Today’s News Synopsis:
The Mortgage Bankers Association reported a 1.3% increase in mortgage applications from last week. Job growth was slower in January at only 213,000 for private-paying jobs. More than 200 mortgage employees are expected to be laid off by Bank of America in their office in Virginia.
In The News:
Mortgage Professional America – “New FHFA rules won’t change nonbank servicers unprofitability” (2-4-15)
“The Federal Housing Finance Agency’s (FHFA) proposed rules for minimum capital and liquidity requirements for nonbank mortgage servicers will have little effect on the industry, according to Fitch Ratings.”
Housing Wire – “Initial estimates show slowdown in job growth” (2-4-15)
“Initial job reports before Friday’s release of the Bureau of Labor Statistics Employment Situation report, suggest January job growth will be slowing.”
Mortgage Professional America – “Mile-high growth for America’s best housing market” (2-4-15)
“U.S. home values rose at a slower price last year, a sign that the housing market is shifiting. Real estate data provider CoreLogic reported that home prices rose 5% in December compared to 12 months earlier.”
Housing Wire - “Freddie Mac: The return of the refinance market” (2-4-15)
“Refinance applications revived toward the end of 2014 and into the new year as mortgage rates dropped back down to levels not seen since 2013.”
OC Housing News - “Why the federal reserve will not raise rates in 2015″ (2-4-15)
“From the beginning of the Great Recession, many concerned citizens, and particularly the wealthy, feared the government and federal reserve would institute policies that would devalue the currency, cause bond prices to collapse, and create hyperinflation. With near-zero inflation, a rallying dollar, and the 10-year bond yielding record lows, it’s obvious none of the predictions of economic doom have come to pass.”
Mortgage Professional America - “Big bank to lay off hundreds of its mortgage staff” (2-4-15)
“Bank of America has announced it is planning to lay off more than 200 employees from its legacy mortgage servicing operations in its Norfolk, Virginia, office. The division of the bank handles troubled mortgages.”
Housing Wire - “Mortgage applications continue to climb with 1.3% increase” (2-4-15)
“Mortgage applications increased 1.3% from the previous week, continuing their upward trajectory for the fourth week, according to data from the Mortgage Bankers Association’s Weekly Mortgage Applications Survey for the week ending January 30, 2015.”
Bruce Norris of The Norris Group will be speaking at SDIC FIBI presenting How to create a $100,000 Payday Per Deal in 2015 on Thursday, February 5.
Bruce Norris of The Norris Group will be speaking at AOA San Diego presenting How to create a $100,000 Payday Per Deal in 2015 on Thursday, February 19.
Bruce Norris of The Norris Group will be speaking at AOA Anaheim presenting How to create a $100,000 Payday Per Deal in 2015 on Tuesday, February 24.
Janet Yellen was officially sworn in as the new chair of the Federal Reserve. According to the latest Home Price Index from CoreLogic, home prices increased 11% year-over-year in December. The biggest concern among homeowners at this was whether or not financing would be available as well as how much inventory will be on hand.
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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