California Real Estate Investing News

Posts Tagged ‘real estate investing’

Mortgage Applications Decrease as Rates Go Down

Wednesday, February 10th, 2016

Today’s News Synopsis:

 

The MBA reported a 9.3% decrease in mortgage applications with the decrease in mortgage rates.  The National Association of Realtors reported fewer and fewer people are able to afford a home with the decrease in inventory.  The Treasury Department established new rules that are intended to keep away money launderers, although there is still a fear the new rules will also keep away honest investors.

 

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.”

NAHB – “Cindy Cepko Inducted as the 2016 NAHB Professional Women in Building Council Chair” (2-10-16)

“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.

San Bernardino Hard Money Loan closed by the Norris Group

 

California Real Estate Investor Events

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

 

Looking Back:

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.








H.R. 3700 Passes in the House

Tuesday, February 9th, 2016

Today’s News Synopsis:

 

H.R. 3700, also known as the Housing Opportunity Through Modernization Act of 2015, was just passed by the House and if passed by the Senate will allow people an easier process for financing.  CoreLogic reported foreclosures decreased and were at their lowest level in 8 years.  Consumer confidence decreased with the stalled growth in income.

 

In The News:

 

Mortgage Professional America – “Important real estate bill passes” (2-9-16)

“Originator clients may soon have an easier time qualifying for condo units.  Bill H.R. 3700, Housing Opportunity Through Modernization Act of 2015, has passed house and will be put before the senate.”

Housing Wire – “CoreLogic: Foreclosures fall to lowest level since 2006” (2-9-16)

“In another sign that the recovery from the housing crisis is ongoing rather than stalled out, the total number of completed foreclosures in 2015 was the lowest number of completed foreclosures in any year since 2006, a new report from CoreLogic shows.”

Bloomberg – “These Are the Things That Correlate With the Fed’s ‘Easy Money'” (2-9-16)

“Faced with the most severe economic downturn since the Great Depression, the U.S. Federal Reserve did the only thing it could: flood the financial system with liquidity.”

DS New – “ValuAmerica Integrates with FHA’s Electronic Appraisal Delivery Portal” (2-9-16)

“National title agency, appraisal management company (AMC) and technology provider ValuAmerica announced that it is now integrated with the Federal Housing Administration (FHA)’s Electronic Appraisal Delivery (EAD), a Web-based technology system that enables FHA-approved lenders and their third-party service providers to transmit appraisal data and reports to FHA prior to loan endorsement.”

Mortgage Professional America – “Grand Rapids home prices grow by 33%” (2-9-16)

“Results from a recent Forbes.com study revealed that home prices in Grand Rapids, Michigan have grown by 33% in the past three years in response to a robust economy and strong per-capita purchasing power.”

 

DS News“OCC Removes Servicing Restrictions from U.S. Bank, Santander-For a Price” (2-9-16)

“The Office of the Comptroller of the Currency has terminated mortgage-servicing related enforcement actions against U.S. Bank and Santander, the agency announced Tuesday.”

Mortgage Professional America – “Morning Briefing: Confidence in housing market slips as income stalls” (2-9-16)

“The slower pace of income growth compared to house price appreciation is of growing concern to home buyers and this has been reflected in new figures from Fannie Mae.”

 

Hard Money Loan Closed

San Bernardino, California hard money loan closed. Real estate investor received loan for $127,000 on this single family property appraised for $196,000.

San Bernardino Hard Money Loan closed by the Norris Group

 

California Real Estate Investor Events

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

 

Looking Back:

Consumer optimism showed signs of improvement according to the latest Fannie Mae Housing Survey, with 67% saying it was a good time to buy and 44% saying it was a good time to sell.   Julián Castro, secretary of HUD, testified before the House Financial Services Committee on Wednesday regarding the FHA budget and their lowering of mortgage insurance premiums.   Former Congressman Barney Frank spoke at the ABS Vegas 2015 conference to discuss housing policies, risk retention, and mortgage lending.

 

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.








Wells Fargo Reached $16.2 Million Settlement with Genuine Title

Monday, February 8th, 2016

Today’s News Synopsis:

 

 The Federal Reserve reproted an increase in consumer borrowing back in Dcember by $21.3 billion.  The Super Bowl Ad aired by Quicken Loans has garnered much criticism, although there are many who thought it was an effective ad.  Wells Fargo reached a settlement with Genuine Title totalling $16.2 million.

