California Real Estate Headline Roundup

Posts Tagged ‘Richard Cordray’

By Bruce Norris .

$50 Million Robo-Signing Settlement Reached with JP Morgan

Wednesday, March 4th, 2015

 

Today’s News Synopsis:

The Mortgage Bankers Association reported mortgage applications increased only slightly from last week by 0.1%.  New data from the Census Bureau showed homeownership rates were at their lowest in 20 years in 2014.  JP Morgan Chase just reached a settlement of $50 million regarding robo-signing.

In The News:

Housing Wire“Mortgage applications hold the line” (3-4-15)

“Mortgage applications increased 0.1% from one week earlier, according to data from the Mortgage Bankers Association’s Weekly Mortgage Applications Survey for the week ending February 27, 2015.”

Mortgage Professional America - “Homeownership rates at lowest level since 1994″ (3-4-15)

“Homeownership rates in 2014 were the lowest they have been in over 20 years, according to new information released by the U.S. Census Bureau.  In the Midwest, homeownership rates were highest at 68.3% and lowest in the West at 58.6%.”

OC Housing News“Would eliminating the GSEs doom the 30-year mortgage?” (3-4-15)

“Most people recognize the GSEs should be eliminated because their implied government backing is now explicit. These entities are not private entities, although many private investors would like them to be so they could profit off the government guarantee.”

Housing Wire“At long last: ING completes exit from disastrous US business ventures” (3-4-15)

“With the sale of 45.6 million shares of Voya Financial (VOYA), ING Group (ING) announced Wednesday that its exit from the U.S. retirement, investment and insurance business is complete.”

DS News“Nationwide Title Clearing Hires New VP of Marketing” (3-4-15)

“Post-closing services provider Nationwide Title Clearing, Inc. (NTC) has announced the hiring of Gina Morales, APR, as VP of Marketing.  In her new position with NTC, Morales will be responsible for creating and implementing effective integrated marketing and public relations programs regarding NTC’s mission to protect homeowners and preserve land records.”

Mortgage Professional America - “JP Morgan to pay $50M in ‘robo-signing’ settlement” (3-4-15)

“JP Morgan Chase & Co. has reached a $50 million settlement with regulators over accusations the bank robo-signed mortgage documents to bankruptcy courts across the country.”

Housing Wire“Early soundings suggest slowing job creating in February” (3-4-15)

“The official employment situation report for February will come out on Friday, but in the meantime two early metrics suggest job creation slowed in February.  ADP sees slowing for Friday’s February payrolls, estimating that private payrolls rose 212,000 which is 8,000 below consensus for the ADP report.”

Mortgage Professional America - “Congress grills CFPB director” (3-4-15)

“As much as Consumer Financial Protection Bureau (CFPB) Director Richard Cordray tried to used his most recent semi-annual report to Congress to boast about recent achievements of the bureau in the mortgage industry, Republicans appeared not pleased.”

DS News“Report: Citigroup Preparing to Pay $20 Million to Overlooked Victims of Foreclosure Violations” (3-4-15)

“Citigroup is preparing to pay approximately $20 million to thousands of homeowners who were eligible to receive compensation as part of the Independent Foreclosure Settlement reached between the government and 10 mortgage servicers two years ago over loan servicing and foreclosure procedure violations, according to media reports.”

 

San Diego, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $275,000 on a 4 bedroom, 2 bathroom home appraised for $425,000.

San Diego Hard Money Loan closed by the Norris Group

 

California Real Estate Investor Events

Bruce Norris of The Norris Group will be holding his Norris Group Property Buying Bootcamp Tuesday, March 3 through Thursday, March 5.

Bruce Norris of The Norris Group will be speaking at LA South REIA presenting How to create a $100,000 Payday Per Deal in 2015 on Monday, March 9.

Bruce Norris of The Norris Group will be speaking at NORCAL REIA presenting How to create a $100,000 Payday Per Deal in 2015 on Wednesday, March 11.

 

Looking Back:

The Mortgage Bankers Association reported commercial and multifamily delinquency rates decreased 0.01 percentage points to 0.05% in the fourth quarter.  Another bank closed in Pennsylvania, putting the number of bank closures for 2014 at 5.  HUD secretary Shaun Donovan had just released the newest proposed budget for 2015.

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.

Copyright: Image from www.flickr.com/photos/dragonflyeye/

 

 

It’s Expected Real Estate Crowdfunding Will Increase To Over $2.5 Billion This Year

Tuesday, March 3rd, 2015

 

Today’s News Synopsis:

Home prices increased almost 6% in January according to CoreLogic’s latest Home Price Index.  The Mortgage Bankers Association reported a continued decrease in commercial/multifamily delinquencies to 5.11%.  It is believed real estate crowdfunding will see an increase this year over $2.5 billion.

