Foreclosures | Mortgages | Financing
Interest rates on single-family loans this past week fell to the lowest level since last year, and the next report could see a similar decline.
On loans that are utilized to finance a home purchase, 30-year fixed rates on conforming conventional mortgages averaged 4.14 percent in July.
That turned out to be slightly less than during the preceding month, when average long-term mortgage rates came in at 4.15 percent.
From:: Financing
Fidelity National Financial, the title insurance giant, announced Thursday that it closed on its previously announced acquisition of a majority ownership stake in Title Guaranty of Hawaii, the oldest title insurance company in the state of Hawaii. …read more
From:: Real Estate Wire
Shares of Aptevo Therapeutics Inc. more than doubled late Thursday after the tiny Seattle-based biotech company said it ended a partnership with German biotech company MorphoSys AG for a prostate cancer drug candidate and plans to develop the drug on its own. Aptevo shares soared 134% to $3.11 after hours. Aptevo said it ended a commercialization and development partnership with MorphoSys and plans to advance the drug APVO414 through early-stage clinical trials for the treatment of metastatic castration resistant prostate cancer.
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From:: Stock Market News
Stewart Information Services, a real estate services company, announced this week that it added David Hisey as the company’s new chief financial officer. Hisey will also serve as Stewart’s secretary and treasurer. Hisey previously worked at Nationstar Mortgage, serving as the nonbank’s executive vice president, chief strategy and external affairs officer until June 2015. …read more
From:: Real Estate Wire
Flood waters swept through Houston this week, displacing thousands of residents, destroying homes and causing record-breaking damage. But despite the displacement of families in the area, one expert explains the cities vacant apartments could be the solution to the problem. …read more
From:: Real Estate Wire
Mortgage origination company Ellie Mae Inc. said late Thursday it has signed an agreement to buy sales platform Velocify for $128 million in an all-cash deal. The companies will offer lenders “a complete digital lead capture and conversion solution for creating interest, turning that interest into an application and then funding that loan quickly and at a low cost,” Ellie Mae said in a statement. The transaction is expected to close in the fourth quarter and will have no impact on third quarter financials, Ellie Mae said. Ellie Mae will provide additional financial details when it reports third-quarter results in November. Shares of Ellie Mae were flat in late trading after ending the regular session down 0.2%.
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From:: Stock Market News
While there was no month-over-month increase in the risk of fraud on new applications, risk is up from a year ago. Rising rates could drive risk higher.
The national Loan Applications Defect Index was determined to be 84 during July, no different than it was in the preceding month.
The index is an estimate of the frequency of defects, fraudulence and misrepresentation in the information presented on home-loan applications.
From:: Financing
Iovance Biotherapeutics Inc. shares rallied in the extended session Thursday after the biotech company said the Food and Drug Administration granted one of its cancer drugs a designation for fast-track approval. Iovance shares jumped 18% to $6.80 after hours. The designation concerns Iovance’s LN-144 drug for the treatment of advanced melanoma, or skin cancer. A fast-track designation is meant to foster a closer interaction with the FDA to get drugs that address an unmet medical need approved.
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From:: Stock Market News
The former CEO, CIO, and CFO of the Federal Home Loan Bank of Dallas stand accused of defrauding the bank out of more than $1.2 million by allegedly seeking reimbursement for a number of lavish personal trips taken under the guise of business travel. Click the headline to read more. …read more
From:: Real Estate Wire
Tenet Healthcare Corp. said late Thursday Chairman and Chief Executive Trevor Fetter will step down from his roles on March 15, 2018, or when a successor is appointed. Independent lead director Ronald A. Rittenmeyer will become executive chairman, effective immediately, and the board has hired Russell Reynolds Associates to conduct a search for a new CEO. Tenet also said it has started to “refresh the composition of its board,” with an eye for ensuring that the board “has the best mix of skills and experience to maximize the future value of the company,” it said in the statement. Shares of Tenet rose more than 3% in the late session, after ending the regular trading day down 0.2%.
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From:: Stock Market News