 

In The News:

DS New – “Quicken Loans Super Bowl Ad Draws Praise, Criticism” (2-8-16)

“Detroit-based Quicken Loans, the third-largest mortgage lender in the country, drew some strong reactions for a commercial promoting its Rocket Mortgage program—a phone app that allows users to qualify for a mortgage loan in as little as eight minutes—that aired during the Super Bowl on Sunday.”

Mortgage Professional America – “US consumer borrowing accelerated in December” (2-8-16)

“Borrowing expanded $21.3 billion in December, the strongest showing since an increase of $28.6 billion in September, the Federal Reserve reported Friday. That pushed total borrowing to a fresh record of $3.55 trillion.”

Housing Wire – “Wells Fargo settles mortgage kickback class action lawsuit for $16.2 million” (2-8-16)

“Wells Fargo will pay more than $16 million to settle a class action lawsuit brought against the megabank by customers of Genuine Title, who accused the bank of accepting kickbacks from Genuine Title in in exchange for business referrals.”

Bloomberg – “U.S. Mortgage Bond Markets Liquid Despite Low Volumes: N.Y. Fed” (2-8-16)

“The market for U.S. government mortgage-backed securities remains deeply liquid despite signs that trading conditions have weakened, according to researchers at the Federal Reserve Bank of New York.”

DS New – “OCC Recaps Proposals for Regulatory Relief” (2-8-16)

“The Office of the Comptroller of the Currency (OCC) advanced three legislative proposals in 2015 in order to provide regulatory relief for insured depository institutions, according to the OCC’s 2015 Annual Report titled “Safe, Sound, Fair” released on Monday.”

Mortgage Professional America – “Cross-border deals up 334% since 2009” (2-8-16)

“In the aftermath of the financial crisis, the latest report from global real estate services firm Savills revealed that cross-border real estate deals have entered a renaissance, having grown by 334% from 2009 to 2015.”

Housing Wire – “Is San Franciso in a housing bubble?” (2-8-16)

“San Francisco often ranks among the “hottest” housing markets due to its rapidly rising housing prices. In the last month alone, San Francisco appeared on three separate lists of the “hottest” or “strongest” housing markets for 2016.”

NAHB – “Housing Missing from White House Economic Agenda” (2-8-16)

“Ed Brady, chairman of the National Association of Home Builders (NAHB) and a home builder and developer from Bloomington, Ill., today issued the following statement regarding President Obama’s Feb. 5 comments on the January jobs report.”

DS News“Court Finds in Favor of MERS” (2-8-16)

“The string of legal victories for Mortgage Electronic Registration Systems (MERS) continued on Monday with the announcement from parent company MERSCORP Holdings that a court in Dallas, Texas, had ruled in MERS’ favor recognizing the company’s right as beneficiary to notice of a lawsuit under both the U.S. and Texas Constitutions.”

Mortgage Professional America – “Lending standards tighten slightly” (2-8-16)

“Credit became slightly less available in January than the previous month, as lenders scaled back on providing two types of popular loans.”

 

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.

San Bernardino Hard Money Loan closed by the Norris Group

 

California Real Estate Investor Events

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/andrewbain

 

Looking Back:

Mortgage rates took a turn this week by showing signs of increase with 30-year rates being at 3.66% and 15-year rates at 2.98%.  Unemployment claims decreased the previous week to their lowest in 15 years at 265,000. Homeownership was at its lowest in 20 years, having decreased to 64%.

 

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.








Latest Job Report Came In and Showed a Slight Slowdown

Friday, February 5th, 2016

Sources:

CoreLogic: Home prices maintain pace, increase 6.3%
Mortgage Applications Decrease in Latest MBA Weekly Survey

 

Today’s News Synopsis:

 

This week’s video is a slideshow for the news of the week in the world of real estate in this week’s Norris Group real estate headline roundup.  The latest report came in today on the jobs market with a slightly less than positive report with jobs coming in at only 151,000.  The Mortgage Bankers Association reported a decrease in the availability of mortgage credit this month, down 0.4%.  A $601 million settlement was just reached between HSBC and several federal agencies over abusive practices regarding mortgage origination, servicing, and foreclosures.

