Mortgage Production Contributes to BOA’s Strong Q3 Earnings

first_img Data Provider Black Knight to Acquire Top of Mind 2 days ago  Print This Post Related Articles Share Save Sign up for DS News Daily Servicers Navigate the Post-Pandemic World 2 days ago Bank of America managed to escape the fate that befell JPMorgan Chase, Citigroup, PNC, and Wells Fargo in Q3.Whereas those four banks all experienced a year-over-year decline in net income for the third quarter, Bank of America’s profit jumped by 7 percent in Q3 up to $5 billion and earnings per share climbed by 8 percent up to $0.41, compared with $4.6 billion and $0.38, respectively, last year in Q3, according to Bank of America’s third quarter earnings report released on Monday.A substantial increase in mortgage production was a large driver of the earnings growth for Bank of America in Q3. Total mortgage production, which includes first mortgage and home equity originations in consumer banking and GWIM (global wealth and investment management), spiked by 21 percent in the third quarter up to $20.4 billion. That amount represents UPB of home equity originations or principal amount of the total line of credit.“Strong client activity and good expense discipline combined to drive positive operating leverage as we continue to optimize and strengthen our balance sheet,” said Paul M. Donofrio, Chief Financial Officer for Bank of America. “With near-record levels of capital and liquidity, as well as robust underwriting standards, Bank of America is stronger, safer and better prepared to deliver for customers and clients than probably at any time in our history. We remain focused on delivering long-term value to shareholders. This quarter, we increased tangible book value per share by 11 percent while returning nearly $2.2 billion in capital to common shareholders.”The bank’s FICC (fixed income instruments, currencies, and commodities) rose by 39 percent in Q3 due to stronger performance globally across credit products, led by mortgages.“We delivered strong results this quarter by staying true to our strategy of responsible growth and focusing on the quality of the relationships with our customers and clients,” said Brian Moynihan, CEO of Bank of America. “We grew revenue, reduced expenses and continued to manage risk, resulting in a 17 percent increase in pretax earnings.”Click here to view Bank of America’s full Q3 earnings report. Demand Propels Home Prices Upward 2 days ago Kendall Baer is a Baylor University graduate with a degree in news editorial journalism and a minor in marketing. She is fluent in both English and Italian, and studied abroad in Florence, Italy. Apart from her work as a journalist, she has also managed professional associations such as Association of Corporate Counsel, Commercial Real Estate Women, American Immigration Lawyers Association, and Project Management Institute for Association Management Consultants in Houston, Texas. Born and raised in Texas, Baer now works as the online editor for DS News. Subscribe Previous: The Week Ahead: Bank of America Reports Earnings Next: HUD’s Outlays Come in Lower Than Estimated Tagged with: Bank of America Q3 Earnings Report Bank of America Q3 Earnings Report 2016-10-17 Kendall Baer Demand Propels Home Prices Upward 2 days ago About Author: Kendall Baer Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Home / Daily Dose / Mortgage Production Contributes to BOA’s Strong Q3 Earnings The Week Ahead: Nearing the Forbearance Exit 2 days ago October 17, 2016 1,509 Views Servicers Navigate the Post-Pandemic World 2 days ago in Daily Dose, Featured, News The Best Markets For Residential Property Investors 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Mortgage Production Contributes to BOA’s Strong Q3 Earnings The Best Markets For Residential Property Investors 2 days agolast_img read more

