California Real Estate Headline Roundup

Posts Tagged ‘Weekly Mortgage Applications Survey’

By Bruce Norris .

CFPB Makes Final Decision Regarding Providing Lists of Homeownership Counseling Organizations

Wednesday, April 15th, 2015

 

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.”

DS News - “Housing Advocates Ask Regulators to Investigate Possible Pro-Foreclosure Campaigns” (4-15-15)

“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.”

DS News“Fed Reports ‘Steady to Improving’ Residential Real Estate Activity in Most Districts” (4-15-15)

“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.

Looking Back:

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.

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.

 


 

More Millennials Opting to Purchase Homes Due to Increases in Rents

Wednesday, March 25th, 2015

 

Today’s News Synopsis:

More and more millennials are opting to purchase houses as opposed to renting with the increases in rental prices.  The Mortgage Bankers Association reported mortgage applications increased 9.5% in the last week.  Freddie Mac released a list of the top 5 metropolitan areas that are showing signs of improvement.

In The News:

Bloomberg“Rising Rents Are Finally Forcing Millennials to Buy Houses” (3-25-15)

“Americans in their 20s and early 30s are getting a nudge toward homeownership a decade after sales peaked during the housing bubble. It’s not their nagging parents. It’s rents. They’ve risen so much that buying is making more sense.”

Housing Wire - “Nationstar drops 10% in early trading after $500M public offering” (3-25-15)

“Nationstar Mortgage (NSM) investors aren’t happy about its offering of 17.5 million of common stock – the mortgage nonbank is down close to 10% in morning trading after it announced yesterday common stock offering for gross proceeds of approximately $500 million.”

Mortgage Professional America“Banks push to be excluded from Dodd-Frank Act” (3-25-15)

“Since Republicans gained control over Congress last year, mortgage professionals have been vying for a change to one of the industry’s biggest regulations—the Dodd-Frank Act.  Now, a coalition of 10 banks have come together to make the pitch that they should not be held to all regulatory restrictions in Dodd-Frank.”

Housing Wire“House marking up key mortgage, regulatory reform bills” (3-25-15)

“A hard slog of a markup day continues Wednesday into early afternoon as the House Financial Services Committee moves ahead with the often tedious work of marking up 11 key regulatory relief bills, of which several could have a big impact on mortgage lending and mortgage finance.”

Mortgage Bankers Association - “Mortgage Applications Increase in Latest MBA Weekly Survey” (3-25-15)

“Mortgage applications increased 9.5 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending March 20, 2015.”

Housing Wire - “Freddie Mac: Here are the 5 top improving metro markets for housing” (3-25-15)

“As the weather warms up so should the housing market, according to the January report from Freddie Mac. A harsh winter put a damper on housing, with the updated Multi-Indicator Market Index falling to 74.6, indicating a weak housing market overall and showing a slight decline (-0.20%) from December to January and 3-month decline of (-0.37%).”

OC Housing News“China’s real estate plunge accelerates” (3-25-15)

“The Chinese government and central bankers ran a Ponzi scheme to accelerate real estate development to help China catch up to the rest of the world.  Unfortunately, since it was a Ponzi scheme, they couldn’t figure out a way to unwind it without devastating their economy, so they kept putting more and more money into it, hoping desperately that it would work itself out.”

Housing Wire“Fannie Mae to list risk-sharing bonds on Irish Stock Exchange” (3-25-15)

“European investors seeking to buy into the U.S. mortgage market will now have that opportunity, after Fannie Mae announced that it plans to list all of its outstanding risk-sharing mortgage bonds on the Irish Stock Exchange.”

 

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.

 

Looking Back:

In a big news story, Edward Demarco stepped down as acting director of the FHFA after almost six years in office.  The latest S&P/Case-Shiller Index showed home prices increased 13.2% in January in 20 cities in the U.S.  The HARP program, which originally turned many away, helped refinance almost 370,000 investment properties and was drawing more consumers.