In The News:

Housing Wire“CoreLogic: Home prices gain nearly 6%” (3-3-15)

“CoreLogics January Home Price Index reports that home prices nationwide, including distressed sales, increased 5.7% in January 2015 compared to January 2014.”

Mortgage Professional America - “FHFA puts new rules on non-performing GSE mortgages” (3-3-15)

“The Federal Housing Finance Agency (FHFA) has enhanced requirements for sales of non-performing loans (NPLs) by Freddie Mac and Fannie Mae (the Enterprises).”

Mortgage Bankers Association - “Commercial/Multifamily Delinquencies Continue Decline” (3-3-15)

“Delinquency rates for commercial and multifamily mortgage loans continued to decline in the fourth quarter of 2014, according to the Mortgage Bankers Association’s (MBA) Commercial/Multifamily Delinquency Report.”

DS News“Ocwen Agrees to Sell Agency MSR Portfolio Worth $45 Billion” (3-3-15)

“Ocwen Financial has signed a letter of intent to sell the mortgage servicing rights for $45 billion worth of Agency performing loans, according to an announcement on Ocwen’s web site late Monday night.”

Bloomberg“Real Estate Crowdfunding Seen Topping $2.5 Billion in ’15″ (3-3-15)

“Crowdfunding for real estate is likely to jump to $2.57 billion worldwide this year, two and a half times the total in 2014, as more people become comfortable with the investing model, research company Massolution said.”

Housing Wire“CFPB Director Cordray talks HMDA exemptions and more” (3-3-15)

“Consumer Financial Protection Bureau Director Richard Cordray will appear before the House Financial Services Committee today at 2:30 p.m. ET for his semi-annual report to Congress, but here’s a preview of his opening remarks, unedited.”

Mortgage Professional America - “Google may launch U.S. mortgage comparison tool” (3-3-15)

“In late 2012, Google launched its mortgage comparison tool via Compare in the U.K. and now, it appears the search giant is bringing it stateside.  Compare is aimed at helping users find deals on mortgages, credit cards, auto insurance and travel.”

DS News“JPMorgan Chase Settles for $50 Million With DOJ Over Robo-Signing, Other Violations” (3-3-15)

“JPMorgan Chase Bank has agreed to pay more than $50 million to more than 25,000 homeowners in bankruptcy as part of a settlement with the Department of Justice’s U.S. Trustee Program (USTP), according to an announcement from the DOJ on Tuesday.”

 

San Pedro, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $480,000 on a 8 bedroom, 4 bathroom home appraised for $742,000.

San Pedro Hard Money Loan closed by the Norris Group

 

California Real Estate Investor Events

Bruce Norris of The Norris Group will be holding his Norris Group Property Buying Bootcamp Tuesday, March 3 through Thursday, March 5.

Bruce Norris of The Norris Group will be speaking at Coldwell Banker’s  2015 Real Estate Forecast Wednesday, March 4.

Bruce Norris of The Norris Group will be speaking at LA South REIA presenting How to create a $100,000 Payday Per Deal in 2015 on Monday, March 9.

 

Looking Back:

Another bank closed in Virginia, bringing the new total for closed banks in 2014 to four.  The percentage of homeowners underwater was below 20%, the lowest in several years according to Zillow.  The most recent report from Keefe, Bruyette & Woods showed residential loans decreased by $10.2 billion the week ending February 19, a bad start for the first quarter.

 

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.

Copyright: Image from www.flickr.com/photos/lendingmemo/

 

 

Morgan Stanley Reaches Settlement of $95 Million over Mortgage-Backed Securities

Wednesday, September 10th, 2014

 

 

 

 

Today’s News Synopsis:

Morgan Stanley has just reached a settlement and has agreed to pay $95 million to cover mortgage-backed securities sold under false pretenses.  Mortgage applications decreased 7.2% last week according to the latest survey released by the Mortgage Bankers Association.  U.S. Representative Maxine Waters has proposed changes be made to the way consumer payments and debts are reported to the credit bureaus.

In The News:

Housing Wire“Waters proposes sweeping credit reporting reforms” (9-10-14)

“The ranking democrat on the House Financial Services Committee wants to fundamentally change the rules on how lenders report consumer payments and debts to the credit bureaus, which could create a path to homeownership for millions of Americans currently shut out by mortgage lending restrictions.”

