Today’s News Synopsis:
A recent report from the Mortgage Bankers Association showed mortgage applications decreased 12.8% from last week. Sales of new homes increased by 25.4% to 444,000 units last October. Five major banks have not met compliance requirements laid down in the National Mortgage Settlement. These banks are Bank of America, Chase, Citigroup, ResCap, and Wells Fargo.
In The News:
NAHB - “New-Home Sales Up Sharply in October” (12-4-13)
“Sales of newly built, single-family homes rose 25.4 percent to a seasonally adjusted annual rate of 444,000 units in October, according to data released today by the U.S. Department of Housing and Urban Development and the U.S. Census Bureau.”
Mortgage Bankers Association - “Mortgage Applications Fall During Holiday-Shortened Week” (12-4-13)
“Mortgage applications decreased 12.8 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending November 29, 2013.”
DS News - “Hudson & Marshall Selected to Auction 150 FDIC Properties” (12-4-13)
“Hudson & Marshall announced Wednesday that it will auction more than 150 single-family properties for theFDIC using a specially tailored version of the company’s online and offline auction process.”
Housing Wire – “Up to $10M in Fannie MSRs up for grabs” (12-4-13)
“The massive off-loading of agency mortgage servicing rights continues, with a new offering of $5 million to $10 million in Fannie Mae MSRs.”
Mortgage Professional America - “Lawmakers blast eminent domain moves” (12-4-13)
“A group of U.S. senators has asked the Department of Housing and Urban Development to use its authority to stall the plans of some cities to use eminent domain to seize underwater mortgages.”
DS News- “Major Servicers Fail Seven Settlement Compliance Tests” (12-4-13)
“The former banking regulator overseeing servicers’ compliance with the National Mortgage Settlement (NMS) has released a summary of the five compliance reports he filed with the federal court in Washington, D.C.—one report for each of the servicers subject to the settlement agreement reached with 49 state attorneys general, HUD, and the U.S. Justice Department: Bank of America, Chase,Citi, ResCap, and Wells Fargo.”
Mortgage Bankers Association - “Independent Mortgage Banker Profits Fell in the Third Quarter of 2013″ (12-4-13)
“Independent mortgage banks and mortgage subsidiaries of chartered banks made an average profit of $743 on each loan they originated in the third quarter of 2013, down from $1,528 per loan in the second quarter, the Mortgage Bankers Association (MBA) reported today in its Quarterly Mortgage Bankers Performance Report.”
Hard Money Loan Closed
Perris, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $110,000 on a 3 bedroom, 2 bathroom home appraised for $170,000.
Bruce Norris of The Norris Group will be at the NSDREI Holiday Christmas Party at Camp Pendleton in San Diego on Sunday, December 8, 2013.
Bruce Norris of The Norris Group will be at the SDCIA Holiday Christmas Party on Tuesday, December 10, 2013.
As part of a Christmas gift, Fannie Mae and Freddie Mac were suspending foreclosures from December 19 through January 2, 2013. Home prices increased 6.3% in October to their highest in 6 years. Trulia reported asking prices for homes increased 3.8% the previous month to their highest since the beginning of the recession.
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.