 

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/itupictures/ and www.flickr.com/photos/pagedooley/


 

Analysts Scratching Heads Over Drastic Decrease in Housing Starts Last Month

Wednesday, March 18th, 2015

 

 

Today’s News Synopsis:

Housing starts dropped drastically in February, leaving analysts scratching their heads and speculating it may have been a decrease in labor.  The Mortgage Bankers Association reported a 3.9% decrease in mortgage applications from last week.  Billions of dollars are being given to nonprofit company NeighborWorks America to help bring relief to Americans, however it is appears the process the organization is utilizing is very disorganized and disorderly.

In The News:

Mortgage Bankers Association - “Mortgage Applications Decrease in Latest MBA Weekly Survey” (3-18-15)

“Mortgage applications decreased 3.9 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending March 13, 2015.”

Housing Wire - “Did housing starts nose dive because of a labor shortage?” (3-18-15)

“Housing analysts are still trying to figure out why housing starts nose-dived in February.  Privately owned housing starts in February plummeted 17%, down to an annualized 897,000 from the revised January estimate of 1,081,000, with drops in the Northeast, Midwest and West leading the collapse.”

Bloomberg“The Nonprofit Behind Billions in Mortgage Aid Is a Mess” (3-18-15)

“Hoping to deliver relief to Americans pounded by the financial crisis, the government has poured billions of dollars into a sort of Red Cross for homeowners.  NeighborWorks America, a nonprofit chartered by Congress, distributes much of that money to counseling groups that dispense mortgage advice and sometimes financial aid.”

Mortgage Professional America - “JPMortgan to acquire $45B of troubled company’s servicing rights” (3-18-15)

“In early March, Ocwen Financial Corp. had said it was on track to sell the servicing rights for mortgages with a balance of $55 billion. The firm had previously announced that it had sold almost $10 billion of those rights to Nationstar, but it didn’t identify who was acquiring the other $45 billion.”

DS News - “Auction.com and Five Star Institute Pledge Support to Operation Homefront and Veteran Home Donation Program” (3-18-15)

“The Five Star Institute President and CEO Ed Delgado announced earlier today at the Five Star Government Forum in Washington, D.C., that the Institute would be partnering with the nation’s leading online real estate marketplace, Irvine, California-based Auction.com, and national nonprofit Operation Homefront in support of a home donation program that provides mortgage-free homes to veterans.”

Mortgage Professional America“Daily Market Update: Housing affordability creates challenge for employers” (3-18-15)

“Employers are struggling to hire from out-of-town in some U.S. markets due to the high cost of housing. New York is particularly problematic and it’s prompting some people to live in illegally cramped shares.”

Housing Wire“Mortgage lenders want regulatory relief” (3-18-15)

“Mortgage lenders and others told the House Financial Services Subcommittee on Financial Institutions and Consumer Credit that the mortgage industry needs regulatory relief, or else borrowers – especially lower income and minority borrowers – will continue to be left out.”

DS News“DhanInfo Expands Further With $1 Million State-of-the-Art Office” (3-18-15)

“India-based IT firm DhanInfo followed up last October’s move into a new office complex in Nagpur that can house up to 600 employees with more expansion in order to meet the mortgage industry’s growing demand for reputable, reliable, and accurate property preservation and data processing outsourcing and Internet marketing.”

 

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.

 

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/photojonny/

 

 

Increase in HUD Budget Should Help Guarantee Americans a Home

Wednesday, March 11th, 2015

 

 

Today’s News Synopsis:

In a recent ruling by the Supreme Court, loan officers can now be eligible to work full-time and be paid overtime.  In his latest speech before the U.S. Senate Banking Committee, HUD Secetary Julian Castro said changes and increased to HUD’s budget should benefit more Americans by helping them guarantee owning a home.  The Mortgage Bankers Association reported a 1.3% decrease in mortgage applications from last week.

In The News:

Housing Wire“CMLA: Time to reduce the FHFA g-fees, mortgage insurance” (3-11-15)

“The Community Mortgage Lenders of America wants the Federal Housing Finance Agency to lower the costs of mortgages by cutting g-fees.  The trade association says it’s time for FHFA Director Mel Watt to exercise his authority and have Freddie Mac and Fannie Mae lower the guaranty fees and loan level fees they levy.”

