Foreclosures | Mortgages | Financing
Quarterly mortgage originations increased at Caliber Home Loans Inc., as did the size of its servicing portfolio. But the company reduced its payroll by nearly 200 people.
As of Sept. 30, 2017, Caliber serviced 498,030 single-family loans that had a collective unpaid principal balance of $114.202 billion.
The Irving, Texas-based organization disclosed those details and more as part of the Mortgage Daily Third Quarter 2017 Mortgage Origination Survey.
From:: Financing
New monthly business at the Federal Housing Administration turned lower and is likely to recede even further. Reverse mortgage applications exploded ahead of premium changes. FHA delinquency deteriorated.
At the end of its fiscal-year 2017, insurance was in force on 8,578,803 residential loans for $1.3031 trillion, according to an analysis of data reported by the Department of Housing and Urban Development.
FHA’s book of business was comprised of $1.1588 trillion in single-family loans, $0.1433 trillion in home-equity conversion mortgages and $0.0010 trillion in Title I loans.
From:: Financing
Shares of Lululemon Athletica Inc. rose 0.6% in midday trade Wednesday, ahead of the yoga-gear maker’s fiscal third-quarter results due out after the close, but analyst Camilo Lyon at Canaccord Genuity warned investors not to buy into the recent hype on Wall Street. The stock has run up 8.6% over the past three months, and closed at a 10-month high earlier this week, while the S&P 500 has gained 6.7%. Lyon said that although Lululemon is likely to beat profit expectations, investor expectations are running “high” and “uniformly positive,” which skews the risk-versus-reward profile to the downside. The FactSet consensus is for earnings per share of 52 cents and revenue of $610 million. In addition, Lyon continues to see mounting evidence that his denim-fashion shift thesis will take shape over the next four-to-six quarters, so he recommended using any strength in the stock “as a selling opportunity.” He reiterated his sell rating and $43 stock price target, which is about 36% below current levels.
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From:: Stock Market News
President Donald Trump said Wednesday a government shutdown “could happen,” a day before he prepares to meet with Democratic leaders. Federal government operations are funded through Friday, and would partially shut down if there’s no deal. Senate Minority Leader Charles Schumer and House Minority Leader Nancy Pelosi are scheduled to meet Trump at the White House Thursday to discuss funding the government and immigration. The Democrats “want to have illegal immigrants pouring into our country,” Trump charged.
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From:: Stock Market News
Shares of Veeva Systems Inc. fell 6% in Wednesday morning trade after the cloud-computing company reported strong results for its fiscal third quarter but delivered an initial outlook for its next fiscal year that was merely in line with expectations. Veeva, which posted earnings results Tuesday evening, said on its earnings conference call that it projected revenue of roughly $805 million and adjusted operating margins of 30% for the fiscal year ending in January 2019. The figures were approximately what analysts had been expecting. Analysts from William Blair and Needham dubbed the initial outlook “conservative.” The company reported revenue of $176 million for its fiscal third quarter, ahead of the FactSet consensus of $172 million. Earnings per share of $0.25, after adjusting for stock-based compensation and other expenses, beat expectations for $0.22. Veeva shares have gained 33% so far in 2017, compared with a 17% rise for the S&P 500 .
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From:: Stock Market News
Shares of steel companies rallied Wednesday, after the U.S. Commerce Department announced a preliminary ruling that certain steel products imported from the Socialist Republic of Vietnam made from substrate originating in China are subject to duties. U.S. Steel Corp.’s stock surged 7.3% in midday trade toward an eight-month high, while AK Steel Holding Corp. shares rose 5.9%. Elsewhere, shares of Nucor Corp. gained 1.6% and Steel Dynamics Inc. advanced 1.9%. As a result of the ruling late Tuesday, Customs and Border Protection will collect antidumping cash deposits on corrosion-resistant steel and cold-rolled steel produced in Vietnam using Chinese-origin substrate at rates of 199.43% and 265.79%, respectively. “The Commerce Department’s finding of circumvention represents a critical step to shutting down one of the many paths used to flood the U.S. with dumped and subsidized steel,” U.S. Steel said Wednesday in a statement. “This decision presents an encouraging sign for the steel industry and should put other countries and companies on notice that their cheating will no longer be tolerated.” U.S. Steel’s stock has lost 3.2% year to date, while the S&P 500 has gained 18%.
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From:: Stock Market News
Shares of Digital Power Corp. soared again on heavy volume Wednesday toward a 17-year high, boosted by the company’s announcement this week that its Coolisys Technologies subsidiary launched a line of power systems for use in the mining of crytpocurrencies. The stock shot up 19% to pace the gainers on the NYSE American exchange. Volume swelled to 22 million shares, already more than triple the full-day average, and enough to make the stock the day’s most actively traded on major U.S. exchanges. The stock has rocketed 139% since the Coolysis product announcement before Monday’s open. It has climbed more than five-fold after the company announced on Nov. 27 that it will provide a “progress report” on Coolysis’s cryptocurrency initiative, when it makes its presentation at the LD Micro Investor Conference in Los Angeles on Dec. 7. On Nov. 21, the company said it had received a warning letter from NYSE Regulation regarding Digital Power’s failure to provide the public with timely notification of certain material changes to its affairs. The stock was on track to close at the highest level since Oct. 23, 2000. It has now run up over six-fold year to date, while bitcoin has soared 1,219% and the S&P 500 has gained 17%.
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From:: Stock Market News
Data from the U.S. Energy Information Administration Wednesday showed that domestic crude supplies fell 5.6 million barrels for the week ended Dec. 1. That was bigger than the forecast for a decline of 4.1 million barrels from analysts surveyed by S&P Global Platts. The American Petroleum Institute on Tuesday had reported a drop of 5.5 million barrels, according to sources. Gasoline stockpiles jumped by 6.8 million barrels for the week, while distillate stockpiles added 1.7 million barrels, according to the EIA. The S&P Global Platts survey forecast a supply rise of 2.7 million barrels for gasoline and an increase of 1.5 million barrels for distillates. January crude fell 75 cents, or 1.3%, from Tuesday to $56.87 a barrel on the New York Mercantile Exchange, from $56.83 before the supply data. January gasoline lost 2.9 cents, or 1.7%, to $1.689 a gallon.
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From:: Stock Market News
The Canadian dollar turned lower after the Bank of Canada’s decision to leave interest rates unchanged, which was in line with expectations. Traders looking for hawkish language in the central bank’s announcement were disappointed with words of caution. While the BOC statement mentioned moderate Canadian growth and slightly higher than anticipated inflation, it also said that while higher interest rates will be necessary at some point, the BOC will remains cautious for now. “Based on the outlook for inflation and the evolution of the risks and uncertainties identified in October’s Monetary Policy Report, Governing Council judges that the current stance of monetary policy remains appropriate” it said. The U.S. dollar rallied against its Canadian counterpart to buy C$1.2755, up from C$1.2687 late Tuesday in New York.
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From:: Stock Market News
Mortgage applications took off this past week, with refinances leading the way. As refinance share widened to a nearly three-month high, adjustable-rate share was at an almost 11-month low.
A nearly 5 percent seasonally adjusted escalation from one week previous was recorded for the Market Composite Index for the seven-day period that concluded on Dec. 1.
But the index, a measure of retail single-family loan application volume, skyrocketed 47 percent from the week ended Nov. 24 when seasonal factors are disregarded.
From:: Financing