Today’s News Synopsis:
In The News:
Mortgage Bankers Association – “Mortgage Applications Increase in Latest MBA Weekly Survey” (12-9-15)
“Mortgage applications increased 1.2 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending December 4, 2015. The previous week’s results included an adjustment for the Thanksgiving holiday.”
Mortgage Professional America – “FHA/VA still dominates high-LTV lending” (12-9-15)
“In December, the Data & Analytics division of Black Knight Financial Services looked at high loan-to-value (LTV) products – greater than 95% LTV – in light of the GSEs’ reintroduction of high-LTV products at the end of 2014, coupled with the 50-basis-point reduction in FHA annual mortgage insurance premiums earlier this year.”
Bloomberg – “Wall Street Lending Standards Remind Regulators of Crisis Run-Up” (12-9-15)
“The biggest U.S. banks continue to weaken standards for some of the highest-risk lending in a trend similar to what their examiners saw before the 2008 financial crisis, according to a regulator’s report.”
Housing Wire – “FHA announces 2016 loan limits” (12-9-15)
“The Federal Housing Administration announced its loan limits for 2016, with the loan limits in 188 counties set to increase due to changes in housing prices.”
Mortgage Professional America – “Mortgage profits drop” (12-9-15)
“Fear not originators; profits may be down from last quarter, but they’re up year-over-year according to the Mortgage Bankers Association.”
Housing Wire – “TransUnion: Mortgage market will completely recover next year” (12-9-15)
“The long, steady recovery from the housing crisis and the recession that followed is nearly over, with the consumer lending market, including mortgages, expected to recover completely in 2016, according to a new report from Transunion.”
DS News – “Gap Between Homeowner, Appraiser Opinions Narrows” (12-9-15)
“The average appraisal in November was 1.87 percent lower than the value the homeowner expected, according to the Quicken Loans’ national Home Price Perception Index.”
Bruce Norris will be presenting his newest talk Stay Put, Cash Out, Or Change Seats? with Prosperity Through Real Estate on Tuesday, January 5.
Bruce Norris will be presenting his newest talk Stay Put, Cash Out, Or Change Seats? with CVREIA on Tuesday, January 12.
Bruce Norris will be presenting his newest talk Stay Put, Cash Out, Or Change Seats? with AOA Orange County on Tuesday, January 19.
Image copyright source: www.flickr.com/photos/jakerust
The amount of mortgage credit available increased the previous month by 1.2% according to the latest Mortgage Credit Availability Index. Out of the total amount of homes sold in September 2014, 34.8% of them were cash sales, down from 37.2% year-over-year. A new moratorium for evictions had just been announced by Fannie Mae and Freddie Mac as a way to help those with single-family foreclosed 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.