Dutch cabinet decides against extending recovery term for pension funds

first_imgEarlier this year consultancies Mercer and Aon Hewitt predicted that no more than 10 pension funds in the Netherlands would have to apply rights discounts this year given improvements in some market conditions.The coverage ratio of pension funds showed considerable volatility last year, with falling interest rates – the main criterion for discounting liabilities – in particular triggering a funding drop of 8 percentage points on average in the first quarter.Based on this situation, which hadn’t changed at the end of the third quarter, more than two million participants and pensioners were facing rights cuts.The new financial assessment framework (nFTK) allows for the recovery term to be extended in case of extraordinary economic circumstances that would cause a large number of pension funds to fall short of their obligations.Klijnsma, however, noted that approximately 85% of the 290 pension funds still have a funding shortfall, and that full indexation is only allowed if their coverage exceeds 120%.She added that the risk remains that schemes must cut pension rights unconditionally, if their funding stays below the required minimum level of 104.2% during five consecutive years.In other news, the Dutch cabinet said it opposed raising the discount rate for liabilities, as this would benefit older workers and pensioners at the expense of future generations.It drew its conclusion from a study by the Netherlands’ Bureau for Economic Policy Analysis (CPB), which confirmed that a high discount rate would enable pension funds to grant indexation soon.Future generations, however, would receive up to 30% lower pensions as a consequence, according to the CPB.At the moment, the discount rate, set by DNB, varies from 1.12% for pension funds with a predominanly old population to 1.52% for schemes with mostly young participants. The discount rate includes an ultimate forward rate of 2.9%. The Dutch government has said it would refrain from extending the current 10-year recovery term for pension funds, as only a limited number of schemes need to cut pension rights, following the significantly improved economic situation.In a letter to the Dutch parliament, Jetta Klijnsma, state secretary for social affairs, said that rising interest rates and recovering equity markets during the last two months of 2016 had pushed pension funds’ coverage up to 102% on average.As a consequence, supervisor De Nederlandsche Bank (DNB) has concluded that no more than five schemes have to apply rights discounts of less than 1%, according to the state secretary.She added that DNB hadn’t factored in the possibility of a premium increase or additional contribution by an employer that could stave off cuts.last_img read more

Wenger says Bayern considered best club in the world

first_imgAlso on the pitch tonight, Chelsea will go up against Dynamo Kiev in Ukraine. A win would move the Stamford Bridge side into the top two places in Group G.Kick off in both games this evening is at 7.45. The Premier League outfit have lost both games in the competition so far this season.By contrast, Bayern have a one hundred percent record – and won the tournament in 2013.Wenger says they couldn’t pick tougher opponents to take on for a first victory.last_img

‘Magnificent Mary Kom’ Assured of 8th World Championship Medal, Enters Semifinals

first_imgUlan-Ude (Russia): Six-time champion M C Mary Kom (51kg) on Thursday surpassed herself as the most successful boxer in the history of the Women’s World Championship, securing an unprecedented eighth medal by advancing to the semifinals here. Mary Kom defeated a spirited rival in Colombia’s Valencia Victoria, fetching a unanimous 5-0 verdict to make the last-four stage. Awaiting her in the semifinals on Saturday, after a rest day on Friday, is second-seeded Turk Busenaz Cakiroglu, who is the reigning European Championships and European Games gold-medallist. Cakiroglu defeated China’s Cai Zongju in her quarterfinal bout. In a tactful performance, Mary Kom waited for her chances and defended sharply to ensure that Victoria’s plan to impress the judges by throwing in more punches didn’t yield results.The Indian’s huge reservoir of experience came in handy as she swung her right arm masterfully to connect well-placed hooks. Her straight punches were as effective and regularly pierced through Victoria’s reasonably strong defence.With this, Mary Kom bettered her own record as the most successful boxer in the history of the marquee tournament.Entering into this edition, she had six gold and silver in her kitty but this is the first time, the Manipuri has secured a world medal in the 51kg category. She had finished a quarterfinalist in this division in the past. The latest achievement has only added to her ever-growing legend. Besides six world titles, Mary Kom’s incredible career is also studded with an Olympic bronze medal (2012), five Asian titles, gold medals at the Asian Games and the Commonwealth Games, besides numerous other international top finishes.This year alone, she won gold medals at the India Open in Guwahati and President’s Cup in Indonesia.She is also a sitting member of the Rajya Sabha. boxingmary komValencia Victoriawomen’s world championship First Published: October 10, 2019, 11:21 AM IST Get the best of News18 delivered to your inbox – subscribe to News18 Daybreak. Follow on Twitter, Instagram, Facebook, Telegram, TikTok and on YouTube, and stay in the know with what’s happening in the world around you – in real time.last_img read more