DS News - “CFPB Director Tells Senate His Bureau Has Made ‘Considerable Progress’” (9-10-14)

“In testifying before the Senate Committee on Banking, Housing, and Urban Affairs earlier this week, Consumer Financial Protection Bureau (CFPB) Director Richard Cordray said the CFPB had made “considerable progress” toward its goal of protecting consumers since the passage of the Dodd-Frank Reform Act in 2010.”

OC Housing News“Only bankers benefit from recent home price inflation” (9-10-14)

“What good came from the recent house price reflation rally? Did it stimulate the economy? No. Did it put millions of unemployed construction workers back to work. No. Did it stimulate housing sales? No. politicians and the federal reserve promised economic expansion and acceleration; however, so far these great benefits from higher home prices remain elusive.”

Los Angeles“FHA is urged to reform loan sale program” (9-10-14)

“A program designed to help prop up the Federal Housing Administration is short-changing borrowers and neighborhoods hard-hit by foreclosures, community groups said as they took to the streets to push for changes.”

Mortgage Professional America - “Originators speak out on lenders — the good and the bad” (9-10-14)

“MPA recently closed our first ever Originators on Lenders survey, where we asked you to let us know what your lenders were doing right – and what they were doing wrong.”

DS News“Morgan Stanley Settles MBS Suit for $95 Million” (9-10-14)

“Morgan Stanley has agreed to pay $95 million to settle a lawsuit alleging that the New York City-based financial services giant misled investors in mortgage-backed securities prior to the financial crisis of 2008, according to New York federal court papers.”

Housing Wire“Freddie Mac’s second high-LTV risk-sharing bond prices tight” (9-10-14)

“Freddie Mac announced that it has priced its second high loan-to-value ratio credit risk sharing transaction under its Structured Agency Credit Risk platform.”

Mortgage Bankers Association - “Mortgage Applications Decrease in Latest MBA Weekly Survey” (9-10-14)

“Mortgage applications decreased 7.2 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending September 5, 2014.  This week’s results included an adjustment for the Labor Day holiday.”

 

Hard Money Loan Closed

Los Angeles, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $242,000 on a 3 bedroom, 1 bathroom home appraised for $375,000.

Riverside Hard Money Loan closed by the Norris Group

 

California Real Estate Investor Events

Bruce Norris of The Norris Group will be speaking at the SRC YPN Lunch & Learn on Tuesday, September 16, 2014.

Bruce Norris of The Norris Group will be presenting Secrets To Becoming Wealthy with Robert Hall and Associates on Tuesday, September 16, 2014.

Bruce Norris of The Norris Group will be presenting his California Real Estate Market Update with Paramount Club Market on Wednesday, September 17, 2014.

Bruce Norris of The Norris Group will be presenting Secrets To Becoming Wealthy with InvestClub for Women on Wednesday, September 17, 2014.

Bruce Norris of The Norris Group will be presenting Secrets To Becoming Wealthy with InvestClub for Women in Cerritos on Thursday, September 18, 2014.

 

Looking Back:

In a positive report, CoreLogic reported over 2 million comes were coming back up from underwater and were in a state of positive equity.  Clear Capital reported that despite mini housing bubbles occurring, the housing market was still in good condition and there was not a danger of another big bubble occurring.  With the decreasing interest rates, more jobs were being cut, especially at banks such as Bank of America.

 

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.

218,000 New Jobs Added This Month

Thursday, July 31st, 2014

Today’s News Synopsis:

Foreclosures decreased 35% year-over-year and now stand at 648,000, down from 1 million.  218,000 new jobs were added this month according to the latest ADP National Employment Report.  In an update on an earlier story, Richard Cordray spoke before the House Financial Services Committee  yesterday telling them they are doing what they can to make improvements to the work environment and employee review processes.

In The News:

Housing Wire - “CoreLogic: Foreclosure inventory tumbles 35%” (7-31-14)

“The national foreclosure inventory is down 35% from a year ago, with approximately 648,000 homes in some stage of foreclosure, compared to 1 million a year ago, CoreLogic’s latest June National Foreclosure Report found.”

DS News“Job Market Adds 218,000 Jobs in July” (7-31-14)

“The ADP National Employment Report for July 2014 shows that job growth continued throughout the month in yet another step along the way to full economic recovery.”

OC Housing News“Shiller: housing faces “turning point” as seasonally adjusted prices fall in May” (7-31-14)

“When a housing market reaches a top, it’s usually preceded by an unexpected drop in sales during the prime selling season. In June of 2006, sales fell off a cliff, and prices soon followed, and in July of 2010 after expiration of the tax credits, sales again suddenly collapsed, and home prices fell for another 18 months.”

