Tag Archives: Investors

As major lenders start releasing their second-quarter earnings reports, Fitch Ratings anticipates future filings will show the impact of higher interest rates on banks' mortgage earnings.

In New York, Accenture announced its acquisition of Mortgage Cadence, a leading provider of loan origination software and e-document management services.

FNC's Residential Price Index (RPI) continued to show gains in May, though the company noted the pace of growth has started to slow to a more sustainable level. According to FNC, the index climbed 0.5 percent in May, striking a balance between April's 0.7 percent growth and March's 0.3 percent improvement. From December through May, FNC reported an average monthly price growth of 0.4 percent, which annual appreciation rates (4.0 percent in May compared to May 2012) similarly leveling out.

Dykema, a leading law firm with more than a dozen offices across the United States, named Haydn J. Richards as director of its Financial Industry Group.

Citi also reported a 4 percent decline in retail banking revenues to $1.6 billion, "reflecting lower mortgage origination and servicing revenues."

Total retail activity rose $1.6 billion in June compared with an increase of $2.25 billion in May. Auto sales accounted for $1.4 billion of the June increase and sales at gasoline stations another $316 million. Gasoline prices rose about 1 cent per gallon from May ($3.68) to June ($3.69). In June, sales at building material and garden supply stores dropped $574 million from May, the largest month-over-month decline since May 2012. Sales increased in June at furniture stores, clothing stores, and health and personal care stores.

WFG National Title Insurance Company announced it is now authorized to issue title insurance in the state of Michigan.

Fannie Mae's issuance of multifamily mortgage-backed securities (MBS) in the second quarter was relatively even at $7.6 billion, the GSE announced.

The Index of Consumer Sentiment, published by the University of Michigan and Thomson Reuters twice each month (one preliminary reading and one final reading), dropped to 83.9 from June's final value of 84.1. The median forecast among economists surveyed by Bloomberg was 84.7. Amna Asaf, economist at analytics firm Capital Economics, said the drop "was probably a reaction to the decline in equity prices in late-June and early-July. The expectations index, meanwhile, fell from 77.8 to a three-month low of 73.8.

In Georgia, Xerox Mortgage Services named Ken Marlin as its new VP and general manager.