Mexico’s new ‘common man’ president hits the ground running

first_imgMexico city, Dec 3 (AP) Mexico’s newly inaugurated president has hit the ground running, with his pledge to govern as a common man and end decades of secrecy, heavy security and luxury enjoyed by past presidents. Andres Manuel Lopez Obrador sported slightly ruffled hair at his first early morning news conference as president, which started at 7 am local time Monday. Lopez Obrador took his first airplane flight as president Sunday, boarding a commercial flight with the rest of the passengers. He promised to sell the presidential jet. Lopez Obrador arrived at Mexico City’s National Palace in the same white compact car he used before taking office Saturday. Lopez Obrador refused the military body guards used by past presidents. (AP) INDINDlast_img

10 months agoMan City boss Guardiola: De Bruyne was incredible

first_imgAbout the authorPaul VegasShare the loveHave your say Man City boss Guardiola: De Bruyne was incredibleby Paul Vegas10 months agoSend to a friendShare the loveManchester City fired home seven goals to thrash FA Cup opponents Rotherham United 7-0.Raheem Sterling, Phil Foden and a Semi Ajayi own goal put a strong City side into a comfortable half-time lead.Gabriel Jesus, Riyad Mahrez, Nicolas Otamendi and Leroy Sane completed the rout as the Millers were outclassed after the break.City boss Pep Guardiola was delighted with Kevin de Bruyne’s performance on the day.“We spoke with him yesterday to play 65/70 minutes for his rhythm and his injury,” said Guardiola.“He played incredible, created a good amount of chances and has a vision that others aren’t able to see.“Last season he played incredible minutes but hopefully in the second leg of the season he will help us because we need him. “I said many times. Without him last season maybe it wouldn’t have been possible. “We try to be a team and so far we have done incredible with results.“We have to carry on, now he is back and he is now fresh in mind and legs. Today he was our captain and he showed why.” last_img read more

Ohio St QB Cardale Jones Has To Make His Stay/Go To NFL Decision Today, What Are People Saying He Should Do?

first_imgA closeup of Cardale Jones warming up for an Ohio State football game.COLUMBUS, OH – SEPTEMBER 19: Quarterback Cardale Jones #12 of the Ohio State Buckeyes warms up before the game against the Northern Illinois Huskies at Ohio Stadium on September 19, 2015 in Columbus, Ohio. (Photo by Andrew Weber/Getty Images)Cardale Jones has until 11:59 p.m. E.T. to decide his future as a college football player. Will the redshirt sophomore declare for the NFL Draft or opt to return to Ohio State for another season? It’s one of the most intriguing decisions we’ve ever seen from a college football player. Jones has started just three games at the college level, but they were three incredible starts – wins against Wisconsin, Alabama and Oregon – leading the Buckeyes to the national championship. If he decides to return to Columbus, there’s no guarantee he’ll be the starter for Urban Meyer in 2015 – J.T. Barrett and Braxton Miller could both be back, too. Jones is 22. Age wise, he’s ready. Physically, he’s probably ready, too. But is he ready mentally? Does that even matter? ESPN NFL Draft analyst Mel Kiper believes Jones could be a second-round pick in this year’s draft, but has the potential to be a top-five pick and the No. 1 QB taken in 2016 if he returns to school, wins the starting job and improves. Here’s what people are saying the Ohio State quarterback should do: Cardale Jones should declare for the NFL draft. His stock can’t get any higher. He would be perfect as a backup for Big Ben for example.— Linda Cohn (@lindacohn) January 15, 2015If Cardale is leaving he has to say so by 11:59 tonight. But he’ll still have 72 hours to change his mind, return.— Ryan Ginn (@RyanGinnBSB) January 15, 2015In my opinion, Cardale Jones should declare for the draft just to get the extra three days to think about it. If you don’t, it’s done today.— Ryan Ginn (@RyanGinnBSB) January 15, 2015Our poll on whether Cardale Jones should go to NFL or stay at Ohio State: 65% go, 35% stay— Doug Lesmerises (@DougLesmerises) January 15, 2015Today is the day Cardale Jones must decide if he should turn pro or stay. His stock never will be hotter–but he could use more seasoning.— Tom Dienhart (@BTNTomDienhart) January 15, 2015So many in NFL think Cardale Jones should/will come out. Decision today. True overnight (or three game) sensation— Dan Wetzel (@DanWetzel) January 15, 2015‘s Rob Rang has Cardale Jones rated as high as the second round, right after Winston-Mariota.— Dennis Dodd (@dennisdoddcbs) January 15, 2015Cardale Jones has an unprecedented, complex choice between school and the NFL. “If it’s my son, I’d tell him to go.”— Adam Kilgore (@AdamKilgoreWP) January 14, 2015What would you do if you were Jones? Stay or go?last_img read more

