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By cbasile@housingwire.com “Tony is the right person at the right time to aid MasterServ’s management and sales teams with his deep industry knowledge and vast network of industry professionals. Tony is able to position MasterServ’s Compliance and QC products with decision makers at many of the best organizations in the appraisal industry,” said MasterServ Financial CEO John Iatesta. …read more
From:: Real Estate Wire
Amendments have been finalized for integrated disclosures required under the Truth in Lending Act and the Real Estate Settlement Procedures Act. In addition, comments are sought for a new proposal.
New TILA-RESPA integrated disclosures as required by the Consumer Financial Protection Bureau’s Know Before You Owe rule became effective in October 2015.
TRID was designed to streamline the disclosures that are provided to consumers when they apply for, and close on, a mortgage.
From:: Financing
A popular way to bet on the beleaguered technology sector on Friday was on track to post its best one-day gain in about two weeks. The tech-focused Technology Select Sector SPDR ETF was trading at near its highest, up 1.4%, which would mark its best daily rally since June 19 when the ETF climbed 1.48%, according to FactSet data. Gains in the exchange-traded fund were led by solid advances in shares of Applied Materials Inc. , Seagate Technology Plc. and Qorvo Inc. , all up at least 3%. The resurgence in tech names, which have seen fitful trade over the past few weeks as questions about lofty valuations plague the sector, was in part helping the tech-laden Nasdaq Composite Index to power higher, up 1.1% on the day. Friday’s advance also comes after an upbeat employment report that showed the U.S. added 222,000 jobs in June, representing the second-best job haul this year. Healthy employment combined with muted levels of inflation are being read as underpinning a continued rise for risk assets, including stocks, with an expectation that the Federal Reserve will lift interest rates, increasing borrowing costs for companies, but at a more subdued pace. The S&P 500 index was up 0.7% at 2,426, while the Dow Jones Industrial Average was climbing 0.5% at 21,416.
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 Rambus Inc. spiked higher in active afternoon trade Friday, amid reports that the semiconductor company was exploring a potential sale. The stock was up about 2.8% at around 1:25 p.m. ET, amid a broad rally in the chip sector, then rocketed to a gain of 13.4% in the next minute, prior to a trading halt on volatility. The stock pared some gains after the halt was lifted, to be up 7.2% on volume of 2.3 million shares, which was already nearly 4-times the full-day average. Despite the day’s rally, Rambus’s stock was down 11.8% year to date, while the PHLX Semiconductor Index has rallied 16.7% and the S&P 500 has gained 8.3%.
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
Gold prices fell Friday to finish at their lowest level since March as upbeat monthly data on U.S. jobs supported expectations for at least one more interest-rate hike from the Federal Reserve this year. August gold dropped $13.60, or 1.1%, to settle at $1,209.70 an ounce. Prices fell about 2.6% for the week. Sister metal silver took a much larger dive, with the September contract losing 55.8 cents, or 3.5%, to $15.425 an ounce–the lowest finish in more than a year.
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
A popular way to bet on the beleaguered technology sector on Friday was on track to post its best one-day gain in about two weeks. The tech-focused Technology Select Sector SPDR ETF was trading at near its highest, up 1.4%, which would mark its best daily rally since June 19 when the ETF climbed 1.48%, according to FactSet data. Gains in the exchange-traded fund were led by solid advances in shares of Applied Materials Inc. , Seagate Technology Plc. and Qorvo Inc. , all up at least 3%. The resurgence in tech names, which have seen fitful trade over the past few weeks as questions about lofty valuations plague the sector, was in part helping the tech-laden Nasdaq Composite Index to power higher, up 1.1% on the day. Friday’s advance also comes after an upbeat employment report that showed the U.S. added 222,000 jobs in June, representing the second-best job haul this year. Healthy employment combined with muted levels of inflation are being read as underpinning a continued rise for risk assets, including stocks, with an expectation that the Federal Reserve will lift interest rates, increasing borrowing costs for companies, but at a more subdued pace. The S&P 500 index was up 0.7% at 2,426, while the Dow Jones Industrial Average was climbing 0.5% at 21,416.
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 General Electric Co. fell 1.1% in midday trade Friday, putting them on track to close at a 21-month low and to pace the Dow Jones Industrial Average’s losers for a second-straight session. On Thursday, the stock slumped 3.8% to close at the lowest level since Oct. 2, 2015, after J.P. Morgan slashed its stock price target, citing an uncertain outlook and a lack of growth potential, and Moody’s Investors Service said GE’s acquisition of oil services company Baker Hughes Inc. underscored the need to boost earnings and cash flow. GE’s stock is headed for the 11th decline in the past 14 sessions, and has shed 10.3% during that stretch. It has tumbled 17.6% year to date, while the SPDR Industrial Select Sector ETF has climbed 10.5% and the Dow has gained 8.3%.
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
Sears Holding Corp. shares fell 3% Friday, after the company said it is closing another eight Sears and 35 Kmart stores that are unprofitable. In a blog post, Sears Chief Executive Eddie Lampert said Sears is still working to cut costs and respond to the needs of a changing consumer. Today’s action “is part of a strategy both to address losses from unprofitable stores and to reduce the square footage of other stores because many of them are simply too big for our current needs,” he wrote. “Having the right formats and right sized stores will help us put Sears Holdings in a better position to meet the realities of the changing retail world.” The company is on track to achieve its annualized cost savings target of $1.25 billion, he said, and is still working to improve liquidity and reduce debt. It has been challenged by reduced support from some of its vendors, he acknowledged, which has put more pressure on the business. Shares have fallen 17% in 2017, while the S&P 500 has gained 8%.
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
Baker Hughes on Friday reported that the number of active U.S. rigs drilling for oil rose by 7 to 763 rigs this week. That followed a 2-rig fall reported a week earlier, which was the first such decrease in 24 weeks. The total active U.S. rig count, which includes oil and natural-gas rigs, also climbed by 12 to 952, according to Baker Hughes. Oil prices extended their losses following the data, with August West Texas Intermediate crude down $1.45, or 3.2%, at $44.07 a barrel on the New York Mercantile Exchange for the session. It was trading at $44.40 before the data.
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
The federal government has weighed in on one state’s proposal to fix appraisal fees paid by appraisal management companies. Other valuation services activity include a new consumer valuation tool, an appraisal webinar and an integration between two service providers.
In North Carolina, lawmakers have proposed NC House Bill 829. The legislation would prescribe a single method for determining customary and reasonable fees paid to appraisers by AMCs.
If the bill were to become law, it would preclude the negotiation of market-based rates. In addition, it would direct the North Carolina Appraisal Board to adopt rules that are needed to enforce the law.
From:: Financing