DS News - “Cordray Responds to Allegations of Discrimination at the CFPB” (7-31-14)

“Following allegations of racial and gender discrimination at the Consumer Financial Protection Bureau (CFPB), the bureau’s director, Richard Cordray spoke before the House Financial Services Committee Wednesday. Cordray said the bureau is working to improve the working environment and review processes for its employees.”

Mortgage Professional America - “BOA ups settlement offer to $14bn, government still balks” (7-31-14)

“Bank of America wants to be done with government probes. The bank significantly upped its settlement offer to resolve a Justice Department probe over mortgage-backed securities, but the two sides still haven’t reached an agreement.”

DS News“SIGTARP Calls for Changes to HAMP” (7-31-14)

“The office of the Special Investigator General for TARP (SIGTARP) released its quarterly report on the progress and status of the Troubled Asset Relief Program.”

Los Angeles Times - “Freddie Mac: Mortgage rates hold steady; 30-year averaging 4.12%” (7-31-14)

“Mortgage rates are moving fast in one direction this summer — sideways.  Freddie Mac’s weekly survey, out Thursday, showed the average rate for a 30-year fixed-rate home loan was 4.12%, practically unchanged from last week’s 4.13%.”

Mortgage Bankers Association - “Commercial/Multifamily Borrowing Remains on Pace with Last Year” (7-31-14)

“According to the Mortgage Bankers Association’s (MBA) Quarterly Survey of Commercial/Multifamily Mortgage Bankers Originations, second quarter 2014 commercial and multifamily mortgage loan originations were two percent lower than during the same period last year, but 34 percent higher than the first quarter of 2014.”

 

Bruce Norris of The Norris Group will be presenting Secrets To Becoming Wealthy with LAREIC on Tuesday, August 12, 2014.

Bruce Norris of The Norris Group will be holding his Property Buying Boot Camp Tuesday-Thursday, August 19-21.

Bruce Norris of The Norris Group will be presenting Secrets To Becoming Wealthy with the InvestClub for Women on Wednesday, September 17, 2014.

 

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.

Pending and New Home Sales Decrease Month-Over Month

Monday, July 28th, 2014

 

Today’s News Synopsis:

Pending home sales decreased 1.1% month-over-month according to the latest figures from the National Association of Realtors.  At the same time, sales of new homes decreased drastically in June.  Richard Cordray of the CFPB is scheduled to testify before the House Oversight and Investigations Subcommittee regarding discrimination allegations.

In The News:

Housing Wire - “S&P: Prime jumbo RMBS advance rates nose-dive” (7-28-14)

“The advance rate for prime jumbo residential mortgage-backed securitizations fell sharply in the last few months, according to a new report from Standard & Poor’s Rating Services.”

DS News“Fannie Mae Forecasts Slowdown in Growth for Remainder of 2014″ (7-28-14)

“Despite an anticipated pickup in economic growth and housing recovery in the second half of this year, Fannie Mae expects the economy to grow at just 1.5 percent overall this year.”

Los Angeles Times - “Zillow to buy Trulia, creating real estate website behemoth” (7-28-14)

“The nation’s two biggest real estate listing websites announced Monday that they’re joining forces..”

Bloomberg“Pending Sales of U.S. Existing Homes Unexpectedly Decrease” (7-28-14)

“Fewer Americans than forecast signed contracts to buy previously owned homes in June, a sign residential real estate is struggling to strengthen.  The index of pending home sales declined 1.1 percent from the month before after rising 6 percent in May, figures from the National Association of Realtors showed today in Washington.”

Housing Wire - “10 cities that got back up after the recession, and 10 still on the canvas” (7-28-14)

“Everyone’s favorite great municipal failure is Detroit, that virtual third world poster child for so many things that have gone horribly wrong in America.”

DS News“Cordray to Testify Regarding Allegations of Discrimination at CFPB” (7-28-14)

“As part of its continuing effort to address nagging allegations of discrimination and subsequent backlash against whistleblowers at the Consumer Financial Protection Bureau (CFPB), the House Oversight and Investigations Subcommittee will on Wednesday hear testimony from CFPB director Richard Cordray.”

Bloomberg - “Mortgage Investors Doubts Appear in Rally of Risky Notes” (7-28-14)

“Investors who piled into bets on some risky types of U.S. mortgage bonds are showing signs of doubt that the notes will extend their rally.  Bondholders last week sought to sell the most government-backed mortgage derivatives known as interest-only securities and inverse IOs through auctions in four months, according to Empirasign Strategies LLC, which tracks securitization trading.  ”

OC Housing News“New home sales plummet in June 2014″ (7-28-14)

“This wasn’t supposed to happen. Reflating the housing bubble was supposed to lift distressed loanowners above water, stimulate building (and construction employment), and create “escape velocity” in the housing market.”

