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.”
“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.”
Hard Money Loan Closed
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.
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.
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.
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