 

In The News:

DS New – “Job Gains Weaken, But is the Labor News All Bad?” (2-5-16)

“The labor market was the strong point of the U.S. economy in the last quarter of 2015, with an average of 284,000 jobs added in the last three months of the year.”

Mortgage Professional America – “The future of 100% financing” (2-5-16)

“Originator: Expect more lenders to hop on the bandwagon. But is that a bad thing?  “That is the age old question,” Jason Duffy, senior mortgage advisor with Residential Lending, told Mortgage Professional America.”

Housing Wire – “HSBC reaches $601M settlement over charges of ‘abusive mortgage practices'” (2-5-16)

“HSBC agreed to a $601 million settlement with a series of federal agencies and nearly every state over charges that the bank engaged in mortgage origination, servicing and foreclosure abuses.”

Mortgage Bankers Association – “Mortgage Credit Availability Decreased in January” (2-5-16)

“Mortgage credit availability decreased in January according to the Mortgage Credit Availability Index (MCAI), a report from the Mortgage Bankers Association (MBA) which analyzes data from Ellie Mae’s AllRegs® Market Clarity® business information tool.”

DS News“War Over Wall Street: Clinton, Sanders Trading Barbs” (2-5-16)

“Trouble is brewing between two Democratic presidential hopefuls concerning Wall Street banks and regulation. On Thursday night, former Secretary of State Hillary Clinton and Sen. Bernie Sanders (D-Vermont) went toe-to-toe in a Democratic debate and ultimately revealed that the two have vastly different viewpoints on how to rein in large financial firms”

Mortgage Professional America – “Morning Briefing: This was the average price gain for most US home sellers” (2-5-16)

“Home sellers saw their properties gain in value by the largest amount since 2007 according to new data from RealtyTrac. In its Year End Home Sales Report for 2015 the firm says that sellers had an average 11 per cent gain from purchase to sale last year, the second consecutive year of gains following 6 years of decline.”

 

Hard Money Loan Closed

Pomona, California hard money loan closed. Real estate investor received loan for $215,000 on this single family property appraised for $325,000.

Pomona Hard Money Loan closed by the Norris Group

 

California Real Estate Investor Events

Bruce Norris will be presenting his newest talk Stay Put, Cash Out, Or Change Seats? with Orange County FIBI on Tuesday, February 2.

Bruce Norris will be presenting his newest talk Stay Put, Cash Out, Or Change Seats? with SDIC FIBI on Thursday, February 4.

Bruce Norris will be presenting Cashing in on a Boom: Investing in Quadrant 4 with Bruce Norris in Riverside on Saturday, February 6.

Image copyright source: www.flickr.com/photos/44313045@N08

 

Looking Back:

Mortgage rates took a turn this week by showing signs of increase with 30-year rates being at 3.66% and 15-year rates at 2.98%.  Unemployment claims decreased the previous week to their lowest in 15 years at 265,000. Homeownership was at its lowest in 20 years, having decreased to 64%.

 

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.


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Builder confidence came in at 61, a positive number for the end of 2015

Thursday, February 4th, 2016

Today’s News Synopsis:

The NAHB reported builder confidence came in at 61, a high, positive number for the end of 2015.  Mortgage rates, on the other hand, were below expectations with 30-year rates at 3.72% and 15-year rates at 3.01%.  The value for apartment sales came in at $150 billion in 2015.

 

In The News:

Bloomberg – “Service Industries in U.S. Grow at Slowest Pace in Two Years” (2-3-16)

“Service industries expanded in January at the slowest pace in nearly two years, raising the risk that persistent weakness in manufacturing is starting to creep into the rest of the U.S. economy.”

NAHB – “Builder Confidence in the 55+ Housing Market Ends Year on a Positive Note” (2-4-16)

“Builder confidence in the single-family 55+ housing market remains strong in the fourth quarter of 2015 with a reading of 61, up one point from the previous quarter, according to the National Association of Home Builders’ (NAHB) 55+ Housing Market Index (HMI) released today.”

DS News“Calling for Change: Cities Nationwide Protest Agency Distressed Loan Sales Practices” (2-4-16)

“Elected officials and community leaders in cities all over the country are rallying on Thursday to protest the sales of deeply delinquent mortgage loans by Fannie Mae, Freddie Mac, and HUD to Wall Street investors and speculators.”