Housing Wire - “DBRS: CFPB rules, tighter credit driving down mortgage originations” (7-28-14)

“Federal regulations, coupled with a general shift from refinance to purchase activities, have resulted in historically low volumes of mortgage loan originations and organic servicing growth, even though home prices have continued to rebound and delinquency and foreclosure rates are at their lowest levels in years.”

 

Bruce Norris of The Norris Group will be presenting Secrets To Becoming Wealthy with the Manfredi Group on Tuesday, July 29, 2014.

Bruce Norris of The Norris Group will be presenting Secrets To Becoming Wealthy with LAREIC on Tuesday, August 12, 2014.

Bruce Norris of The Norris Group will be speaking at the CMLS 2014 – Learning the In-and-Outs of Real Estate Forecasting From September 24-September 27, 2014.

 

 

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.

Mortgage Purchase Demand Remains Flat

Wednesday, July 23rd, 2014

 

Today’s News Synopsis:

Mortgage applications increased 2.4% from last week according to the latest survey by the Mortgage Bankers Association.  The latest Fitch Ratings showed positive numbers for the upcoming year with housing starts expected to increase 9.5% and multifamily volume to increase 12%.  Mortgage purchase demand is still slow, having barely increased last week and has remained almost the same year-over-year.

In The News:

DS News“Consumers Would Change Lifestyle to Avoid Default” (7-23-14)

“It doesn’t take a financial catastrophe in the housing market to put consumers in danger. Epic meltdown or loss of work, hardship is hardship, and people often have to make tough decisions about how much they can afford and how much they can save on housing.”

Mortgage Professional America“Community bankers: CFPB must modify QM rule” (7-23-14)

“Community bankers are urging the Consumer Financial Protection Bureau to revise the current qualified mortgage rule.  In a letter to CFPB Director Richard Cordray, the Independent Community Bankers of America say that the rule must be revised to ensure that community banks can continue to serve local mortgage markets without being crushed by compliance costs.”

Bloomberg“Home-Rentals Wall Street Made Say Grow or Go: Real Estate” (7-23-14)

“The U.S. home-rental industry, transformed over the past two years by Wall Street-backed companies that were built on the rubble of the housing crash, is poised to be reshaped again as landlords like Philips get out.”

Housing Wire - “CFPB, FTC file 9 lawsuits against deceptive foreclosure firms” (7-23-14)

“The Consumer Financial Protection Bureau, the Federal Trade Commission and 15 states are filings 9 lawsuits against companies and individuals that collected more than $25 million in illegal advance fees with false promises to prevent foreclosures.”

DS News“Fitch Projects Positive Economic Growth in 2015″ (7-23-14)

“Encouraging economic statistics of late are pushing U.S. Housing toward more pronounced growth in 2015, according to the lates version of the “Chalk Line” released by Fitch Ratings on Tuesday.”

Bloomberg - “Money Funds Get New Restrictions Aimed at Preventing Runs” (7-23-14)

“The riskiest money-market mutual funds will be required to abandon their stable, $1-share value and allow their prices to float under rules adopted by the U.S. Securities and Exchange Commission.”

Inman“Demand for purchase mortgages still lagging” (7-23-14)

“Appetite for purchase mortgages stayed flat last week, clocking in well below the same week a year ago as costlier mortgage insurance and tight credit continued to hamper demand.”

Mortgage Bankers Association - “Mortgage Applications Increase in Latest MBA Weekly Survey” (7-23-14)

“Mortgage applications increased 2.4 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending July 18, 2014.”

 

Bruce Norris of The Norris Group will be presenting Secrets To Becoming Wealthy with the Manfredi Group on Tuesday, July 29, 2014.

Bruce Norris of The Norris Group will be presenting Secrets To Becoming Wealthy with LAREIC on Tuesday, August 12, 2014.

Bruce Norris of The Norris Group will be speaking at the CMLS 2014 – Learning the In-and-Outs of Real Estate Forecasting From September 24-September 27, 2014.

Looking Back:

Home prices increased again in May by 7.3% year-over-year and 0.7% month-over-month.  The latest Fitch Ratings showed an expected continued growth of the housing market with a 7.5% increase in existing home sales and 24% in new home sales.  However, Congress planned to cut the budgets for several affordable housing programs, which could deter a recovery in the housing market.

 

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.

