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FHA is Best Growth Potential for Default Servicers

For default mortgage servicers, loans insured by the Federal Housing Administration offer the best potential for portfolio growth during the next couple years, according to a recent survey.

Although the Department of Housing and Urban Development reports FHA-insured loans accounted for just 17 percent of last year’s originations, they make up 35 percent of all loans past due at least 30 days.

So as FHA endorsement volume increases, the potential for an increase in the amount of default assets will also expand.

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Chinese micro-lender Qudian files for U.S. initial public offering

Qudian Inc. has filed for its U.S. initial public offering Monday, according to Securities and Exchange Commission documents. The documents say the micro-lending company will list stock on the New York Stock Exchange via American Depository Shares under the symbol “QD.” The Chinese company offers small loans that average between $134 and $184 and is targeting young, mobile-active customers who desire access to credit for discretionary spending, much of which is tied to electronics purchasing, the filing said. For the first two quarters of 2017 Qudian logged net income of $143 million on revenue of $270 million and last year the company booked net income of $85 million on sales of $212 million. In the first half of 2017 the company said that it facilitated $5.6 billion in transactions to seven million active borrowers. The company operates exclusively online and disburses the funds to the vast majority of customers via Alibaba Group Holding Ltd.’s Alipay technology.

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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Chinese micro-lender Qudian files for U.S. initial public offering

Qudian Inc. has filed for its U.S. initial public offering Monday, according to Securities and Exchange Commission documents. The documents say the micro-lending company will list stock on the New York Stock Exchange via American Depository Shares under the symbol “QD.” The Chinese company offers small loans that average between $134 and $184 and is targeting young, mobile-active customers who desire access to credit for discretionary spending, much of which is tied to electronics purchasing, the filing said. For the first two quarters of 2017 Qudian logged net income of $143 million on revenue of $270 million and last year the company booked net income of $85 million on sales of $212 million. In the first half of 2017 the company said that it facilitated $5.6 billion in transactions to seven million active borrowers. The company operates exclusively online and disburses the funds to the vast majority of customers via Alibaba Group Holding Ltd.’s Alipay technology.

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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Equifax suffered previously undisclosed hack in March: report

Equifax Inc. suffered another, previously undisclosed hack in March, according to a Bloomberg News report late Monday, raising new questions about the massive data breach it suffered earlier this summer. In a statement to Bloomberg, Equifax said the March hack was not related to the one that exposed personal and financial data of up to 143 million Americans between May and July, but sources told Bloomberg that the same intruders were responsible for both breaches. The earlier hack raises even more questions about Equifax’s security measures, as well as the unusual stock sales by three executives immediately after the company learned about the bigger breach in August. The U.S. Justice Department has opened a criminal investigation into those trades, Bloomberg reported earlier Monday, focusing on whether those executives violated insider trading laws.

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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Here’s why Congress can create bipartisan fix to flood insurance this year

In an unlikely pairing, Reps. Earl Blumenauer, D-Ore., and Sean Duffy, R-Wis., co-authored a blog for Bloomberg to emphasize the urgency and need to fix America’s flood insurance program. While the two noted that their first job is to help the victims of Hurricanes Harvey and Irma, the two are hopeful that Congress can come to an agreement on a fix to the flood insurance program. …read more

From:: Real Estate Wire

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RMBS Issuance Likely to Climb Despite Rising Rates

Although an expected increase in interest rates is likely to put a dent in annual mortgage originations, issuance of residential mortgage-backed securities is still expected to rise.

Next year, the volume of home-lending activity is expected to decline as a result of an anticipated increase in interest rates on mortgages.

Lower originations will likely lead to weaker credit standards — though at a measured pace as declining refinance volume will give loan officers a greater incentive to spend more time on more difficult transactions.

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From:: Financing

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Optinose seeks to raise up to $100 million in initial public offering

Drug maker Optinose Inc. seeks to raise up to $100 million in an initial public offering, according to a Securities and Exchange Commission filing late Monday. The Yardley, Penn.-based company specializes in allergy and ear, nose and throat treatments and plans to list on the Nasdaq with a yet-to-be-determined ticker symbol. Jefferies, Piper Jaffray, BMO Capital Markets and RBC Capital Markets are listed as the underwriters. The company reported $47.5 million in licensing revenue and earnings of 94 cents a share in 2016.

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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Non-Banks Grab Mortgage Market Share from Banks

Over the past year, the nation’s banks have given up mortgage market share to non-bank home lenders. Credit union share also widened.

During the period that started on April 1, 2017, and finished on June 30, U.S. mortgage production from all originator types amounted to an estimated $447 billion.

Single-family lending activity accelerated compared to the first quarter, when residential loan originations came to an upwardly revised $361 billion.

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Valero, Plains All American drop deal after California lawsuit

Valero Energy Corp. and Plains All American Pipeline LP said late Monday they will drop a deal for Valero to acquire two California distribution terminals after interference from the state’s attorney general. Valero shares were flat at $72.20 after hours, while Plains All American was down 1.3% on low volume. The companies had agreed that Valero would buy two petroleum storage and distribution terminals in Martinez, Calif. and Richmond, Calif. from Plains but the California Attorney General sought to halt the deal. “Plains and Valero have each decided that it is in their best interest to terminate the transaction rather than endure the continued uncertainty that a lengthy trial would create for the California-based employees and customers of the terminals, as well as the considerable expense associated with defending a taxpayer-funded lawsuit,” the companies said in a statement.

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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FedEx to hike shipping rates in 2018

FedEx Corp. announced Monday that it is raising shipping rates beginning Jan. 1, 2018. The shipping company said that FedEx Freight, Express, Ground and Home Delivery shipping rates in the U.S. will increase by an average of 4.9%, among other rates, according to a press release. In addition, FedEx plans to charge customers additional fees for shipments with large packages and that require additional handling by the company. As of publication time the page that details the rate and surcharge increases was not functioning on FedEx’s website. The company’s stock has climbed 14.2% this year, with the S&P 500 index gaining 10.4%. FedEx announces earnings after Tuesday’s market close.

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