Mortgage Professional America – “100% financing is back” (2-4-16)

“It took a while, but it seems one of the products often blamed for contributing to the housing collapse is back.  A California-based credit union has announced the release of its 100% financing mortgage product.”

Housing Wire – “Freddie Mac: Mortgage rates fall below expectations” (2-4-16)

“Mortgage rates sank even further, marking the fifth consecutive week of declines amid ongoing market volatility, the latest Freddie Mac Primary Mortgage Market Survey said.”

Mortgage Professional America – “Companies key on IT talent to ensure transparency” (2-4-16)

“Traditionally a sales-driven industry, many real-estate investment management firms are looking to hire from the software development sector.”

DS News“Existing Homeowners Are Not Taking Advantage of Historically Low Rates” (2-4-16)

“Just when the industry thought mortgage interest rates could not get any lower, they dropped further for the fifth consecutive week to unexpected lows.”

Mortgage Professional America – “Apartment sales worth $150 billion last year” (2-4-16)

“With sales volume amounting to $150 billion, 2015 proved to be a landmark year for foreign investments in apartment buildings scattered across major U.S. cities, according to the Association of Foreign Investors in Real Estate (AFIRE).”

DS News“AACER: Downward Trend Continues for Bankruptcy Filings” (2-4-16)

“Bankruptcy filings nationwide continued their customary January trend of decline, according to January 2016 AACER bankruptcy data reported by Epiq Systems on Thursday.”

 

 

Hard Money Loan Closed

Spring Valley, California hard money loan closed. Real estate investor received loan for $200,000 on this single family property appraised for $360,000.

Spring Valley Hard Money Loan closed by the Norris Group

 

California Real Estate Investor Events

Bruce Norris will be presenting his newest talk Stay Put, Cash Out, Or Change Seats? with SDIC FIBI on Thursday, February 4.

Bruce Norris will be presenting Cashing in on a Boom: Investing in Quadrant 4 with Bruce Norris in Riverside on Saturday, February 6.

Bruce Norris will be presenting his Norris Group Property-Buying Boot Camp in Riverside on February 9-11.

 

Looking Back:

The Mortgage Bankers Association reported a 1.3% increase in mortgage applications from the previous week.  Job growth was slower in January at only 213,000 for private-paying jobs.  More than 200 mortgage employees were expected to be laid off by Bank of America in their office in Virginia.

 

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.









Ten-X Predicts Existing-Home Sales Will Reach Normal Levels This Year

Wednesday, February 3rd, 2016

Today’s News Synopsis:

The Mortgage Bankers Association reported a 2.6% decrease in mortgage applications from last week.  In a unique story, several bankruptcy claims were handled by several different banks after the housing bubble that produced drastically different results.  Ten-X predicts existing-home sales will reach normal levels this year.

 

In The News:

NAHB – “Kansas Remodeler Tim Shigley Becomes 2016 NAHB Remodelers Chair” (2-3-16)

“Remodeler Tim Shigley, CGR, CAPS, CGP, GMB, GMR, of Wichita, Kan., was installed as the 2016 chairman of the National Association of Home Builders (NAHB) Remodelers on Jan. 17 during the International Builders’ Show in Las Vegas. As chairman of the remodeling arm of NAHB, Shigley represents the more than 55,000 members of the trade association who are involved in the remodeling industry.”

Mortgage Professional America – “Investigators expose legal workarounds in real estate” (2-3-16)

“On the heels of the U.S. Treasury’s recent drive to clamp down on money laundering via real estate transactions, investigators revealed that unscrupulous elements make full use of legal workarounds to funnel dirty money into the United States.”

DS News – “Fairholme CEO: ‘Common Sense Solution Will Prevail” in Battle Over GSE Profits” (2-3-16)

“Drawing on a quote from economist Herbert Stein, who once said that “If something cannot go on forever, it will stop,” Fairholme Funds CEO Bruce Berkowitz stated in his annual letter to shareholders on Wednesday that he believes the sweeping of GSE profits into the U.S. Department of Treasury, aka the Net Worth Sweep, will stop and that a “common sense solution” will prevail.”

Mortgage Bankers Association – “Mortgage Applications Decrease in Latest MBA Weekly Survey” (2-3-16)

“Mortgage applications decreased 2.6 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending January 29, 2016.”