Richard Cordray Appears Before House Financial Services Committee

Thursday, June 19th, 2014

 

Today’s News Synopsis:

It is expected that new and existing home sales will decrease 4.1% to 5.28 million homes this year, the first drop in four years.  Housing continues to remain affordable despite an increase in home prices.  Richard Cordray of the CFPB appeared before the House Financial Services Committee to answer several questions regarding everything from discrimination allegations and concerns about accountability.

In The News:

Bloomberg“U.S. Home Sales Seen Dropping First Time in Four Years” (6-19-14)

“Sales of new and existing homes in the U.S. will fall in 2014 for the first time in four years, the Mortgage Bankers Association said in a forecast today.”

DS News“Despite Rising Home Prices, Housing ‘Still Very Affordable’” (6-19-14)

“ProTeck Valuation Services released its May Home Value Forecast (HVF), which detailed affordability indexes for Houston and Miami.”

Housing Wire - “Ellie Mae origination report shows uptick in closure rate” (6-19-14)

“Ellie Mae’s Origination Insight Report for May 2014 has been revised to include analysis of VA loans — private mortgages which are backed by the Department of Veterans Affairs — and expanded Federal Housing Administration and conventional loan data.”

DS News - “CFPB Director Fields Questions from House Committee” (6-19-14)

“A week after appearing before the Senate Banking Committee, Consumer Financial Protection Bureau (CFPB) Director Richard Cordray traveled back up the hill again to review the bureau’s semi-annual report and take questions from the House Financial Services Committee.”

Mortgage Professional America - “Taper will cause gradual rise in rates throughout 2014 – Freddie Mac” (6-19-14)

“Freddie Mac is predicting a gradual rise in fixed mortgage rates in response to the Federal Reserve’s continuing reduction in its bond buys.”

Housing Wire - “FHA warns lenders on deceptive reverse mortgage practices” (6-19-14)

“The Federal Housing Administration continues trying to refine its policies and procedures on Home Equity Conversion Mortgages for lenders, the goal of which is to ensure more vulnerable senior borrowers aren’t confused or mislead in the loan process.”

DS News - “Mortgage Rates Remain Steady After Fed Meeting” (6-19-14)

“Just as the Federal Reserve stuck to its course on bond purchases this week, mortgage rates too remained more or less steady, measures show.”

NAHB - “Justin MacDonald Elected as Chairman of NAHB Multifamily Council” (6-19-14)

“The National Association of Home Builders (NAHB) announced that T. Justin MacDonald of Kerrville, Texas, has been elected as chairman of the NAHB Multifamily Council.”

 

Hard Money Loan Closed

Riverside, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $152,000 on a 4 bedroom, 2 bathroom home appraised for $235,000.

Riverside Hard Money Loan closed by the Norris Group

 

Bruce Norris of The Norris Group will be speaking at the Cutting-Edge Financial Tactics Brunch in Costa Mesa on Saturday, June 21, 2014.

Bruce Norris of The Norris Group will be presenting his big event The Millionaire Maker in Costa Mesa Friday-Sunday, July 18-20, 2014.

 

Looking Back:

Mortgage applications decreased in the latest Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey by 3.3%.  Standard & Poor’s reported residential mortgage-backed securities increased and were at their highest since 2007.  Inventory levels showed positive signs with the increase in housing starts.

 

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.

Government Exiting and Cash Dominating Mortgage Industry?

Monday, April 21st, 2014


Today’s News Synopsis:

Mortgage-backed securities totaling $3.5 billion were issued by Fannie Mae in the first quarter of 2014.  More and more homeowners are choosing to use all cash to finance their homes according to a recent survey by the Campbell/Inside Mortgage Finance.  Representative John K. Delaney recently announced his plans to change housing finance by reducing the government’s part in setting prices for mortgage finance.  

In The News:

Bloomberg - “Property-Tax Collections Rising at Fastest Pace Since U.S. Crash” (4-20-14)

“Property-tax collections are rising at the fastest pace since the U.S. housing market crash sent government revenue plunging, helping end an era of local budget cuts.”

Housing Wire - “Rep. Delany: Time to end government’s role in setting prices of mortgage finance” (4-21-14)

“In January,  U.S. Rep. John K. Delaney, D-Md., announced a plan for housing finance reform.  Partnering with fellow representatives John Carney, D-Del., and Jim Himes, D-Conn., the Delaney-Carney-Himes proposal calls for the use of private sector market forces to price risk while providing the security of a government guarantee behind the program.”

DS News - “RMBS Prepays Approaching Post-Crisis Low” (4-21-14)

“According to Fitch Ratings’ latest quarterly index, prepayment rates among U.S. residential mortgage-backed securities (RMBS) have declined to the lowest levels of the post-crisis era.”