DS News“Legislation to Extend Tax Relief to Distressed Homeowners Currently in House, Senate Committees” (3-11-15)

“Two similar pieces of legislation introduced last month in the House and Senate that would extend tax relief to homeowners who are underwater on their mortgage loans have been referred to committees and are waiting to be heard.”

OC Housing News“Can the federal reserve identify and prevent financial bubbles?” (3-11-15)

“Financial manias are costly to society because they divert scarce resources away from productive ends toward wasteful enterprises that consume resources without creating any real value. If we could identify asset bubbles and eliminate them before they started, our economy would more efficiently allocate the resources available.”

Housing Wire“Financial conditions little changed in first week of March” (3-11-15)

“The National Financial Conditions Index ticked down to –0.73 in the week ending March 6.  The risk, credit, and leverage subindexes decreased slightly from the previous week, while the nonfinancial leverage subindex was unchanged.”

Mortgage Bankers Association - “Mortgage Applications Decrease in Latest MBA Weekly Survey” (3-11-15)

“Mortgage applications decreased 1.3 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending March 6, 2015.”

Mortgage Professional America“Supreme Court rules mortgage loan officers are now eligible for overtime” (3-11-15)

“The U.S. Supreme Court ruled this week that mortgage loan officers are now eligible to a 40-hour work week and overtime pay.  The decision itself reversed a 2006 decision by the Department of Labor that changed loan officers to exempt status.”

DS News - “Castro: HUD Budget Increase Will Help More Americans Achieve Homeownership” (3-11-15)

“U.S. Department of Housing and Urban Development (HUD) Secretary Julián Castro testified in front of the U.S. Senate Committee on Appropriations today regarding the HUD budget for the 2016 fiscal year, emphasizing the new budget will be used to help more Americans secure a home. The proposed budget would increase $4 billion from last year to a total of $49.3 billion. HUD’s budget proposes more than $21 billion for the Housing Choice Voucher Program, which Secretary Castro said would extend support to more than 2.4 million low-income families.”

Housing Wire“3 signals that the Fed is about to raise interest rates” (3-11-15)

“A new white paper from a Boston attorney who represents several clients in the housing economy in New England suggests that an interest rate hike may come later in 2015 than most think, and it may not be a net negative for several segments in the industry.”

 

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

Bruce Norris of The Norris Group will be speaking at OCREIA presenting How to create a $100,000 Payday Per Deal in 2015 on Thursday, March 12.

Bruce Norris of The Norris Group will be speaking at the 2015 Women in DS Conference from Sunday-Tuesday, May 3-5.

 

Looking Back:

The amount of mortgage credit available increased slightly the previous month by 0.44% to 113.5, up from 113.0 in January.  The Wells Fargo Economics Group released a report showing that jobs decreased in January by 31,600, the largest month-over-month decrease in five years.  Due to the decreasing availability of real estate acquisition margins, more investors were choosing to purchase non-performing loans.

 

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/106574022@N04/


 

$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/

 

 

Housing Reform a Bigger Issue Now with GSE’s Low Profits

Wednesday, February 25th, 2015

 

Today’s News Synopsis:

New home sales continue to hold high at six years with 481,000 properties being purchased last month and having increased by 21% since last July.  Mortgage delinquencies decreased again in the fourth quarter by a rate of 5.68%.  Fannie Mae and Freddie Mac both posted decreasing profits recently, raising more awareness of additional housing finance reform.

In The News:

Mortgage Bankers Association“Mortgage Applications Decrease in Latest MBA Weekly Survey” (2-25-15)

“Mortgage applications decreased 3.5 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending February 20, 2015.”

Mortgage Professional America“Wall Street companies close to reaching major deal with U.S. regulators” (2-25-15)

“Morgan Stanley and Goldman Sachs Group Inc. are close to reaching a deal with federal litigators regarding allegations the two Wall Street companies mislead investors in mortgage bonds that decreased in value during the economic downturn.”

