Today’s News Synopsis:
In The News:
Housing Wire – “CFPB corrects error in TRID rule” (2-9-16)
“It’s been four months since the implementation of the Consumer Financial Protection Bureau’s TILA-RESPA Integrated Disclosures rule in October shook up the housing industry, and many in the industry are still getting used to the new normal.”
Mortgage Bankers Association – “Rates Drop, Refi Applications Surge in Latest MBA Weekly Survey” (2-10-16)
“Mortgage applications increased 9.3 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending February 5, 2016.”
“Cindy Cepko, CGP, CMP, MIRM, Master CSP, co-owner of Granite Homes Inc. in Paupack, Pa., was recently sworn in as the 2016 chair of the National Association of Home Builders (NAHB) Professional Women in Building (PWB) Council.”
Housing Wire – “Goldman Sachs subsidiary buys massive NPL portfolio from Fannie Mae” (2-10-16)
“Fannie Mae announced Wednesday that it selected the winning bidders in its latest sale of non-performing loans, with a subsidiary of one of Wall Street’s biggest names among the winning bidders.”
DS New – “Economic Outlook May Not Be All Positive” (2-10-16)
“While testifying before Congress on Wednesday, Federal Reserve Chair Janet Yellen noted that persistent economic headwinds have kept the federal funds target rate at a historically low level—and that future rate hikes may occur even more gradually than originally anticipated.”
Mortgage Professional America – “New Treasury rules might scare off buyers” (2-10-16)
“The U.S. Treasury’s recent announcement of its intent to crack down on money laundering conducted by unscrupulous individuals through high-cost real estate transactions has sent brokers and would-be sellers into a panic.”
Housing Wire – “NAR: Inventory shortage push homeownership further out of reach” (2-10-16)
“A lack of housing inventory continues to stifle the housing market, making it difficult for potential homeowners to get on the property ladder.”
Mortgage Professional America – “Community, culture key hiring points today” (2-10-16)
“With the recent spate of job reductions at some of the country’s major lenders, those companies that are hiring can be picky about who they hire.”
Hard Money Loan Closed
San Bernardino, California hard money loan closed. Real estate investor received loan for $110,000 on this single family property appraised for $170,000.
Bruce Norris will be presenting his Norris Group Property-Buying Boot Camp in Riverside on February 9-11.
Bruce Norris will be presenting his newest talk Stay Put, Cash Out, Or Change Seats? with NORCALREIA on Wednesday, March 9.
Bruce Norris will be presenting his newest talk Stay Put, Cash Out, Or Change Seats? with OCREIA on Thursday, March 10.
Image copyright source: www.flickr.com/photos/22711505@N05
Foreclosures were continuing to show signs of decrease over the previous months, including a 34.3% decrease in December to 552,000. In other foreclosure news, five large banks: JPMorgan Chase, Citi, Wells Fargo, GMAC Mortgage, and BAC Home Loans Servicing, had all been required to pay $123 million in a lawsuit as a result of foreclosures that were in violation of the Servicemembers Civil Relief Act. Over half of young millennials were shown to be living at home.
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 6 pm on Saturdays or you can listen to over 170 podcasts in our free investor radio archive.