Foreclosures | Mortgages | Financing
The coveted group of potential borrowers who were born between 1981 and 2000 are a key variable in why financial institutions need to and should invest their capital in financial innovation. If they choose not to, they lose on the next generation of consumers. So where will most Millennials choose to do business? Nonbank financial services, digital platforms and technology providers …read more
From:: Real Estate Wire
The state of California is suspending several of it business relationships with Wells Fargo as the fallout from the bank’s fake account scandal continues. “Wells Fargo’s admission that thousands of its bank employees opened over two million fraudulent consumer accounts is a legal and ethical outrage that cannot go unpunished,” California’s state treasurer, John Chiang, said Wednesday. …read more
From:: Real Estate Wire
Transocean Ltd. shares slipped in the extended session Wednesday after billionaire investor Carl Icahn cut his stake in the offshore drilling company. Transocean shares declined 0.4% to $9.98 after hours. In a Securities and Exchange Commission filing, Icahn reported he held a 1.5% stake in Transocean, or just under 5.5 million shares. In an August filing, Icahn reported owning about 21.5 million shares of Transocean.
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From:: Stock Market News
It has been more than three years since monthly business was as strong as it was last month at the Freddie Mac, while delinquency fell to a new eight-year low.
Purchases and issuances at the Federal Home Loan Mortgage Corp. were $45.882 billion last month, according to its Monthly Volume Summary: August 2016.
Monthly volume at the McLean, Virginia-based organization has not been this high since June 2013, when secondary mortgage activity totaled $48.388 billion.
From:: Financing
Hispanic and African-American borrowers who paid higher broker fees than white borrowers on mortgage loans from Provident Funding Associates from 2006 to 2011 will soon receive their share of a $9 million settlement. …read more
From:: Real Estate Wire
A range of mortgage service providers have integrated their offerings into several loan origination systems. The integrations promise to make access to the products easier.
Stratmor Group reported in its STRATMOR Insights newsletter that cost per loan doubled between 2005 and 2015, while productivity was cut in half during the same period.
Cost per loan was up 150 percent for retail lending, 166 percent on consumer-direct originations, 202 percent for broker lending and 82 percent on correspondent lending.
From:: Financing
Shares of Pier 1 Inc. soared in Wednesday’s extended session after the retailer posted a quarterly loss that was smaller than projected. Pier 1 reported it swung to a second-quarter loss of $4.01 million, or 5 cents a share, from a profit of $3.2 million, or 4 cents a share, in the same quarter last year. Revenue fell 6.7% to $405.8 million while same-store sales shrank 4.3%. Analysts surveyed by FactSet had forecast a loss of 6 cents a share on revenue of $406 million. For the third quarter, the company projected a sales decline of 2% to 4% and adjusted earnings per share of 9 cents to 15 cents. Pier 1 shares gained 3% after hours.
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From:: Stock Market News
Shares of Intra-Cellular Therapies Inc. fell 68% late Wednesday after the company said results from a second clinical trial of a drug it was developing for schizophrenia stumbled into a high placebo response, unlike a control drug. Shares had been halted earlier. In the trial, Intra-Cellular’s drug “was statistically significantly better” than the control drug on key safety and tolerability, the company said in a statement. The company said it planned to request a meeting with the FDA to discuss the regulatory path for its drug, and that it was not uncommon in the field of psychiatry for studies to be challenged by high placebo responses, it said. Shares of Intra-Cellular ended the regular trading session up 2%.
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From:: Stock Market News
In a speech, Cleveland Fed President Loretta Mester said it would be prudent to raise interest rates now, as she explained why she dissented from last week’s decision to keep rates steady. “In the face of evidence that the economy is on track to meet our goals over the medium run, sometimes being prudent means moving the policy rate up,” she said. Mester, one of 3 voters who wanted a quarter-point hike, said previous risks including the volatility in financial markets at the start of the year, economic weakness abroad, and the aftermath of the U.K. vote to leave the European Union, have subsided, and the economic expansion has proved to be resilient.
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From:: Stock Market News
Shares of Progress Software Corp. fell more than 9% late Wednesday after the company missed fiscal third-quarter sales and earnings expectations. Progress said it earned $7.6 million in the quarter, or 15 cents a share, reverting a loss of $4.1 million, or 8 cents a share, in the year-ago period. Adjusted for one-time items, Progress said it earned $21.6 million, or 44 cents a share, compared with $20 million, or 39 cents a share, a year ago. Sales reached $102 million, up from $94.6 million a year ago. Analysts polled by FactSet had expected adjusted earnings of 45 cents a share on sales of $104.7 million in the quarter. Separately, Progress said its board of directors authorized a dividend of 12.5 cents a share payable Dec. 15 to shareholders of record Dec. 1, and that Kurt J. Abkemeier had been appointed the company’s chief financial officer, effective immediately. Shares of Progress had ended the regular trading session up 1.6%.
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From:: Stock Market News