Today’s News Synopsis:
CoreLogic reported foreign homebuyers have not been contributing to the growth of the market as fewer are choosing to participate in this market. Congressman Randy Neugebauer and John Delaney are scheduled to speak with the Bipartisan Policy Centers this Thursday to discuss changes to be made to the GSEs. Recent charts were released by Mortgage Daily showing the prime areas where new mortgage jobs were being created.
In The News:
Housing Wire - “Fitch: Prime jumbo RMBS on pace for best year since crisis” (7-13-15)
“A strong second quarter has 2015 on pace to be the best year for prime jumbo residential mortgage-backed securitization issuance since the financial crisis, according to a new report from Fitch Ratings.”
DS News - “New York AG Highlights Success of Home Retention Programs” (7-13-15)
“New York Attorney General Eric Schneiderman on Monday highlighted the success of three programs the New York Office of the Attorney General (OAG) has created in the last five years to combat the effects of the housing crisis, according to an announcement from the New York OAG office.”
Mortgage Bankers Association - “MISMO Announces Update to Release Schedule” (7-13-15)
“The MISMO Residential Standards Governance Committee has announced that it will defer the release of Version 3.4 of the MISMO Reference Model to November 2015. This is a change from the previously announced date of July 2015.”
Housing Wire - “CoreLogic: Foreign buyers back off U.S. housing market” (7-13-15)
“Despite home sales moving to the best level in eight years, there is one group of buyers not participating in the new growth – foreign homebuyers. According to a new blog from Frank Nothaft, CoreLogic’s (CLGX) chief economist, relative to the same period one year ago, sales jumped 9%, helped by a drop in fixed mortgage rates of almost one-half a percentage point.”
Mortgage Professional America - “Rates reverse trend, business spikes” (7-13-15)
“Changes in interest rates suggest loan officers may have to hunt harder for originations that may ultimately be more lucrative. ”Overall, trends in mortgage applications last week were consistent with the ongoing shift towards a purchase market accompanied by growth in employment and higher interest rates,” said Lynn Fisher, vice president for research and economics at the Mortgage Bankers Association, reports CNBC.”
Bloomberg - “Home Capital Plunges Most Since 2008 as Originations Tumble” (7-13-15)
“Home Capital Group Inc. fell the most in almost seven years as preliminary second-quarter results missed analysts’ estimates and originations dropped after it cut ties with some brokers.”
Housing Wire- “4 charts show where mortgage jobs are being created” (7-13-15)
“The number of people working in mortgage lending has fallen on a quarterly basis, though there was a recent monthly upturn. Bottom line? Smaller firms and northern markets are where the jobs are moving.”
DS News - “Consumer Expectations Toward Housing and Economy Growing More Positive” (7-13-15)
“Consumer expectations for the housing market are showing a slightly more positive outlook for the U.S. economy, according to the Federal Reserve Bank of New York’s Center for Microeconomic Data June 2015 Survey of Consumer Expectations (SCE) released on Monday.”
Bloomberg - “Calpers Misses Target With 2.4% Return in Past Fiscal Year” (7-13-15)
“The California Public Employees’ Retirement System, the largest pension in the U.S., said it earned 2.4 percent last fiscal year, below its target rate as financial-market turbulence depressed stock and bond returns.”
Housing Wire - “Congressmen Neugebauer, Delaney to discuss GSE reform” (7-13-15)
“The Bipartisan Policy Center will host a timely discussion on reforming the nation’s housing finance system with U.S. Representatives Randy Neugebauer, R-Texas and and John Delaney, D-Md., members of the Financial Services Committee, on Thursday, July 16, 2015 at 1:30 p.m. ET.”
Bruce Norris of The Norris Group will be speaking at Discover How to Create A $100,000 Payday Per Deal in 2015 – LAREIC TOMORROW.
Bruce Norris of The Norris Group will be having its Property Buying Bootcamp Tuesday, July 21 to Thursday, July 23.
Bruce Norris of The Norris Group will be presenting the 8th annual I Survived Real Estate 2015 on Friday, October 16.
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