CN Rail trying to gag Algonquin private eye in ongoing APTN investigation

first_imgBy Kenneth JacksonAPTN National NewsAn Algonquin private investigator has been summoned to court in Toronto in an effort to stop him from giving anymore documents to APTN National News in its on-going investigation into the Canadian National Railway.Derrick Snowdy, who is a band member with Kitigan Zibi, says it’s simply an effort by CN Rail to gag him.But CN, in court documents, said he’s in possession of “confidential and commercially sensitive information” and the company wants them back.“They want all their info back and they want a gag order to stop me from discussing what I know,” said Snowdy.Snowdy will be cross-examined by CN’s lawyers Thursday.The documents have been used, in part, as the basis of several APTN stories that allege the misuse of taxpayer dollars in the expansion of a Toronto commuter rail line.The first story published Sept. 24 sparked an internal audit by the Ontario government after APTN reported a former supervisor at CN had gone to the Ontario Provincial Police with hundreds of documents, including internal billing invoices and emails, where he alleged improprieties on the part of CN during the expansion of GO between 2004 and 2008.The audit is still on-going according to a spokesperson at Metrolinx, who, in 2009, took control of GO and is Crown corporation in Toronto.CN Rail has categorically denied any wrongdoing.The documents in question come from a Crown disclosure in CN’s attempt to have former employee Scott Holmes convicted of fraud. The charges were stayed in 2010 with a promise to never have them reinstated. It was the second attempt by CN to have Holmes convicted of fraud. The first attempt resulted in a stay as well.Holmes’ former criminal lawyer Michael Lacy said the stay was a result of the conduct by CN’s private police force.Lacy persuaded the Crown at the time to hold a preliminary hearing focusing on the role CN police played in collecting evidence against Holmes, as they were the police force to handle the investigation.“It’s clear to who ever reads the transcript the Crown’s case would have been completely decimated at trial,” said Lacy in a Sept. 27 APTN story. “(CN Police) acted in a biased way. They had no regard for their role as police officers and they were really just acting as tools for the CN management for the complete purpose of assisting the CN corporation with their civil claim. In terms of my career one of the most egregious examples of abuse of power by police, if not the most egregious because it wasn’t one or two renegade police officers it was abuse of power at an institutional level with no real oversight by anyone. The internal structure of CN police is they report to CN.”At the hearing it came out that the corporate side of CN was directing CN police on how to conduct their investigation. CN police officers testified it was a “joint venture” between CN head office and CN police, who are supposed to run independent investigations like any other police force in Canada.Holmes was fired in 2008 on allegations he defrauded CN. CN sued Holmes in the hopes of recovering the alleged stolen money. They also seized his assets and former businesses. Holmes counter-sued.They’ve been caught in a bitter legal battle ever since.The civil case has never gone to trial and after stories of alleged fraud surfaced in September CN called for an immediate injunction to find Holmes guilty of giving up the Crown disclosure documents that were subject to an implied undertaking to refrain from divulging to third parties such as Snowdy or the media.Snowdy said he has over 100,000 pages of documents relating to CN, which includes phone records for one of CN’s private lawyers Monique Jilesen.He also says he has mobile and home phone records of members of CN police and the former civil judge on the CN civil suit against Holmes Colin J. Campbell, who retired after the allegations of fraud surfaced in September.Snowdy said he’ll show up Thursday but won’t provide any documents CN is requesting.CN has also asked Holmes to ask the OPP to return the documents in questions but he has refused.The OPP met with Holmes five times. At the first meeting Holmes gave a video statement and provided stacks of documents.The four other meetings were to go over the documents as a detective from the OPP’s corruption unit had many questions.The detective also emailed Holmes a number of times with follow up questions.The OPP has refused to confirm or deny if they are [email protected]last_img read more