Mortgage Professional America - “CFPB to hold public closing forum” (4-21-14)

“The Consumer Financial Protection Bureau will hold a mortgage forum Wednesday in Washington, D.C.  The forum will be on the mortgage closing process and will feature remarks from CFPB Director Richard Cordray.”

Housing Wire - “Lawsky wants answers about Ocwen, Altisource and Hubzu” (4-21-14)

“Things are heating up in the conflict between New York’s top bank regulator and Ocwen Financial Services (OCN), the nonbank that’s become a lightning rod for regulatory intervention in the fast-growing nonbank MSR segment.”

DS News - “All-Cash Financing Increases; Buyers Avoid Red Tape” (4-21-14)

“A survey of real estate agents released Monday finds a growing number of homeowners have turned to all-cash financing in order to avoid the red tape that comes with mortgage lending.”

Bloomberg - “Airbnb NYC Rentals 60 Percent Illegal, State Claims” (4-21-14)

“The majority of Airbnb Inc. rentals recently offered in New York City appeared to be illegal, the state attorney general’s office said amid a probe of whether the home-sharing service is complying with the law and collecting taxes.”

DS News - “Fannie Mae Issued $3.5 Billion of MBS in Q1 2014″ (4-21-14)

“Fannie Mae issued approximately $3.5 billion of multifamily mortgage-backed securities (MBS) in the first quarter of 2014, the company said in a press release Monday. The securities are backed by new multifamily loans delivered by the company’s lenders.”

 

Hard Money Loan Closed

Temecula, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $270,000 on a 3 bedroom, 3 bathroom home appraised for $387,000.

Temecula Hard Money Loan closed by the Norris Group

 

Bruce Norris of The Norris Group will be speaking in Washington D.C. for the MBA’s Single-Family Rental Finance Summit TOMORROW, April 22, 2014.

Bruce Norris of The Norris Group will be speaking at the 2014 Real Estate Market Forecast in Ontario on Wednesday, April 23, 2014.

Bruce Norris of The Norris Group will be presenting the Real Estate Market Update with AOA in Long Beach on Thursday, May 15, 2014.

 

 

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 2/27/14

Thursday, February 27th, 2014


Today’s News Synopsis:

Fixed mortgage rates increased again for the fourth week in a row with 30-year rates now at 4.37%  and 15-year rates at 3.39%.  Bank of America is facing an investigation by the U.S. Attorney’s Office over their participation in the FHA’s Direct Endorsement Program.  The Treasury Department will receive $10.4 billion from Freddie Mac next month as a return for helping bail them out back in 2008.

In The News:

Housing Wire - “Bank earnings are booming, but there’s a big problem” (2-26-14)

“Commercial banks and savings institutions insured by the Federal Deposit Insurance Corp. posted the 17th quarterly increase since 2009 due to an $8.1 billion decline in loan-loss provisions in the fourth quarter of 2013.”

Mortgage Professional America - “BOA facing mortgage probe” (2-27-14)

“Bank of America is facing a federal probe into its participation in a government housing program.  The U.S. Attorney’s Office is investigating the lender’s compliance with the requirements of the Federal Housing Administration’s Direct Endorsement Program, according to a Reuters report.”

DS News“CFPB Director Calls for Increased Financial Literacy” (2-27-14)

“For Richard Cordray, the equation is simple: In the Land of the Free and the home of the free market, American citizens should be as informed about and capable of self-governance in their personal finances as they are in the democratic process, especially when it comes to borrowing for a mortgage.”

CNN Money“She’s back! Yellen testifies before the Senate” (2-27-14)

“The last time Janet Yellen testified before lawmakers, stocks rallied.  Now, she’s back.  The head of the Federal Reserve is testifying before the Senate Banking Committee on Thursday. Originally scheduled for two weeks ago, the hearing was postponed due to a snow storm in Washington.”

Housing Wire - “Ocwen Financial profits slightly under estimates” (2-27-14)

“Ocwen Financial Corp. (OCN) remains highly profitable, posting a net income of $105 million, or 74 cents per share, and revenue of $556 million in the fourth quarter.”

Bloomberg - “Freddie Mac Will Pay U.S. $10.4 Billion on Quarterly Profit” (2-27-14)

“Freddie Mac (FMCC), the U.S.-owned mortgage financier, will return $10.4 billion to the Treasury Department next month, bringing total payments to about $10 billion above what it got in aid after the 2008 credit crisis.”

Mortgage Professional America - “Fixed rates edge up for 4th week” (2-27-14)

“Fixed mortgage rates edged up this week for the fourth consecutive week while adjustable rates fell, according to data released today by Freddie Mac.”

