Today’s News Synopsis:
Lenders expect to see growth this year for both commercial and multifamily lending. Values of homes decreased again last month; however, the gap between the home-value opinions for homeowners and appraisers was wider. Home sales for both existing and new homes decreased significantly in November, leading to weak home sales at the start of the year.
In The News:
Los Angeles Times – “California seeking to suspend Ocwen Financial’s mortgage license” (1-12-14)
“The state is seeking to suspend the mortgage license of Ocwen Financial Corp., saying the payment collection firm has failed to turn over documentation showing that it complies with California laws protecting homeowners.”
Housing Wire - “Quicken Loans: Home values moved lower in December” (1-13-14)
“The gap between home-value opinions of homeowners and appraisers is continuing to narrow, with appraisers’ opinions of home values 1.43% higher than homeowners’, when viewing the national composite, according to Quicken Loans.”
DS News – “Lawmaker Urges CFPB to Abandon Office Renovation Plans” (1-13-14)
“Keeping in line with Republicans’ promises of more scrutiny of the Consumer Financial Protection Bureau (CFPB), U.S. Representative Jeb Hensarling (R-Texas) has written a letter urging the CFPB to abandon plans to renovate its office building in favor of more cost-effective alternatives.”
Bloomberg - “Wages Will Rise This Year Toward Yellen’s View of Normal” (1-13-14)
“The bigger wage gains that have so far eluded American workers probably will begin to materialize this year as the job market tightens, according to economists polled by Bloomberg.”
Mortgage Bankers Association – “Commercial Mortgage Lenders Anticipate Growth in 2015″ (1-13-14)
“Commercial and multifamily mortgage lending is expected to increase in 2015, as lenders’ appetites to place new loans remains very strong and borrowers’ appetites to borrow increase, according to a new Mortgage Bankers Association survey of the top commercial and multifamily mortgage origination firms.”
Housing Wire - “Housing sales weak heading into 2015″ (1-13-14)
“The sharp decline in new and existing home sales in November is not a sign that the housing recovery is coming off the rails, but it is troubling, according to a client note from Capital Economics.”
Bloomberg – “Homeowners Win U.S. High Court Clash on Cancelling Mortgages” (1-13-14)
“The U.S. Supreme Court gave homeowners more ability to cancel their mortgages if lenders don’t provide the required disclosures, in a setback for the banking industry. The dispute centered on the three-year deadline for borrowers seeking to rescind their mortgages. The justices today said unanimously that borrowers don’t have to file suit within three years and instead can meet the deadline by sending a letter to lenders.”
DS News- “Castro: It’s Time to ‘Remove the Stigma’ Promoting Homeownership” (1-13-14)
“Secretary for the U.S. Department of Housing and Urban Development (HUD) Julián Castro told the audience at the National Press Club Tuesday afternoon that it was time for the nation to “remove the stigma” promoting homeownership.”
Bruce Norris of The Norris Group will be speaking at CVREIA presenting How to create a $100,000 Payday Per Deal in 2015 on Wednesday, January 14.
Bruce Norris of The Norris Group will be presenting his newest talk 2015: Proceed with Caution on Saturday, January 31.
Bruce Norris of The Norris Group will be speaking at OC FIBI presenting How to create a $100,000 Payday Per Deal in 2015 on Tuesday, February 3.
Bank stocks were not expected to meet expectations with the current status of the mortgage market and weak loan increases. The new HAMP report was just released by the Treasury showing that 23,000 permanent loan modifications were completed in November. The outlook on the economy was becoming more and more positive, but the question of it lasting still remained.
For more information about The Norris Group’s California hard money loans or our California Trust Deed investments, visit the website or call our office at 951-780-5856 for more information. For upcoming California real estate investor training and events, visit The Norris Group website and our California investor calendar. You’ll also find our award-winning real estate radio show on KTIE 590am at 6pm on Saturdays or you can listen to over 170 podcasts in our free investor radio archive.
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