Bloomberg“Purchases of New Homes in U.S. Hold Near Six-Year High: Economy” (2-25-15)

“New-home sales in January held close to the fastest pace in more than six years, consistent with slow and steady progress that’s been the hallmark of the U.S. housing market since early 2012.  Americans purchased 481,000 properties at an annualized rate last month, little changed from the 482,000 pace in December that was the strongest since June 2008, Commerce Department data showed Wednesday in Washington. Since a lull in July, sales of new homes have climbed 21 percent.”

DS News“Foreclosure Inventory Down Despite Rise in Starts” (2-25-15)

“Foreclosure inventory was way down nationwide year-over-year in January  despite a 5.5 percent month-over-month increase in foreclosure starts, according to Black Knight Financial Services’ First Look at January Mortgage Data.”

Housing Wire“Mortgage Risk Index hits series high in January” (2-25-15)

“At 11.97%, the composite National Mortgage Risk Index for Agency purchase loans, compiled by the AEI’s International Center on Housing Risk, hit a series high in January, up 0.4 percentage point from the average for the prior three months and 0.8 percentage point from a year earlier.”

Mortgage Professional America“Improving home prices push distressed sales to 7-year low” (2-25-15)

“The share of distressed sales in December reached a seven-year low, according to the latest data from CoreLogic.  The data reported distressed sales (REO and short sales) accounted for 12.8% of total home sales nationally in December 2014, a 2.8 percentage point decrease from December 2013, and a 1.2 percentage point decrease from November 2014.”

OC Housing News“FHA wants to allow banks to make more bad loans” (2-25-15)

“At the most basic level, lenders, realtors, and borrowers inflated a housing bubble because they got everything they asked for.  From 2004 to 2006, there were no barriers whatsoever to completely real estate transactions as inventory was abundant, prices were financeable, and buyers were motivated. It was the best of all possible real estate markets.”

Housing Wire - “MBA: Mortgage delinquencies continue decline in 4Q14″ (2-25-15)

“The delinquency rate for mortgage loans on one-to-four-unit residential properties decreased to a seasonally adjusted rate of 5.68% of all loans outstanding at the end of the fourth quarter of 2014.”

Mortgage Professional America“Fannie, Freddie declining profits revive push for housing reform” (2-25-15)

“The recent announcement of the declining profits at Fannie Mae and Freddie Mac is reviving previous efforts made by policymakers pushing Congress to move quickly on advancing housing finance reform.”

 

Hard Money Loan Closed

San Bernardino, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $315,000 on a 10 bedroom, 10 bathroom home appraised for $487,000.

San Bernardino 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:

In order to sell off their REO properties, Fannie Mae and Freddie Mac allowed both real estate agents and homebuyers accest to limited-time incentives established through two separate programs.  Despite new QM guidelines put in place by the CFPB, risk continued to remain high for mortgages.  Katie Reynolds Johnson was chosen as the new general counsel for the National Association of Realtors.

 

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/

 

 

FHA in Talks to Cut Down on Penalties for Mortgage Application Mistakes

Wednesday, February 11th, 2015

 

 

Today’s News Synopsis:

The Mortgage Bankers Assocation reported a 9% decrease in mortgage applications from last week.  Overall home sales are showing promising increases in various cities with pending sales up 6.2%, closed sales at 4.5%, median sales prices at 4.1%, and active inventory at 17.9%.  FHA officials are in talks to cut down on penalties for mortgage application mistakes in an attempt to increase credit.

In The News:

NAHB - “Boomerang Millennials A Promising Sign for Housing” (2-10-15)

“A recent study of “Boomerang Millennials” who move out of their parents’ home only to move back in may have important implications for this key demographic and what it means for the housing market.”

Mortgage Professional America - “Daily Market Update: Home sales show promise in some cities” (2-11-15)

“Steady sales gains reported for Washington, D.C.  Home sales in Washington, D.C., saw a steady increase in January according to a report from RealEstate Business Intelligence.”

DS News - “Castro Optimistic About Future MMI Fund Growth, Defends Lowering of Premiums” (2-11-15)

“In his first time to testify before Congress since being named HUD Secretary last July, Julián Castro on Wednesday defended the decision to lower FHA mortgage insurance premiums and predicted that the agency’s Mutual Mortgage Insurance Fund would exceed the required 2 percent ratio within two years.”

