Foreclosures | Mortgages | Financing
The forecast has improved for the production of residential loans used by U.S. homebuyers to finance home purchases.
From mid-2016 through Sept. 30, overall home lending, including purchase-money lending and refinances, is expected to amount to $440 billion.
National mortgage production is then expected fall to $362 billion during final three months of this year and decline further — to $306 billion in the first-quarter 2018.
From:: Financing
Fewer home-equity line of credit lenders will be subject to Home Mortgage Disclosure Act requirements under a proposed change.
HMDA was updated by the Consumer Financial Protection Bureau in 2015 as required by the Dodd-Frank Wall Street Reform and Consumer Protection Act.
Under rules scheduled to go in effect at the beginning of next year, lenders that make at least 100 HELOCs a year for two consecutive years are subject to HMDA.
From:: Financing
Online real estate brokerage Redfin filled in a few blanks originally left empty on its recent initial public offering request with the U.S. Securities and Exchange Commission, revealing the company thinks it is worth around a billion dollars. When the company first filed its request for IPO, it left out key details on how many shares it would sell, along with how much it would sell them for. Well, the wait’s over. Here are the missing details on exactly much capital Redfin wants to raise. …read more
From:: Real Estate Wire
An attorney will spend the next 30 months in federal prison after being convicted for his role in a scheme that effectively stole the homes of distressed homeowners under the guise of helping the borrowers avoid foreclosure, before turning around and renting the homes out through Craigslist. …read more
From:: Real Estate Wire
New residential lending activity made a healthy gain following the holiday week. Even more impressive was skyrocketing adjustable-rate mortgage activity.
A barometer of upcoming loan originations, the Mortgage Market Index from Mortgage Daily, was 172 in the week ended July 14. The index is based on rate-lock volume at OpenClose.
The index, which was not adjusted to account for seasonal factors, soared 61 percent from the previous week that included the July Fourth holiday.
From:: Financing
The mortgage operating unit of Walter Investment Management Corp. is closing an office in Texas. Hundreds of employees are impacted.
Ditech Financial LLC, a subsidiary of the Tampa, Florida-based financial services company, is closing an office location in the Dallas suburb of Irving.
The unit, which handles mortgage servicing and originations for Walter Investment, closed down the Irving office on July 12.
From:: Financing
Netflix Inc. shares jumped nearly 9% after the company reported adding a second-quarter record 5.2 million subscribers. For the second quarter, Netflix reported net income of $65.60 million, or 15 cents per share, compared with $40.76 million, or 9 cents per share during the year-earlier period. FactSet’s earnings per share consensus was for 16 cents. Revenue for the quarter hit $2.79 billion, up from $2.11 billion during the same period a year ago and above FactSet’s $2.76 billion consensus. The streaming giant passed the 100 million subscriber milestone, adding 1.1 million domestic subscribers and 4.1 million international subscribers. FactSet had forecast that Netflix would add 631,000 subscribers in the U.S. and Canada and 2.6 million overseas. Shares of Netflix have gained nearly 31% in the year to date, while the S&P 500 index is up nearly 10% in the year.
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From:: Stock Market News
A reduction in mortgage refinance production at The PNC Financial Services Group Inc. was easily offset with a sharp increase in the origination of loans to finance home purchases.
Pittsburgh-based PNC disclosed in its second-quarter earnings report $1.5 billion in income prior to income taxes and non controlling interests.
The bank-holding company earned more than $1.4 billion in the preceding three-month period and $1.3 billion during the same three months last year.
From:: Financing
Oil prices settled lower Monday pressured by a report from the Energy Information Administration that shows a monthly rise in U.S. shale-oil production. The government agency sees a climb of 113,000 barrels a day in August output from seven major shale plays, compared with July. August WTI crude fell 52 cents, or 1.1%, to settle $46.02 a barrel on the New York Mercantile Exchange.
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
Shares of cemetery and funeral home operator StoneMor Parnters L.P. slid more than 10% Monday, after the company said it is in default on its revolving credit agreement after failing to file its annual 10-K with the Securities and Exchange Commission by a July 15 deadline. The delay was caused by an accounting review that has not yet been completed. Trevose, Pennsylvania-based StoneMor said that makes it likely that it will miss a separate SEC deadline for its quarterly 10-Q for the March period. “The Partnership has communicated with all its lenders that it will be seeking a waiver or other relief to extend the time for filing the Form 10-K and expects to seek similar relief to extend the time for filing the Second Quarter 10-Q,” the company said in a statement. StoneMor said it still expects the review to lead to a net decrease in deferred revenue and selling costs and an increase in partners’ capital on its balance sheet. It does not expect any material impact on cash flows for the three years ended December 31, 2016. StoneMor is the only publicy traded death care company that is structured as a partnership. Shares are down 10% for 2017 so far, while the S&P 500 has gained 10%.
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