Bloomberg – “Why Hundreds of Nearly Identical Bankruptcy Claims Yielded Vastly Difference Results in the Aftermath of the Housing Bubble” (2-3-16)

“In late 2006, a Spanish-speaking housekeeper bought a $425,000 property (PDF) for her son in the scenic town of Richmond, Calif.  Funded entirely with two mortgages from WMC Mortgage Corp. (a senior loan in the amount of $340,000 and a junior lien for $85,000), the deal was emblematic of a frothy real estate market in which borrowers of questionable means enjoyed ready access to no-down-payment loans.”

DS News“Ten-X Forecasts Normalization of Existing-Home Sales” (2-3-16)

“Since the TILA-RESPA Integrated Disclosure (TRID) rule was enacted, existing-home sales have been on a series of highs and lows, but Ten-X.com (formerly Auction.com) predicts that things could begin to level out as more lenders adjust to the regulation.”

Mortgage Professional America – “Not just prices on the rise in this hot market” (2-3-16)

“This seemingly unstoppable housing market may soon see an influx of investors looking for originator business.  The stats continue to pour in favoring Colorado as home to one of the hottest housing markets.”

DS News“Wells Fargo Agrees to Pay a Steep Price for FHA-Insured Defaults” (2-3-16)

“Wells Fargo announced Wednesday that it has reached a billion-dollar settlement agreement in principle to resolve claims surrounding its Federal Housing Administration (FHA) lending activities.”

 

 

Hard Money Loan Closed

Moreno Valley, California hard money loan closed. Real estate investor received loan for $159,000 on this single family property appraised for $286,000.

Moreno Valley Hard Money Loan closed by the Norris Group

 

California Real Estate Investor Events

Bruce Norris will be presenting his newest talk Stay Put, Cash Out, Or Change Seats? with SDIC FIBI on Thursday, February 4.

Bruce Norris will be presenting Cashing in on a Boom: Investing in Quadrant 4 with Bruce Norris in Riverside on Saturday, February 6.

Bruce Norris will be presenting his Norris Group Property-Buying Boot Camp in Riverside on February 9-11.

 

Looking Back:

CoreLogic reported an increase in home prices by 7.4% year-over-year in December.  Mortgage originations increased 27% quarter-over-quarter for both commercial and multifamily properties.  Mortgage fraud decreased the previous year by 2% quarter-over-quarter and 9% year-over-year according to Interthinx.

 

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.









New Repurchasing Rules Finalized By the GSEs

Tuesday, February 2nd, 2016

Today’s News Synopsis:

 

In a big news story, the GSEs have completed the final new rules for loan purchasing that will require a third party to review them.  CoreLogic reported home prices increased 6.3% year-over-year in December.  New York City is the popular place for foreign investors.

 

In The News:

DS New – “Freddie Mac Further Expands Credit Risk Sharing Initiatives” (2-1-16)

“Freddie Mac’s Structured Agency Credit Risk (STACR) series has already started 2016 with a bang, with the first transaction of the year announced last month totaling nearly $1 billion.”

Mortgage Professional America – “NCY remains top foreign investment hub” (2-2-16)

“New York City stood tall as the leading choice for foreign investors who wish to use their capital in acquiring residential and commercial properties, according to the results of the annual survey conducted by the Association of Foreign Investors in Real Estate (AFIRE) on its members.”

Housing Wire – “Fannie Mae, Freddie Mac finalize rep and warrants policies” (2-2-16)

“The Federal Housing Finance Administration announced Tuesday morning that Fannie Mae and Freddie Mac are changing their loan purchasing rules to establish an independent third-party review process for loans that trigger a repurchase request due to perceived violations of the government-sponsored enterprises’ representation and warranty framework.”

Mortgage Bankers Association – “MBA Applauds FHFA, Fannie Mae and Freddie Mac Announcement of Independent Dispute Resolution Program” (2-2-16)

“David H. Stevens, CMB, President & CEO of the Mortgage Bankers Association, released the following statement applauding FHFA, Fannie Mae and Freddie Mac on their work to finalize the independent dispute resolution program, which is the capstone of the revised representation and warranty framework.”

DS News“From Distressed to Success?  Lawmakers Demand More Info from HUD” (2-2-16)

“The critics of HUD’s distressed loan sale program are making more noise over the Department’s sales of these loans to private equity firms and investors instead of non-profits which they believe will do more to achieve the best outcomes for borrowers and stabilize the neighborhoods in which these properties are located”

Mortgage Professional America – “Mortgage loan investments gain traction” (2-2-16)

“Parkside Mortgage Trust, Inc. recently announced that it has commenced operations with the purchase of its first mortgage loan.”