OC Housing News“China’s real estate bubble inflates California commercial values” (2-11-15)

“Is the influx of Chinese money is based on sustainable fundamental factors? I don’t think so. In my opinion, this is hot money escaping an inflated and collapsing market, subject to the policy whims of an unpredictable totalitarian government.”

Mortgage Bankers Association“Mortgage Applications Decrease in Latest MBA Weekly Survey” (2-11-15)

“ Mortgage applications decreased 9.0 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending February 6, 2015.”

Mortgage Professional America - “FHA looks to lessen mortgage mistake punishments” (2-11-15)

“In an effort to expand credit, Federal Housing Administration (FHA) officials are discussing easing up on the harsh penalties given to lenders that make mistakes on mortgage applications.”

DS News - “Megabank Makes Bid to Have Two FHFA Suits Over RMBS Dismissed” (2-11-15)

“Attorneys for New York-based megabank Morgan Stanley made a motion in the New York Supreme Court Tuesday to have two lawsuits filed by the Federal Housing Finance Agency (FHFA) accusing the bank of failing to buy back $2.5 billion worth of faulty residential mortgage-backed securities, according to media reports.”

Mortgage Professional America“More borrowers are putting more down” (2-11-15)

“According to a recent report released by LendingTree, down payment percentages for conventional 30-year, fixed-rate purchase mortgages increased in the fourth quarter to an average of 17.59%, up from 16.01% a year ago”

 

Bruce Norris of The Norris Group will be speaking at AOA San Diego presenting How to create a $100,000 Payday Per Deal in 2015 on Thursday, February 19.

Bruce Norris of The Norris Group will be presenting the  2015 Annual TNG Subscriber Investor Brunch on Saturday, February 21.

Bruce Norris of The Norris Group will be speaking at AOA Anaheim presenting How to create a $100,000 Payday Per Deal in 2015 on Tuesday, February 24.

 

Looking Back:

This day was a big day for mortgages.  The latest report from Zillow showed mortgage rates increased again with 30-year rates at 4.13% and 15-year rates at 3.13%.  In addition, consumer confidence in regards to obtaining mortgage credit was at an all-time high as more consumers felt confident they would have easier access to mortgage credit.  Finally, the amount of mortgage credit available increased in January by 1.85% month-over-month.

 

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/hectoralejandro/

Mel Watt supportive of 3% Down Mortgage Payments

Wednesday, January 28th, 2015

 

 

Today’s News Synopsis:

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

In The News:

DS News“Mortgage Risk Rises, Causing Concerns Over Expansion of Credit Access” (1-27-15)

“The market for federally insured home purchase mortgages grew riskier in December, garnering worry from analysts concerned about the government’s recent efforts to expand mortgage access.”

Mortgage Professional America“More people are moving to suburbia” (1-28-15)

“Although home prices are rising faster in urban neighborhoods, population is growing faster in suburban neighborhoods.  Consumer preferences and the aging of the population are tailwinds for suburban growth; so are falling oil prices if they stay low long-term, according to Trulia.”

Mortgage Bankers Association“Mortgage Applications Decrease in Latest MBA Weekly Survey” (1-28-15)

“Mortgage applications decreased 3.2 percent from one week earlier,according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending  January 23, 2015.”

Bloomberg“Fed Stays Patient on Rates Amid Strong Job Gains, Low Inflation” (1-28-15)

“The Federal Reserve maintained its pledge to be “patient” on raising interest rates and boosted its assessment of the economy and labor market, even as it expects inflation to decline further.”

Housing Wire - “Moody’s: FHA premium cut will increase home sales by 45,000 this year” (1-28-15)

“In the weeks since the Obama administration announced that it was directing the Federal Housing Administration to reduce annual mortgage insurance premiums by 50 basis points, from 1.35% to 0.85%, housing industry observers have each begun to share their prognostications about what the real impact of the FHA’s action will be.”

Mortgage Professional America“Watts defends 3% down payment mortgages” (1-28-15)

“Mel Watt, the director of the Federal Housing Finance Agency (FHFA), defended his efforts to expand credit access as overseer of Fannie Mae and Freddie Mac in a heated, four-hour hearing before Congress Tuesday.”

