Today’s News Synopsis:
Ellie Mae reported a 65% increase for their revenue in the second quarter to $65.9 million, up from $40 million. Freddie Mac reported mortgage rates remained the same around 4% with 30-year rates at 3.98% and 15-year rates at 3.17%. Several bipartisan bills that would bring change to the mortgage and housing finance industries were approved by the House Financial Services Committee.
In The News:
Housing Wire - “Ellie Mae revenue surges 65%” (7-30-15)
“Ellie Mae (ELLI) registered another strong quarter on its books, with its second-quarter revenue surging to $65.9 million, up 65% from $40 million for the same period a year ago.”
“The Consumer Financial Protection Bureau (CFPB) on Thursday announced a consent order against Fort Worth, Texas-based mortgage servicer Residential Credit Solutions for allegedly blocking borrowers’ efforts to prevent foreclosure on their homes.”
Mortgage Professional America - “Industry focuses on attracting tech-savvy players” (7-30-15)
“Mortgage players are using succession planning as an opportunity to beef up their expertise on fintech and better appeal to a younger demographic. The hiring of one 30-year industry veteran is an important move for one financial technology company, with the recent announcement that Darren Thompson has joined B2R Finance as chief financial officer and executive vice president of strategy.”
Bloomberg - “Wells Fargo to Exit Loan Referral Deals With Builders, Agents” (7-30-15)
“Wells Fargo & Co., the largest U.S. mortgage lender, is ending some marketing arrangements with real estate firms and home builders over concerns about regulatory scrutiny.”
Mortgage Professional America - “Refinance business ticks up” (7-30-15)
“Refinances edged up on a week-by-week basis, and currently account for just over half of all mortgage applications, according to the Mortgage Bankers Association’s Weekly Mortgage Applications Survey.”
Housing Wire - “House Committee approves slate of mortgage, housing reforms” (7-30-15)
“The House Financial Services Committee approved a slate of bipartisan bills directly impacting the mortgage and housing finance space Wednesday.”
Bloomberg - “American Economy Sustains Slow Progress That’s Defined Expansion” (7-30-15)
“The American economy is settling into a trot rather than a gallop, extending the slow progress that’s defined the current expansion after a first-quarter scare.”
Mortgage Professional America - “Jumbo mortgages see exponential growth” (7-30-15)
“The first half of 2015 saw jumbo mortgage market share skyrocket – but that market seems to be very localized. “I haven’t seen jumbo mortgages increase too much in my area; though I have noticed a slight increase,” Ed Fournier of Connecticut Home Mortgage told Mortgage Professional Magazine.”
Housing Wire - “Freddie Mac: Mortgage rates fluctuate around 4%” (7-30-15)
“Mortgage rates moved lower once again, falling just enough to slip under 4%, the latest Primary Market Survey from Freddie Mac said. The 30-year, fixed-rate mortgages averaged 3.98% for the week ended July 30, 2015, a drop from last week’s 4.04%. A year ago, it sat at 4.12%.”
“The J.D. Power 2015 U.S. Primary Mortgage Servicer Satisfaction study released Thursday found that servicers are spending too much time and resources focusing on at-risk customers, negatively impacting satisfaction for the majority of their customers.”
Bruce Norris of The Norris Group will be giving his California Real Estate Market Update with TIGAR on Thursday, August 13.
Bruce Norris of The Norris Group will be giving his California Real Estate Market Update with Tri-Counties Association of Realtors on Friday, August 14.
Bruce Norris of The Norris Group will be giving his Secrets to Becoming Wealthy with Tony Watson on Tuesday, August 18.
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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Julian Castro was sworn in as Secretary of HUD, although had a lot of work to do to see progress. According to the latest Home Price Index, home prices increased 0.9% in May and were continuing to rise despite a slowdown in home purchases. At the same time, the rate for homeownership decreased and was at its lowest in almost twenty years.
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.