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Today’s News Synopsis:
In The News:
Los Angeles Times – “Mortgage rates increase from 2014 low, Freddie Mac says” (10-30-14)
“Mortgage rates rose this week from their lowest point in 2014, but lenders still offered a 30-year fixed loan below 4%, according to Freddie Mac’s weekly survey..”
Housing Wire - “Guaranteed Rate: 3Q purchase volume up 10% from last year” (10-30-14)
“Guaranteed Rate released its summary of U.S. mortgage trend snapshots as of the third quarter of 2014, showing that purchase volume rose to 73% in the third quarter of 2014, up from 63% in the third quarter of 2013. Total refinancing volume dropped by more than a third year-over-year.”
“Ocwen Financial, the nation’s top non-bank mortgage servicer, announced Thursday that the company has taken a $100 million charge for a potential settlement regarding claims that Ocwen sent backdated foreclosure notices to thousands of borrowers.”
Bloomberg – “Banks Burned by Riskiest Leverage Loans as Investors Sour” (10-30-14)
“Wall Street banks are either absorbing losses or getting stuck holding some of the riskiest corporate loans they agreed to underwrite before the biggest rout in more than two years.”
DS News - “GDP Growth Slows Down But Still Beats Predictions for Q3″ (10-30-14)
“The nation’s economy continued to grow at a brisk clip in the third quarter, slowing down from the prior period but still beating forecasts.”
Housing Wire – “Ellie Mae’s earnings overcome mortgage industry declines” (10-30-14)
“Ellie Mae (ELLI) reported third quarter 2014 revenue of $42.8 million, compared to $33 million in the third quarter 2013. Additionally, the Pleasanton, California-based company’s net income came in at $4.1 million compared to $3.4 million in Q3 2013.”
Bloomberg - “Expecting U.S. Growth to Slow? REIT Pair Trade Pays 1.6%” (10-30-14)
“Investors who see a slowdown for the U.S. economy may be interested in a strategy of being long Health Care REIT Inc. (HCN) and shortSimon Property Group Inc. (SPG).”
Housing Wire – “Borrowers find refuge in nonbank mortgage loans” (10-30-14)
“Nonbank lending is growing as homebuyers rejected by big banks turn toward non-QM loan options. ”Approximately 20% of the loans we close every month are referred by banks that won’t close the loan for one reason or another,” said Michael Stowers, branch manager of the San Diego imortgage office.”
Bruce Norris of The Norris Group will be presenting Secrets to Becoming Wealthy with SJREI in Sunnyvale on Thursday, November 6.
Bruce Norris of The Norris Group will be holding his Property Buying Boot Camp Tuesday-Thursday, November 11-13.
The second quarter saw an increase in home prices in almost 90% of the large metropolitan areas in the United States. Mortgage applications increased 6.4% from the previous week according to the Mortgage Bankers Association. Over $17 billion had been collected by the government from banks paying for their mistakes.
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.