Foreclosures | Mortgages | Financing
Two changes coming this month will allow millions of buyers to enter the mortgage market as FICO scores improve. About 6% of Americans will see an improvement to their FICO scores due to the first change, and the second will allow borrowers to take on more debt in addition to their mortgage. …read more
From:: Real Estate Wire
After a federal judge filed an injunction against the Obama administration’s controversial overtime rule at the end of last year, the Trump administration revealed it wants to rework the rule and give it another shot. However, this new overtime rule will likely look a lot different. Here’s what the new administration is fighting for. …read more
From:: Real Estate Wire
Gold prices settled higher Wednesday, finding investor interest in the wake of some downbeat U.S. economic data and North Korea’s ballistic missile test. Following minutes from the U.S. Federal Reserve’s June meeting, which came after the settlement, prices seesawed between minor losses and gains. August gold fell $2.50, or 0.2%, to settle at $1,221.70 an ounce. It topped $1,223 in electronic trading immediately after the Fed minutes, then pulled back under $1,221.
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From:: Stock Market News
U.S. stocks held on to modest gains on Wednesday after the minutes from the Federal Reserve’s latest policy meeting highlighted the plan to begin the process of shrinking the central bank’s balance sheet later this year. The policy makers also indicated eagerness to raise interest rates at least once more in 2017. The Fed also seemed confident that inflation will recover after recent soft readings. The S&P 500 was up by 4 points, or 0.2%, to 2,433. The Dow Jones Industrial Average was flat at 21,473. The Nasdaq Composite index advanced 40 points, or 0.7%, to 6,150.
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From:: Stock Market News
As part of its strategy to eliminate its entire mortgage servicing portfolio, PHH Corp. has sold mortgage-servicing rights on its Fannie Mae loans.
The Mount Laurel, New Jersey-based company has completed the sale of substantially all of its MSRs on Fannie Mae single-family loans.
Proceeds from the sale of the MSRs, which was originally announced back in December 2016, amounted to approximately $333.1 million.
From:: Financing
Minutes of the June 13-14 Federal Open Market Committee meeting released Wednesday showed that “several” were in favor of starting the reduction of its $4.5 trillion balance sheet within a “couple of months.” The statement released at the meeting only indicated such a process would start this year. The minutes show a Fed divided between officials comfortable with the unemployment rate undershooting their estimates about the sustainable level and those who fret that “a substantial and sustained unemployment undershooting” could trigger inflation or financial instability. The minutes show concern that financial conditions have remained loose even as the Fed’s been hiking interest rates. The Fed also seemed confident that inflation will recover after recent soft readings.
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From:: Stock Market News
Just months following a settlement over illegal fees paid to an appraisal affiliate, Prospect Mortgage LLC has agreed to a settlement tied to government-insured loans.
Back in January, the Sherman Oaks, California-based mortgage banker agreed to a consent order with the Consumer Financial Protection Bureau.
At issue were fees paid to an appraisal affiliate of Prospect, which the CFPB claimed violated the Real Estate Settlement Procedures Act.
From:: Financing
More than 70 events tied to home lending and financial services are scheduled through the end of this year. Topics to be covered include banking, bankruptcy and technology.
From July through year-end, the Mortgage Daily Mortgage Conference Calendar has 75 mortgage-related events listed. With 22 events, September is the busiest month.
Conference hosts interested in having their mortgage-related events listed can email information — including dates, locations and prices — to HollyFoster@MortgageDaily.com.
From:: Financing
HSBC Holdings is rumored to be in talks to finally resolve a U.S. probe into its sale of toxic mortgage bonds that date back to the financial crisis. The London-based bank also recently wrapped up a $601 million settlement with a series of federal agencies and nearly every state. Click to read the latest development. …read more
From:: Real Estate Wire
Defense stocks were higher Wednesday, as tensions between North Korea and the U.S. rose after the former launched its first ballistic missile capable of reaching the continental U.S. The U.S. and South Korean militaries conducted a joint exercise on Wednesday morning, firing tactical surface-to-surface missiles into the waters off South Korea to counter what it called “North Korea’s destabilizing and unlawful actions”, The Wall Street Journal reported. Meanwhile, the Eighth U.S. Army, which commands U.S. Army forces in South Korea, said the U.S. commitment to defending South Korea is “ironclad.” Against that background, Lockheed Martin Corp. and Raytheon Co. rose 1.4%, Boeing Co. was up 1.3%, Northrop Grumman Corp. gained 1% and General Dynamics was up 0.5%. The S&P 500 was flat.
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From:: Stock Market News