California Real Estate Headline Roundup

Posts Tagged ‘PMI Mortgage Insurance’

By Bruce Norris .

The Norris Group Real Estate News Roundup 2/8/13

Friday, February 8th, 2013



Sources:

CoreLogic: Prices End 2012 with Biggest Annual Gain in Six Years
Winter Season Slows Home Price Gains
Rent Gains Soften as More Multiunit Buildings Enter Market: Trulia
List of Improving Housing Markets Expands to 259 in February; All 50 States Represented
Mortgage Applications Increase in Latest MBA Weekly Survey
Consumer confidence breaks darkness surrounding housing
Mortgage rates settle back down
MBA: Multifamily originations grew 49% in 4Q
Fannie Mae Provides $33.8B to Multifamily Sector in 2012
MBA Forecasts $254 Billion of Commercial/Multifamily Mortgage Originations in 2013, Up 11% From 2012
Carrington Mortgage Services rolls out 25-day loan closings
S&P accused of misrepresenting risks of bundled mortgages
House Democrats Ask Obama to Replace Fannie Mae Regulator
Capital Economics: Rise in Household Wealth to Boost GDP

Today’s News Synopsis:

This week’s video is a slideshow of some of the big news stories in real estate.  Capital Economics expects GDP to increase with the increase in home and equity prices.  The White House announced budget cuts they will be making, which include cuts from both defense and non-defense programs.

In The News:

DS News- “Fitch: CMBS Delinquencies Fall Again; Georgia Remains ‘Problem Spot’” (2-8-13)

“The national delinquency rate for commercial mortgage-backed securities (CMBS) began the year with another decline, marking the eighth consecutive month of decreases, according to Fitch Ratings. The rating agency, however, noted regional struggles in Georgia.”

Housing Wire“Moody’s earnings skyrocket despite credit rating scrutiny” (2-8-13)

“During a week when credit rating agencies faced increased scrutiny, Moody’s Corporation profits soared, beating market expectations.”

Inman - “Referral site for global listings grows in the US” (2-8-13)

“A Los Angeles-based referral site with more than 200,000 overseas property listings is expanding into the U.S., with exclusive partners in seven states so far.”

Housing Wire- “Schneiderman probe: Another chip in the armour of credit rating agencies?” (2-8-13)

“With the $5 billion civil suit against Standard and Poor’s Rating Services putting a target on the credit rating agency’s back, the door may have been pushed open for inspection of rival credit rating agencies.”

CNN Money - “White House details pending budget cuts” (2-8-13)

“Some 600,000 poor women and children will no longer get free milk and cheese, and some 2,100 fewer food inspections will take place if federal budget cuts expected to kick in March 1 actually take place.”

Bloomberg“Housing Slump and Canada Job Cuts Mark Slow Start to 2013″ (2-8-13)

“Canadian employers unexpectedly cut jobs in January while home builders slowed the pace of new construction to the least since 2009, suggesting a languid start to the new year for the country’s economy.”

DS News- “Capital Economics: Rise in Household Wealth to Boost GDP” (2-8-13)

“With the increase in home and equity prices, Capital Economics suggests net household wealth may be on its way to rising above pre-recession levels later this year, which will lead to a boost to GDP.”

Housing Wire“PMI’s mortgage insurance assets to be acquired” (2-8-13)

“PMI Mortgage Insurance has faced turbulent times these past few years after the mortgage insurer was pulled into receivership and then a bankruptcy proceeding by its primary regulator, the Arizona Department of Insurance.”

Hard Money Loan Closed

Moreno Valley, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $118,000 on a 4 bedroom, 2 bathroom home appraised for $171,000.

 

Bruce Norris of The Norris Group will be speaking at the 2013 Real Estate and Tax Strategies Kick-Off Brunch on Saturday, February 9, 2013.

Bruce Norris of The Norris Group will be presenting his newest talk Poised to Pop: Quadrant Four Has Arrived at OCREIA on Thursday, February 21, 2013.

Bruce Norris of The Norris Group will be presenting his newest talk Poised to Pop: Quadrant Four Has Arrived at IEIF on Tuesday, February 26, 2013.

Looking Back:

CoreLogic reported a decrease in foreclosures for the whole year in 2011 with 830,000 compared to 1.1 million in 2010.  According to Bloomberg, mishandled mortgages and foreclosures cost banks as much as $72 billion.  In other news, the Mortgage Bankers Association reported a 7.5% increase in mortgage applications.

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.

The Norris Group Real Estate News Roundup 8/23/11

Tuesday, August 23rd, 2011

Today’s News Synopsis:

DS News reported the president of Standard and Poor’s, Devan Sharma, is resigning next month and will be replaced by Douglas Peterson.  New U.S. home sales decreased last month to their lowest in five months, according to Bloomberg.  The sale of pending homes also decreased last month according to Housing Wire.  Florida is number one on the list of states with the highest foreclosures.

In The News:

Housing WireFHA mortgage delinquencies resurge in second quarter” (8-23-11)

“After a hitting a three year low earlier in 2011, the Federal Housing Administration delinquency rate jumped more than a full percentage point in the second quarter, according to analysis from investment bank Keefe, Bruyette & Woods.”