DS News - “Foreclosure Prevention Effort Exceeds 18,000 in North Carolina” (1-28-15)

“More than 18,000 homeowners in North Carolina have saved their homes as a result of a statewide foreclosure prevention effort, according to a release from the North Carolina Housing Finance Agency (NCHFA).”

OC Housing News - “Are Orange County homebuilders over-supplying the market?” (1-28-15)

“Homebuilding usually leads the economy out of recession. The Great Recession did not end with a building boom largely because of overbuilding during the housing bubble.  A false price signal triggered excessive homebuilding, and it took five years to work off the inventories.”

 

Bruce Norris of The Norris Group will be presenting his newest talk 2015: Proceed with Caution on Saturday, January 31.

Bruce Norris of The Norris Group will be speaking at OC FIBI presenting How to create a $100,000 Payday Per Deal in 2015 on Tuesday, February 3.

Bruce Norris of The Norris Group will be speaking at SDIC FIBI presenting How to create a $100,000 Payday Per Deal in 2015 on Thursday, February 5.

 

Looking Back:

Both the Standard and Poors and Case-Shiller indices indicated home prices increased by over 13% year-over-year, although month-over-month they decreased slightly by 0.1%.  U.S. loan delinquencies increased slightly by 0.26% month-over-month, although year-over-year they decreased by 9.85%.  Fixed-rate mortgage were becoming less popular with the increase in interest rates, leading to adjustable-rate mortgages gaining more popularity.

 

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/119599301@N02/

Housing Starts Exceed Expectations for Fourth Straight Month

Wednesday, January 21st, 2015

 

 

Today’s News Synopsis:

The Mortgage Bankers Association reported an increase in mortgage applications by 14.2%.  Housing starts increased 4.5% month-over-month and exceeded expectations for the fourth straight month.  Demand for multifamily homes is expected to stay strong this year with the increase in demand according to the latest NAHB report.

In The News:

Housing Wire“Housing starts up but permits post lowest growth since mid-2011″ (1-21-15)

“Building permits dropped for the second month in a row, down 1.9% in December and missing expectations of a 0.6% rise. Permits posted a year-over-year increase of just 1%, the weakest growth since mid-2011.”

Bloomberg“One-Family Home Gain Brightens U.S. Housing Outlook: Economy” (1-21-15)

“Builders broke ground in December on the most single-family homes in almost seven years, propelling an unexpectedly large gain in U.S. housing starts that signals construction will contribute more to economic growth in 2015.”

NAHB - “Multifamily Housing Set to Remain Strong in 2015 as Demand from Renters Continues” (1-21-15)

“The multifamily market has had strong demand in recent years and is set to remain that way in 2015 despite certain headwinds that could affect the industry, said panelists during a press conference at the National Association of Home Builders (NAHB) International Builders’ Show (IBS) in Las Vegas.”

Mortgage Bankers Association“Mortgage Applications Increase in Latest MBA Weekly Survey” (1-21-15)

“Mortgage applications increased 14.2 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending January 16, 2015.”

Housing Wire“President Obama: No more housing initiatives” (1-21-15)

“Concrete housing initiatives were absent from President Obama’s State of the Union speech Tuesday night, although he made several references to the improving economy, and indirectly praised the Consumer Financial Protection Bureau.”

NAHB“55+ Housing Market One of the Most Robust Segments of the Market in 2014, Experts Say” (1-21-15)

“The 55+ housing market fared quite well in 2014, and 2015 should be no different, according to industry experts at a press conference held today at the National Association of Home Builders (NAHB) International Builders’ Show (IBS) in Las Vegas.”

OC Housing News - “Mortgage insurance companies sue former homeowners” (1-21-15)

“Whenever a purchase or refinance transaction amount exceeds 80% of the value of a property, the lender will force the borrower to purchase private mortgage insurance — not for the borrower’s benefit, but for the banks benefit.”

 

Bruce Norris of The Norris Group will be presenting his newest talk 2015: Proceed with Caution on Saturday, January 31.

