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It’s official: Khosrowshahi is Uber’s new CEO

Dara Khosrowshahi is officially the new chief executive of Uber Technologies Inc., Uber’s board of directors announced Tuesday night.”We’re really fortunate to gain a leader with Dara’s experience, talent and vision,” the board said in a statement. The board reportedly offered him the job Sunday, but he did not immediately accept. Khosrowshahi was chosen after a contentious two-month search for a new leader to replace former CEO Travis Kalanick, who was ousted in June after a shareholder revolt over a series of scandals. Earlier Tuesday, Khosrowshahi indicated to the Wall Street Journal that Kalanick would remain involved with the company

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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Mattis: Transgender troops can keep serving, pending review

Defense Secretary James Mattis on Tuesday announced a freeze in President Donald Trump’s new ban against transgender service members, and said transgender troops can continue serving in the military pending further study by a review panel. “Once the panel reports its recommendations and following my consultation with the secretary of Homeland Security, I will provide my advice to the president concerning implementation of his policy direction,” Mattis said in a statement. “In the interim, current policy with respect to currently serving members will remain in place.” On Friday, Trump directed the military to stop admitting transgender people, and gave Mattis authority over how to handle active-service transgender troops. it was not immediately clear if the ban on new transgender recruits remains in place.

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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Nearly $1 Billion in GSE Reperforming Loans For Sale

Nearly $1 billion in government-sponsored enterprise residential loans are being marketed for sale. The mortgages are either slightly past due or reperforming.

Bids are being being taken on re-performing and moderately delinquent single-family loans that have a collective unpaid principal balance of approximately $983 million.

Included in the pool are loans modified through the Home Affordable Modification Program and through GSE proprietary modifications.

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HECM M.I. Premiums Being Raised

The cost of mortgage insurance premiums on federally insured mortgages is going up in an effort to limit taxpayer exposure. But the change will impact few mortgages.

On home-equity conversion mortgages insured by the Federal Housing Administration, the initial mortgage insurance premium rate is being raised to 2.00 percent of the maximum claim amount.

Currently, the initial MIP is 0.50 percent on amounts of no more than 60 percent of the principal limit and 2.50 percent of amounts greater than 60 percent of the principal limit.

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Derma company Sol-Gel files for IPO

Israeli dermatology company Sol-Gel Technologies Ltd. on Tuesday filed for an initial public offering of up to $86.25 million, according to a Securities and Exchange Commission filing. The company focuses on branded and generic topical drug products for the treatment of skin diseases, including acne and rosacea. The company would trade on the Nasdaq under the symbol SLGL. “Our primary uses of cash have been to fund working capital requirements and research and development. We expect to continue to incur net losses for the foreseeable future as we continue to invest in research and development and seek to obtain regulatory approval for and commercialize our product candidates,” the company said in the filing.

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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MSR Losses Hurt Mortgage Servicing Income

An increase in quarterly losses from mortgage servicing rights drove earnings down from the prior period. But income was better than in the same quarter last year.

Independent mortgage bankers and mortgage subsidiaries of chartered banks earned 1 basis point in total net servicing financial income during the second quarter.

Income plummeted from 10 BPS during the preceding three-month period. The decline was primarily driven by a 9-basis-point increase in losses from MSR valuations and hedging.

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Lower Staff Costs Help Mortgage Production Income

A decrease in employee expense was behind a quarter-over-quarter improvement in mortgage production earnings. But there was year-over-year deterioration.

During the three months ended mid-2017, net production income at independent mortgage bankers and mortgage subsidiaries of chartered banks was 45 basis points.

Income soared from less than 9 BPS in the first quarter. The improvement was fueled by a 35-basis-point decline in personnel expense.

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From:: Financing