecasts full-year adjusted earnings of 30 cents to 50 cents a share, down from a previous range of $1.20 to $1.45 a share. Analysts surveyed by FactSet had estimated full-year earnings of $1.30 a share. The bulk of the cost increases center on an engineering, procurement and construction project for an electric power-generating facility, KBR said. “While the cost increases are highly disappointing, particularly on the power project, these legacy projects are nearing completion and we will not execute any new standalone fixed price EPC power projects,” the company said in a statement. “We believe this performance confirms that the decision for KBR to exit the fixed price EPC power business is the right one.”
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
Wells Fargo & Co. faces a possible ban from doing business in Chicago and Illinois, according to reports Friday, citing statements from city and state officials. Edward Burke, head of the Chicago’s finance committee, introduced an ordinance Friday that would ban the city from doing business with Wells Fargo for at least two years, according to reports from CNBC and Reuters. Similarly, Illinois Treasurer Michael Frerichs has scheduled a Monday press conference to announce plans to suspend billions of dollars of investment activity with Wells Fargo, according to reports. Wells Fargo has been under intense scrutiny from Congress recently for its business practices. Wells Fargo shares rose 0.4% to $44.44 after hours Friday.
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
Last month, potential fraud on new residential loan applications was no different than in July. A decline in risk on conventional applications was exceeded by the decline on government transactions.
The U.S. Loan Application Defect Index — which estimates the frequency of defects, fraudulence and misrepresentation in the information submitted in mortgage applications — was 70 in August.
Although there was no change from the previous month for the index, the risk of application has improved compared to the same month last year — with the index retreating 4 percent from August 2015.
From:: Financing
Ditech Financial will pay $1.4 million to the state of Massachusetts to settle charges that the company engaged in “abusive debt collection practices” by excessively calling borrowers to collect payment as well as not property notifying some borrowers of their mortgage information, the state’s attorney general announced recently. …read more
From:: Real Estate Wire
BlackLine Inc. plans to raise up to $100 million in an initial public offering, according to a late Friday filing with the Securities and Exchange Commission. The company, which offers cloud-based accounting and finance software, reported a loss of 12 cents a share on revenue of $83.6 million in 2015. Goldman Sachs and J.P. Morgan are listed among the underwriters on the deal. BlackLine plans to list on the Nasdaq Global Select Market exchange under the ticker symbol “BL”.
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