Housing Wire – “CoreLogic: Home prices maintain pace, increase 6.3%” (2-2-16)

“Home prices nationwide, including distressed sales, posted similar results to last month, increasing year-over-year by 6.3% in December 2015 compared with December 2014, according to the most recent report from housing data and analytics provider, CoreLogic.”

DS News“Kentucky Amends Foreclosure Sale Rules” (2-2-16)

“In an effort to create a more uniform process in judicial foreclosure sales, the Kentucky Administrative Office of the Courts has amended the Rules of Administrative Procedure that govern the role and duties of the master commissioners of the circuit court.”

 

 

Hard Money Loan Closed

Los Angeles, California hard money loan closed. Real estate investor received loan for $390,000 on this single family property appraised for $603,000.

Los Angeles Hard Money Loan closed by the Norris Group

 

California Real Estate Investor Events

Bruce Norris will be presenting his newest talk Stay Put, Cash Out, Or Change Seats? with Orange County FIBI TONIGHT.

Bruce Norris will be presenting his newest talk Stay Put, Cash Out, Or Change Seats? with SDIC FIBI on Thursday, February 4.

Bruce Norris will be presenting Cashing in on a Boom: Investing in Quadrant 4 with Bruce Norris in Riverside on Saturday, February 6.

Image copyright source: www.flickr.com/photos/jakerust

 

Looking Back:

Spending on construction did show a little increase at 0.4% month-over-month and 2.2% year-over-year, but overall remained relatively flat.  The Biggest obstacle to making an FHA loan was the preservation of property according to the latest from loan servicers.  New guidelines was established by HUD regarding the National Housing Trust Fund.

 

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.









Urban Area Homes Increasing More Than Suburban According to Zillow

Monday, February 1st, 2016

Today’s News Synopsis:

Zillow reported in many metropolitan areas homes in urban areas are increasing more than suburban areas.  Realtor.com just released their list of the top 20 markets, Dallas, San Jose, and San Francisco being at the top.  The first employment summary for both this year and part of 2015 is expected to be released on Friday by the Bureau of Labor Statistics, giving an update on job gains and losses.

 

In The News:

DS News“The Week Ahead: Waiting to See if the Jobs Report Measures Up” (1-31-16)

“The Bureau of Labor Statistics (BLS) will release the first employment summary of 2016 on Friday, February 5 (technically, it’s the second employment summary released this year, but the first one that covers part of 2016 since the last one covered December).”

Housing Wire – “Black Knight: Will homebuying become unaffordable in two years?” (2-1-16)

“With the right economic conditions, in two years, home affordability could get close to the same level seen before the financial crisis, making it difficult for people to afford a home.”

Mortgage Bankers Association – “Remarks by MBA President David H. Stevens During MBA’s 26th Annual Commercial Real Estate Finance/Multifamily Housing (CREF) Convention & Expo” (2-1-16)

“David H. Stevens, CMB, President and CEO of the Mortgage Bankers Association (MBA) today delivered the following remarks at the association’s 26th Annual Commercial/Real Estate Finance/Multifamily Housing (CREF) Convention & Expo.”

Mortgage Professional America – “Morning Briefing: Urban homes outpacing suburbs in most major metros” (2-1-16)

“Most top-tier metros are seeing urban homes outpacing those in the suburbs according to a new report from Zillow.  While the American Dream of a home in the suburbs is still maintaining higher prices in many areas, city living is hot in Boston, Washington DC and San Francisco with the mean value of urban homes beating those in suburban areas.”

Housing Wire – “First Tennessee Bank reaches $1.9 million settlement over discriminatory lending” (2-1-16)

“For the second time in just over six months, First Tennessee Bank, the regional bank for First Horizon National, is settling with the federal government over allegations that it violated U.S. lending laws.”

Mortgage Professional America – “Fraud, defective loans declining” (2-1-16)

“The housing market is improving and fraud is declining – a trend one economist says will continue.  The First American Loan Application Defect Index, which measures defects, fraud and misrepresentation in the information submitted in mortgage applications, has fallen drastically.”