Housing Wire- “Are foreclosures finally receding from the high-water mark?” (2-27-14)

“There were 48,000 completed foreclosures nationally in January, down from 59,000 in January 2013, a year-over-year decrease of 19%, but up 11.8% from the 43,000 reported in December 2013.”

Bloomberg - “S&P Says Too Soon to Give Rental-Home Securities Top AAA Grades” (2-27-14)

“New securities backed by U.S. rental homes don’t meet the criteria for the highest credit grade, Standard & Poor’s said, going against at least three rivals.”

Hard Money Loan Closed

Riverside, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $215,000 on a 3 bedroom, 2 bathroom home appraised for $310,000.

Riverside Hard Money Loan closed by the Norris Group

 

Bruce Norris of The Norris Group will be giving a California Real Estate Market update with IVAR on Wednesday, March 5, 2014.

Bruce Norris of The Norris Group will be presenting his newest talk Secrets to Becoming Wealthy with NorcalREIA on Wednesday, March 12, 2014.

Bruce Norris of The Norris Group will be presenting his newest talk Secrets to Becoming Wealthy with OCREIA on Thursday, March 13, 2014.

 

Looking Back:

The Mortgage Bankers Association reported mortgage applications decreased 3.8% from the previous week.  Pending homes sales increased 4.5% the previous month to their highest level in almost 3 years.  Federal Reserve chairman Ben Bernanke spoke to the House Committee regarding changes to QRM standards and other issues with housing.

 

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 9/12/13

Thursday, September 12th, 2013

Today’s News Synopsis:

The Mortgage Bankers Association reported mortgage applications decreased by 13.5% from last week.  Mortgage rates did not show much signs of change with 30-year rates remaining at 4.57% and 15-year rates at 3.59%.  Unemployment claims also dropped to 292,000, their lowest in over 7 years.


In The News:

Mortgage Bankers Association- “Mortgage Applications Decrease in Latest MBA Weekly Survey” (9-11-13)

“Mortgage applications decreased 13.5 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending September 6, 2013.”

CNN Money“Foreclosure crisis is drawing to a close” (9-12-13)

“The number of new foreclosure filings in August hit its lowest level in nearly eight years, according to RealtyTrac, an online marketer of foreclosed properties.”

Housing Wire“Mortgage rates remain steady on uncertain jobs data” (9-12-13)

Mortgage rates remained unchanged this past week as mixed jobs data created some uncertainty about housing and the economy, Freddie Mac reported Thursday.”

DS News“First-Time Jobless Claims Falls to 7 1/2-Year Low” (9-12-13)

“First-time claims for unemployment insurance for the week ending September 7 plunged 31,000 to 292,000, the lowest level since March 2006, the Labor Department reported Thursday.”

Bloomberg“Housing-Finance Plan Pushed for U.S. Senate Panel Vote This Year” (9-12-13)

“The U.S. Senate Banking Committee’s Democratic chairman and its top Republican said the panel will advance housing-finance legislation by the end of the year.”

Housing Wire“Policymakers go head-to-head with CFPB director” (9-12-13)

“Representatives took turns firing off questions to Consumer Financial Protection Bureau director Richard Cordray, amid fears that the mortgage market is not properly equipped to handle the implementation of the qualified mortgage rule and the qualified residential mortgage standard in 2014.”

DS News“Regulations Expected to Squeeze Industry and Consumers” (9-12-13)

“Everyone agrees: The mortgage industry is about to become more expensive and more restrictive for lenders and borrowers.”

Bloomberg“Pessimism deepens over budget standoff” (9-12-13)

“Budget experts are worried: The chances of a government shutdown and a harrowing ride to raising the debt limit have gone up in the past few weeks.”

Hard Money Loan Closed

Corona, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $215,000 on a 2 bedroom, 2 bathroom home appraised for $310,000.

 

Bruce Norris will be presenting InvestClub for Women Poised to Pop on Tuesday, September 17, 2013.

Bruce Norris will be presenting InvestClub for Women Poised to Pop in Orange County on Wednesday, September 18, 2013.

Bruce Norris will be presenting Robert Hall & Associates Poised to Pop on Thursday, September 19, 2013

On Friday, October 18, Bruce Norris will be presenting the 6th annual I Survived Real Estate.

Looking Back:

In a big news story, CoreLogic reported increasing home prices were bringing more and more underwater borrowers out of debt.  Mortgage applications increased the previous week by 11.1% according to the Mortgage Bankers Association.  The Federal Housing Administration Fiscal Solvency Act was passed by the House, a bill that would increase funding for the FHA.

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.