Foreclosures | Mortgages | Financing
Mortgage underwriting is getting stronger and safer for both borrowers and lenders thanks to new tools introduced in recent years by Fannie Mae and Freddie Mac, Fitch Ratings said in a new report. According to Fitch, new approaches to appraisal valuation and income verification are “improving these government-sponsored enterprises’ ability to assess credit risk, while reducing costs for sellers and borrowers.” …read more
From:: Real Estate Wire
After much anticipation, industry associations weighed in on the Consumer Financial Protection Bureau’s finalized updates to the Know Before You Owe mortgage disclosure rule, also known as the TILA-RESPA Integrated Disclosure rule. The new updates, after all, were meant to answer cries from the same associations for more clarity and certainty around TRID. …read more
From:: Real Estate Wire
Online lender LendingClub Corp. said Friday it received a letter last week from consumer-lending company IEG Holdings Corp. stating IEG’s intention to buy up to 9.99% of the LendingClub’s shares on the basis of two shares of IEG stock for each share of LendingClub stock, a 38% discount to the current price of LendingClub’s stock. There’s no “rational economic basis” for LendingClub stockholders to accept the exchange offer, which “appears intended to mislead investors into mistakenly tendering into a deeply discounted offer,” LendingClub said in a statement. The offer is “grossly inadequate,” and LendingClub urged stockholders “not to be misled into tendering into the offer, if and when it is made,” it said. Shares of LendingClub were recently down 0.6% after ending the regular session up 1.1%.
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From:: Stock Market News
The National Credit Union Administration wrote a letter to Consumer Financial Protection Bureau Director Richard Cordray, asking to be the primary agency responsible for the examination and enforcement of consumer financial protection laws for credit unions with assets of more than $10 billion. Interestingly enough, of the more than 5,700 FICUs operating in the U.S., only six currently have $10 billion or more in assets. One of those, however, one has already been slapped with a million-dollar fine from the CFPB in the past. …read more
From:: Real Estate Wire
Homebuyers in the Northwest could soon see relief to the increasing competition as June saw the largest increase in new listings for any single month since 2008. However, despite the sudden increase, some counties are still struggling with less than a month of housing supply at the current sales pace. …read more
From:: Real Estate Wire
Mortgage industry veteran Dale Dykema, who ran California-based TD Service Financial Corporation for more than 50 years, died on the Fourth of July at the age of 87. Dykema led the company until last year, when First American Financial Corporation acquired TD Service and several of its subsidiaries. For much more on Dykema’s life and career, click the headline above. …read more
From:: Real Estate Wire
MetLife Inc. said Friday it has agreed to buy Logan Circle Partners LP, Fortress Investment Group’s fixed-income asset management business, for $250 million in cash. The deal is aligned with MetLife’s strategy of delivering value “by focusing on businesses with strong risk-adjusted internal rates of returns, low capital intensity and sustainable cash flows,” MetLife Chief Executive Steven A. Kandarian said in a statement. The acquisition is expected to close in the third quarter. Shares of MetLife were unchanged in late trading after ending the regular session up 0.5%.
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From:: Stock Market News
U.S. stocks finished higher Friday as tech stocks rebounded from a slump and the jobs report showed a higher-than-expected gain for June. The Dow Jones Industrial Average rose 94.30 points, or 0.4%, to close at 21,414.34, with shares of McDonald’s Corp. and Nike Inc. leading the average and more than 1% gains in Microsoft Corp. and Apple Inc. , for a weekly gain of 0.3%. The S&P 500 index rose 15.43 points, or 0.6%, to end at 2,425.18, led by a 1.3% gain in the tech sector and a 0.8% gain in consumer-discretionary stocks, for a less than 0.1% weekly gain. The Nasdaq Composite Index closed up 63.61 points, or 1%, at 6,153.08, for a weekly gain of 0.2%.
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From:: Stock Market News
Federal agencies are warning about a scam that targets prospective borrowers who are about to close on their home loans. It’s similar to a scheme being used on job seekers.
Reports have emerged that homebuyers who are nearing the closing date on their mortgages are being targeted by scammers seeking to steal funds from unsuspecting consumers.
An fraudulent email that appears to be from the homebuyer’s real estate agent or settlement agent falsely claims that there is a last-minute change in the closing process.
From:: Financing
Oil prices fell Friday to finish near a two-week low, pressured by growth in U.S. production and data showing a weekly climb in the number of domestic rigs drilling for oil. For the week, the price for U.S. benchmark oil lost 3.9%, the sixth such decline in seven weeks. August West Texas Intermediate crude fell $1.29, or 2.8%, to settle at $44.23 a barrel on the New York Mercantile Exchange for the session.
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