Toronto stock market shut down while US markets flat Loonie edges down

first_imgTORONTO – Canada’s main stock index was shut down early Friday afternoon after technical issues prevented users from accessing the Toronto Stock Exchange, while U.S. markets were mixed.Before an “internal technical issue” prompted the TMX Group to shut down its exchanges at 3 p.m., the latest data reading at 1:39 p.m. showed the S&P/TSX composite index was up 31.34 points to 15,668.93. Canada’s biggest exchange operator said it planned to release updated closing prices later on Friday.Kash Pashootan, CEO and chief investment officer of First Avenue Investment Counsel, said in his 20-year career this kind of shutdown was “rare” to see.“It’s premature to really assess what this means, but certainly it’s not an everyday occurrence,” he said in an interview. “And that in itself will raise questions.”The TMX Group said in a statement Friday that it had identified the issue and was working to fix it, and expects to resume trading on Monday.Meanwhile, U.S. markets were largely flat despite strong earnings including from Amazon Inc., whose shares surged to an all-time high on the e-commerce giant’s better-than-expected results. Amazon shares later closed up 3.6 per cent to US$1,572.62 on the Nasdaq.In New York, the Dow Jones industrial average closed down 11.15 points to 24,311.19. The S&P 500 index closed up 2.97 points to 2,669.91 and the Nasdaq composite index closed up 1.12 points to 7,119.80.Earnings season is halfway through and has produced robust results, but it has not been reflected in the equity markets, said Pashootan.“You’re seeing the market take a cautious approach to share price appreciation, despite the fact that the numbers have been strong,” he said. “That speaks to the fact that there is more concern in the market for some of the variables that can cause a selloff.”He said concerns include the 10-year treasury yield creeping above the psychological level of three per cent earlier this week, which spooked investors, before retreating slightly towards the end of the week.The competition between stocks and bonds is heating up, he added, while geopolitical concerns continue to stoke concern.“Some new risks, many old risks, but the market is taking a more wait-and-see approach than it has in previous years,” Pashootan said.The Canadian dollar was trading at 77.78 cents US, up 0.03 of a US cent.The June crude contract was down 9 cents to US$68.10 per barrel and the June natural gas contract was down 7 cents to US$2.77 per mmBTU.The June gold contract was up US$5.50 to US$1,323.40 an ounce and the July copper contract was down 7 cents to US$3.07 a pound.last_img read more

RCMP reminding motorists that school zones are back in effect this Tuesday

first_imgDistracted driving is now a leading cause of injury and death. As a driver, your full attention must at all times be on the task of driving. This includes noting and obeying all speed limit signs, especially those in school zones. In addition, playground zone speed limits are in effect from dawn to dusk every day and are also 30 km/hr.Listed below are several common school zone-related offences, along with their associated fines:Speed in a school zone or playground zone: $196Fail to obey school guard or school patrol: $167Fail to stop for School Bus: $368Fail to yield to a pedestrian at crosswalk: $167For more safety tips to ensure everyone has a safe start to the school year visit BCRCMP or ICBC. FORT ST. JOHN, B.C. – The RCMP is reminding motorists that with schools back in session next week, officers will be back out in full force patrolling school zones and crosswalks across the province.School zone speed limits are in effect from 8 am to 5 pm during school days and the posted speed is 30 km/hour.Police will be watching for speeders, and they won’t be handing out warnings. Tickets start at $196 and move up from there. With the anticipated thousands of children returning to class, their safety will be paramount. The RCMP is asking the public to be mindful that all school zones are back in effect next week and to be watchful for school children on their routes.last_img read more