Today’s News Synopsis:
The House passed the Mortgage Choice Act in a 286-140 vote. Mortgage rates increased slightly this past week with 30-year rates now at 3.58% and 15-year rates at 2.87%. Another final decision was also made by the CFPB regarding lender rules for providing lists of homeownership counseling organizations to mortgage applicants.
In The News:
Mortgage Professional America - “House makes decision on points and fees bill” (4-15-15)
“The U.S. House of Representatives passed legislation yesterday that modifies regulations for home mortgages established in the 2010 Dodd Frank Wall Street Reform Act.”
“A group of non-profit housing industry leaders and advocates have written a letter to the top housing regulators in the U.S. asking them to investigate alleged pro-foreclosure campaigns on the part of Wall Street investors.”
Mortgage Bankers Association - “Mortgage Applications Decrease in Latest MBA Weekly Survey” (4-15-15)
“Mortgage applications decreased 2.3 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending April 10, 2015.”
Realty Trac – “On the Sunny Side of the States” (4-15-15)
“Things just got tougher for those confused about which is America’s “Sunshine State.” Though the honor officially belongs to Florida, many assume it is California, and now we see they have good reason.”
Bloomberg – “REIT Mergers Seen Likely to Accelerate as Activism Climbs” (4-15-15)
“Mergers and acquisitions by larger real estate investment trusts will increase, probably approaching four to five a year, after a slowdown since the financial crisis, said Michael Kirby, chairman of research firm Green Street Advisors.”
“In the Federal Reserve’s latest Beige Book released on Wednesday, residential real estate activity was reported to be “steady to improving” across most of the Fed’s 12 districts for mid-February through the end of March despite a minor slowdown in construction due to winter weather.”
Mortgage Professional America - “Daily Market Update: Mortgage rates slightly higher this week” (4-15-15)
“Average rates for 30-year fixed rate mortgages rose in the week to April 14 according to Zillow. Borrowers were quoted rates of 3.58% Tuesday, up 3 basis points from a week earlier.”
Housing Wire - “CFPB issues final rule on providing housing counseling information” (4-15-15)
“The Consumer Financial Protection Bureau issued a final interpretive rule that establishes lenders’ requirements for providing mortgage applicants with a list of local homeownership counseling organizations.”
Bruce Norris of The Norris Group will be speaking at the 2015 Women in DS Conference from Sunday-Tuesday, May 3-5.
Bruce Norris of The Norris Group will be holding his Norris Group Property Buying Bootcamp Tuesday, May 5 through Thursday, May 7
Bruce Norris of The Norris Group will be speaking at the IVAOR Real Estate Market Update on Wednesday, May 6.
Mortgage applications increased 15% according to the latest Builder Application Survey by the Mortgage Bankers Association. Builder confidence increased below expectations to only 47 this month with relatively flat sales and buyer traffic. A recent report by Mortgage Daily showed mergers with banks was actually outpacing bank failures despite their increase in the market.
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