DS News - “S&P President Relinquishes Role to Citibank Exec” (8-23-11)

“Deven Sharma, president of the global credit ratings agency Standard & Poor’s, is stepping down from the role next month.  Douglas Peterson, currently COO of Citibank N.A., will take the reins at S&P, effective September 12, according to a statement from S&P’s parent company McGraw-Hill.”

Bloomberg - “July New-Home Sales Fell to Five-Month Low” (8-23-11)

“Sales of new U.S. homes declined more than projected in July to the lowest level in five months, indicating the industry is struggling to stabilize two years into the economic recovery.”

O.C. Register - “Merger forms U.S.’s largest home listing service” (8-23-11)

“Members of the region’s biggest two home-sales databases announced that they plan to merge, forming the largest real estate listing service in the nation.  The Anaheim-based Southern California Multiple Listing Service says it’s joining forces with the San Dimas-based California Regional Multiple Listing Service.”

Housing Wire“Pending home sales dip in California” (8-23-11)

“California pending home sales dipped in July from the previous month, as did the share of sales of distressed properties, the California Association of Realtors said.”

Inman - “RealPage acquiring real estate rentals site MyNewPlace” (8-23-11)

“Property management software company RealPage Inc. has signed a definitive agreement to acquire the operator of popular online apartment marketplace MyNewPlace, the company announced Monday. The transaction is expected to close on or before Aug. 24.”

CNN Money - “UBS to cut 3,500 jobs” (8-23-11)

“Swiss bank UBS said Tuesday that it is reducing its staff by 3,500 jobs, including some reductions in the United States, through a mixture of layoffs and ‘natural attrition’.”

Wall Street Journal - “Home-Loan Delinquencies Rise Again” (8-23-11)

“The number of American households that are delinquent on mortgage payments is rising again after falling for more than one year, an unwelcome trend for the U.S. economy.”

DS News - “GSEs Suspend PMI Mortgage Insurance and Affiliates” (8-23-11)

“Fannie Mae and Freddie Mac have both suspended PMI Mortgage Insurance and its affiliates PMI Insurance Co. and PMI Mortgage Assurance Co. as approved mortgage insurers.”

Realtor Magazine - “Which State Has the Highest Foreclosure Inventory?” (8-23-11)

“Florida continues to be plagued by a high inventory of foreclosures. Nearly one in four mortgages there were either past due or already in foreclosure in the second quarter, according to the Mortgage Bankers Assoc.”

Looking Back:

The CBIA reported 2,454 new homes and condominiums were closed statewide in June 2010, compared to 3,848 in 2009. A survey from Trulia showed that 68% of renters believed they would have to wait at least two years before even considering buying a home. According to HUD, 616,839 HAMP modifications were canceled and 434,716 modifications were made permanent since the program began. The Congressional Budget Office expected the Troubled Asset Relief Program to cost a total of $66bn.

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.

66-TNG Radio – Pete Pannes 5-3-08

Friday, May 2nd, 2008

 

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Pete Pannes

Senior Vice President, Field Sales and National Accounts, PMI Mortgage Insurance

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Bruce Norris is joined this week by Senior Vice President, Field Sales and National Accounts of PMI Mortgage Insurance Co., Pete Pannes. Bruce and Pete discuss the basic business of PMI, when a borrower in a transaction pays for PMI, the range in cost, when PMI is required on a loan, if sellers can pay for the cost of PMI, competitors in mortgage insurance, what would happen if a mortgage insurer went out of business and its effect on the lenders, current stresses on mortgage insurers, how the industry is structured to handle issues in the market, how insurance changes the amount a consumer can borrow, if PMI is only for first trust deeds, if PMI has gotten more popular in recent years, if property value increases reduce insurance costs, at what point PMI is cancelled, what happens if prices go backwards, can PMI be reinstated if loan to value shifts, what price range of loans PMI covers, variances in PMI by state, if PMI can be used for purchases and refinances, how the market got away from paying PMI with 80% first and 20% second, if more traditional underwriting is taking place and if it includes PMI, how PMI was ignored because of run up of appreciation in previous years, reemergence of FHA and how it compares to PMI, how the consumer benefits from PMI, how lenders benefit from PMI, if PMI makes loan more liquid on Wall Street, how PMI assists bank if foreclosure takes place, what is covered in the policy and for how much, the borrower in foreclosure and recourse against borrowers in default, how do consumers prove they are in a 20% equity position, if late payments or rapid market declines can cause the bank to change its policies, do mortgage seconds or home equity line of credit change the PMI situation going forward, will PMI be required for longer amounts of time, pmigroup.com.

Pete Pannes is Senior Vice President, Field Sales and National Accounts, for PMI Mortgage Insurance Co., responsible for ensuring operational excellence with PMI customers nationwide.

Pannes has more than 18 years combined experience in the mortgage and mortgage insurance industry. He joined PMI in 1990 as an Account Representative and was promoted to Account Executive in 1992. He was a key part of the PMI management team that in 1994 formed CMG Mortgage Insurance Company (CMG MI), PMI’s joint venture with CUNA Mutual serving the growing credit union market. Pannes held several positions at CMG MI from 1994 to 2001, when he joined CUNA Mutual as Senior Vice President and General Manager of CMG MI. In 2004 he rejoined PMI as Vice President of National Sales-Division Manager, responsible for the management of all field sales and select national accounts for the Eastern U.S.

Pannes holds a Bachelor of Science degree in Business Administration from Arizona State University.

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