DS News“The Hawkeye Hustle: Iowa Votes Tonight But Why No Housing Or Homeownership Talk?” (2-1-16)

“The quest for the White House begins Monday night in Iowa with the first caucus of the 2016 presidential election as candidates Hillary Clinton, Donald Trump, Ted Cruz, and Bernie Sanders, Marco Rubio, and a handful of others, try to secure the presidential nomination from their respective political party in Iowa when voting begins at 7 p.m. central time.”

Housing Wire – “Here are the hottest top 20 housing markets for the start of 2016” (2-1-16)

“Although homebuying in January followed the seasonal trend, with fewer homes on the market and slow sales movement, the housing market is expected to pick up heading into the spring homebuying season.”

 

Hard Money Loan Closed

Los Angeles, California hard money loan closed. Real estate investor received loan for $215,000 on this single family property appraised for $322,000.

Los Angeles Hard Money Loan closed by the Norris Group

 

California Real Estate Investor Events

Bruce Norris will be presenting his newest talk Stay Put, Cash Out, Or Change Seats? with Orange County FIBI on Tuesday, February 2.

Bruce Norris will be presenting his newest talk Stay Put, Cash Out, Or Change Seats? with SDIC FIBI on Thursday, February 4.

Bruce Norris will be presenting Cashing in on a Boom: Investing in Quadrant 4 with Bruce Norris in Riverside on Saturday, February 6.

 

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.







MERS Experiences Victory this Week

Friday, January 29th, 2016

Sources:

Black Knight: Home prices maintain trend, move higher
Led by Housing, Economy Suffers Slight Setback to End 2015

 

Today’s News Synopsis:

 

Aaron Norris of the Norris Group gives the news of the week in the world of real estate in this week’s Norris Group real estate headline roundup.  MERs saw a victory this week in being allowed to act as mortgagee.  Despite over 3 million people receiving mortgage modifications through HARP since it began in 2009, many feel more secure and are choosing to leave the program.  More and more originators are having a more optimistic outlook on the economy for the coming year.

 

In The News:

DS New – “Getting Out of the Game: Many Borrowers are Exiting HARP” (1-29-16)

“Approximately 3.4 million homeowners have received mortgage modifications through the government’s Home Affordable Refinance Program (HARP) since the program’s inception in 2009.”

Housing Wire – “Walter Investment’s Ditech buys part of Residential Credit Solutions” (1-29-16)

“In another signal that the default mortgage business is shrinking, Walter Investment Management Corp. announced Friday that it acquired “certain assets” of Residential Credit Solutionsa Ft. Worth, Texas-based mortgage servicing company, specializes in servicing delinquent or default loans and so-called “credit-sensitive” residential mortgage loans, where the borrower is at high risk for default.”

Los Angeles Times – “Apartment builders woo the wealthy with over-the-top services” (1-29-16)

“During the height of last decade’s housing boom in Los Angeles, developers drew up plans to place luxury condos on top of hotels. The pitch was not only the posh digs, but the hotel services wealthy owners would enjoy without having to leave the comforts of their living room.”

DS News“Will Buy-to-Rent Strategy Continue Gaining Momentum in SFR Space?” (1-29-16)

“The newest business feature of the single-family rental market is comprised of large investors—backed by private equity—that use a buy-to-rent (B2R) strategy, but how does this size up compared to traditional, professionally-manged apartment complexes and will these businesses last?”

Mortgage Professional America – “Exclusive: Economist bullish on 2016” (1-29-16)

“Originators have reason for optimism this year, according to one economist who is forecasting strong business prospects.”

Mortgage Professional America – “Morning Briefing: New builds hit 8-year high” (1-29-16)

“Business was down in at the end of last year but it may be on its way up – at least according to one industry veteran.  “January is usually a slower time but it’s been very good this year,” Roger Steur, senior loan officer with Principal Mortgage, told Mortgage Professional America.”

DS News“MERS Emerges Triumphant” (1-29-16)

“The legal right of Mortgage Electronic Registration Systems (MERS) to act as mortgagee has been repeatedly challenged in the last few years, and MERS has repeatedly emerged victorious in court.”

 

 

Hard Money Loan Closed

Whittier, California hard money loan closed. Real estate investor received loan for $283,000 on this single family property appraised for $420,000.

