Foreclosures | Mortgages | Financing
A new initiative will provide individual loan originators with $10,000 to help them start up their own new mortgage brokerage firm.
The KickStart program has been launched to grow the broker channel, the National Association of Mortgage Brokers announced Friday.
According to NAMB, which also operates as the Association of Mortgage Professionals, the KickStart program will begin immediately.
From:: Financing
KaloBios Pharmaceuticals Inc. , the company formerly majority owned by controversial biotech investor Martin Shkreli, said late Friday it has filed its outstanding 10-Q for the first quarter and the first six months of 2016. The company is “current with its SEC periodic reporting requirements. Achieving this milestone is crucial to the company’s turnaround,” the company said in a statement. The company lost $17,438 in the first quarter, compared with a loss of $15,662 in the year-ago period. KaloBios emerged from bankruptcy on June 30 with a new management team and new pricing strategy. It fired Shkreli from his role of CEO late last year, after he was arrested on charges of securities fraud relating to another company. KaloBios specializes in drugs to treat rare diseases. Shares, which trade over the counter, were flat.
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
In what some might consider as much of a foregone conclusion as when Sen. Elizabeth Warren, D-Mass, expectedly lambasted Wells Fargo CEO John Stumpf when given the chance, Sen. Bernie Sanders took to the internet this week to share his views of Wells Fargo, and let’s just say the former Democratic presidential candidate isn’t a fan of the megabank either. …read more
From:: Real Estate Wire
With the opening of a new regional facility in Florida, Fay Servicing LLC plans to staff the location with a hundred new employees.
The Chicago-based mortgage servicer is opening a new office in Tampa, Florida, that will be its southeastern regional headquarters.
Fay Servicing, which already employs more than 500 people across the country, is adding a host of new positions at the new office.
From:: Financing
Mortgage brokers took a major hit after the financial crisis, vacating their individual businesses and fleeing to the security of working for a bigger company. However, a new initiative announced by the National Association of Mortgage Brokers and United Wholesale Mortgage is designed to regrow the mortgage broker channel. The KickStart program offers grants to loan originators aspiring to open their own mortgage shops. Looking to start your own company? Check the details inside. …read more
From:: Real Estate Wire
As Eustis Mortgage expands its brands by creating new subsidiaries, it has grown its staffing by more than 70 percent since last year.
Eustis has launched three new brands since January 2015: Finance Home America, Verity Mortgage and Prosperity Mortgage Advisors.
The New Orleans-based company provides operational support for the startups including compliance, marketing and administration.
From:: Financing
U.S. stocks closed lower Friday, as a drop in oil prices dragged on energy shares, but finished the week higher, boosted by a lack of a rate hike from the Federal Reserve. The Dow Jones Industrial Average closed down 131.01 points, or 0.7%, at 18,261.45, for a weekly gain of 0.8%. Shares of Apple Inc. and Goldman Sachs Group Inc. led the blue-chip average lower. The S&P 500 index finished down 12.49 points, or 0.6%, at 2,164.69, led lower by a 1.1% drag from the energy sector, as oil prices settled down 4%. The Nasdaq Composite index fell 33.78 points, or 0.6%, to close at 5,305.75. Both the S&P 500 and Nasdaq finished the week up 1.2%.
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From:: Stock Market News
Ditech Financial hired Robert Groody as its new senior vice president of consumer lending operations. The company talks about what Groody brings to the team, and his new responsibilities. …read more
From:: Real Estate Wire
Three directors of a startup movie production company, including former New York Democratic Governor David A. Paterson, were charged with violating federal securities laws by failing to timely report their stock transactions while serving on the board. The Securities and Exchange Commission on Friday also charged three company executives with defrauding investors in a purported project to construct the largest movie studio in North America at a suburban location outside Savannah, Georgia. The directors are not alleged to have participated in the fraud. Paterson was fined $25,000 and neither agreed nor denied the findings. An SEC administrative proceeding was instituted against a third director Matthew T. Mellon II, a businessman and former chairman of the New York Republican Party Finance Committee.
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From:: Stock Market News
Oil futures settled lower on Friday, suffering from the biggest dollar and percentage loss since mid-July as traders weighed the latest talk from major oil producers ahead of their meeting next week that’s expected to focus on production levels. November West Texas Intermediate crude dropped $1.84, or 4%, to settle at $44.48 a barrel on the New York Mercantile Exchange. The losses pared oil’s weekly gain down to about 2%.
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