Bruce Norris of The Norris Group will be speaking at OC FIBI presenting How to create a $100,000 Payday Per Deal in 2015 on Tuesday, February 3.

Bruce Norris of The Norris Group will be speaking at SDIC FIBI presenting How to create a $100,000 Payday Per Deal in 2015 on Thursday, February 5.

 

Looking Back:

The DuPage National Bank in Chicago was recently closed, marking the first bank closure of 2014.  Many in the industry were opposed to the news lending rules put into effect by the CFPB despite their efforts to lower the default and foreclosure risk and make mortgage-lending easier.  Competition was getting fierce with the continued decreases in mortgage originations, community banks being the most competitive.

 

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/greatvalleycenter/

JPMorgan on List of Bidders for Facebook’s Office in Dublin

Wednesday, January 7th, 2015

 

 

Today’s News Synopsis:

The Mortgage Bankers Association reported a 9.1% decrease in mortgage applications from two weeks ago.  President Obama will be speaking in Phoenix tomorrow on the potential lowering of FHA premiums by 50 basis points.  JPMorgan Chase is on the list of bidders to obtain Facebook’s Dublin Office.

In The News:

Housing Wire - “White House may cut FHA premiums 50 bps executive action” (1-7-14)

“President Obama may announce an executive action to lower Federal Housing Administration premiums by as much as 50 basis points during his speech tomorrow in Phoenix, in the run up to his State of the Union address.”

Mortgage Bankers Association - “Mortgage Applications Decreased Over Two Week Period in Latest MBA Weekly Survey” (1-7-14)

“Mortgage applications decreased 9.1 percent from two weeks earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending January 2, 2015.”

Bloomberg“JPMorgan Said to be Bidding for Facebook’s Dublin Office” (1-7-14)

“A JPMorgan Chase & Co. affiliate and Union Investment are among bidders shortlisted to buy Facebook Inc.’s European headquarters buildings in Dublin, a person with knowledge of the matter said.”

Mortgage Professional America“Major bank sets aside $145M for legal expenses” (1-7-14)

“SunTrust Banks announced it will take a $145 million charge against its fourth-quarter earnings for legal expenses related to a federal inquiry into its handling of problem mortgages and foreclosures.”

Housing Wire - “Fed minutes: “Housing sector generally remained slow” (1-7-14)

“While the nation is expanding at a moderate pace, housing continues its slow trudge forward, according to the minutes for the Federal Open Market Committee’s Dec. 16-17 meeting.”

OC Housing News“Bold California housing market predictions for 2015″ (1-7-14)

“Last year Bold California housing market predictions for 2014, was the most widely read post of the whole year. In that post, I made a number of predictions, some good, some bad, but the bold predictions were all outside the consensus.”

Mortgage Professional America“Many say they’re not ready to own, despite improved economy outlook” (1-7-14)

“Americans are becoming more optimistic about the economy, but consumer confidence toward the housing market is lagging, according to results from Fannie Mae’s December 2014 National Housing Survey.”

Housing Wire- “How do borrowers define excellence?” (1-7-14)

“Calling the mortgage process “fun” may be a bit extreme, especially given the complexity. However, is the idea of making the mortgage process enjoyable, or at the very least painless, completely far fetched? Given the results seen in other industries, excellence is a concept that consumers are beginning to understand and relate to.”

 

Bruce Norris of The Norris Group will be speaking at CVREIA presenting How to create a $100,000 Payday Per Deal in 2015 on Wednesday, January 14.

Bruce Norris of The Norris Group will be presenting his newest talk 2015: Proceed with Caution on Saturday, January 31.

Bruce Norris of The Norris Group will be speaking at OC FIBI presenting How to create a $100,000 Payday Per Deal in 2015 on Tuesday, February 3.

 

Looking Back:

The latest CoreLogic reported showed home prices increased 11.8% in November 2013.  The amount of mortgage credit available increased only slightly the previous month by 0.6%, but overall remained relatively the same.  The NAHB reported that more Americans were choosing to build larger and more expensive homes.

 

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/marcopako/ and www.flickr.com/photos/thomashawk/