Whittier Hard Money Loan closed by the Norris Group

 

California Real Estate Investor Events

Bruce Norris will be presenting his newest talk Stay Put, Cash Out, Or Change Seats? with Orange County FIBI on Tuesday, February 2.

Bruce Norris will be presenting his newest talk Stay Put, Cash Out, Or Change Seats? with SDIC FIBI on Thursday, February 4.

Bruce Norris will be presenting Cashing in on a Boom: Investing in Quadrant 4 with Bruce Norris in Riverside on Saturday, February 6.

Image copyright source: www.flickr.com/photos/sercasey

 

Looking Back:

Mortgage rates took a turn this week by showing signs of increase with 30-year rates being at 3.66% and 15-year rates at 2.98%.  Unemployment claims decreased the previous week to their lowest in 15 years at 265,000. Homeownership was at its lowest in 20 years, having decreased to 64%.

 

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.


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Underwater Homes See Decrease at End of 2015

Thursday, January 28th, 2016

Today’s News Synopsis:

 

Freddie Mac reported mortgage rates decreased for the fourth week in a row with 30-year rates now at 3.79% and 15-year rates at 3.07%.  Pending home sales did increase, but less than expected by only 0.1%.  Underwater homes also saw a decrease at the end of 2015, coming in at 11.5% according to RealtyTrac.

 

In The News:

DS News – “Non-Foreclosure Solution Totals Are Piling Up” (1-27-16)

“While foreclosure continue to steadily decline, the number of foreclosure alternatives completed is adding up, and the industry completed another 99,000 foreclosure prevention actions in November 2015, according to data released by HOPE NOW on Wednesday.”

Mortgage Professional America – “Morning Briefing: Drop in underwater properties says RealtyTrac” (1-28-16)

“The proportion of seriously underwater properties was 11.5 per cent at the end of 2015 according to new data from RealtyTrac, a drop from the previous year.”

Housing Wire – “Freddie Mac: Mortgage rates drop four consecutive weeks” (1-28-16)

“Mortgage rates once again moved lower amid continuous market turmoil, the latest Freddie Mac Primary Mortgage Market Survey said.”

Mortgage Professional America – “Fed reveals potential future rate direction” (1-28-16)

“The Federal Reserve kept U.S. interest rates unchanged Wednesday, but hinted at potential future policy.  The central bank hinted at future rate changes in its economic policy announcement.”

Bloomberg – “Pending Sales of Existing Homes in U.S. Rise Less Than Forecast” (1-28-16)

“Contracts to purchase previously owned U.S. homes rose less than forecast in December, indicating more tempered progress in residential real estate early this year.”

Mortgage Professional America – “Record housing costs at three U.S. cities” (1-28-16)

“Three U.S. cities—namely, Dallas, TX; Denver, CO; and Portland, OR—are now at record-breaking highs, according to the results of a recent survey.”

DS News – “Ocwen and the City of Milwaukee Combine to Fight Effects of Foreclosure” (1-28-16)

“Ocwen Financial Corporation and the City of Milwaukee have announced an initiative to provide substantial assistance to homeowners in Milwaukee who want to keep and repair their homes, according to an announcement from Ocwen.”

Mortgage Professional America – “Companies keying on customer relationships” (1-28-16)

“Companies are creating specialized divisions and handpicking qualified people to lead their customer relationship business, understanding that the new battleground for client loyalty is being fought and won here.”

 

Hard Money Loan Closed

Compton hard money loan closed. Real estate investor received loan for $210,000 on this single family property appraised for $337,000.

Compton Hard Money Loan closed by the Norris Group

 

California Real Estate Investor Events

Bruce Norris will be presenting his newest talk Stay Put, Cash Out, Or Change Seats? with Orange County FIBI on Tuesday, February 2.

Bruce Norris will be presenting his newest talk Stay Put, Cash Out, Or Change Seats? with SDIC FIBI on Thursday, February 4.

Bruce Norris will be presenting Cashing in on a Boom: Investing in Quadrant 4 with Bruce Norris in Riverside on Saturday, February 6.

Image copyright source: www.flickr.com/photos/tgerus

 

Looking Back:

In an update from Mel Watt’s meeting before the Congress, he stated he was in support of 3% down mortgage payments as well as increased access to credit.  The Mortgage Bankers Association reported mortgage applications decreased 3.2% from the previous week.  More and more homeowners were choosing to live in suburban neighborhoods.

 

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.