Today’s News Synopsis:
Profits from independent mortgage banks and subsidiaries was up $747 per loan in 2015, putting the total profit at $1,189. In a surprising story, those of Generation X have actually come in last on the chart for homeownership in the current market. RealtyTrac is putting out a new interface program that will allow more access to property data.
In The News:
DS News – “Gen Xers Shaken from Housing Bust Effects” (4-12-16)
“There is an interruption occurring in the housing market. Homeowership numbers among Generation X have quickly went from first to last due to lingering effects from the housing bust.”
Mortgage Professional America – “Morning Briefing: Housing market healthy says Nationwide” (4-12-16)
“The latest housing market assessment from Nationwide says that overall the US housing market is healthy with major metros looking strong and local housing markets expected to see sustainable expansion in the near term.”
Bloomberg – “Citigroup Said to Stop Securitizing Prosper’s Online Loans” (4-12-16)
“Citigroup Inc. is no longer buying debt from Prosper Marketplace Inc.’s platform to package into bonds, halting a key alliance in the growing market for securities backed by online consumer loans.”
“RealtyTrac, the nation’s leading source for comprehensive housing data, today announced the launch of its enhanced Application Program Interface (API) product featuring streamlined enterprise-level access to its nationwide public record property data for more than 150 million U.S. parcels.”
Housing Wire – “Unsealed government documents may reveal truth about Fannie, Freddie fate” (4-12-16)
“In the years since the federal government modified its conservatorship agreement with Fannie Mae and Freddie Mac to sweep all the profits from the government-sponsored enterprises into the government’s coffers, many observers, including those with a serious financial interest, have questioned whether the so-called “Third Amendment sweep” was even necessary.”
DS News – “Obama, Yellen Meet to Examine the State of the Economy” (4-12-16)
“President Barack Obama and Federal Reserve Chair Janet Yellen met in the Oval Office to discuss the state of the U.S. economy in the midst of slowed growth due to lower consumer spending.”
Mortgage Bankers Association – “Independent Mortgage Banker Profits Up in 2015 Driven by Higher Volume and Larger Loan Balances” (4-12-16)
“Independent mortgage banks and mortgage subsidiaries of chartered banks made an average profit of $1,189 on each loan they originated in 2015, up from $747 per loan in 2014, the Mortgage Bankers Association (MBA) reported today in its Annual Mortgage Bankers Performance Report.”
Housing Wire – “Progressive using HUD NPL sales to disqualify Castro as Democratic VP nominee” (4-12-16)
“For the last several years, Julián Castro’s star rose further and further within the Democratic Party, dating back to his keynote speech at the 2012 Democratic National Convention, which launched the then-mayor of San Antonio onto the national stage as a potential heir to the Democratic throne.”
Mortgage Professional America – “Warren asks CFPB to scrutinize mortgage servicers” (4-12-16)
“Elizabeth Warren is calling for the Consumer Financial Protection Bureau to exercise even more oversight on nonbank mortgage servicers.”
DS News – “HUD’s ‘Wall Street Giveaway’ Draws Ire of Advocates” (4-12-16)
“In recent months, Agency sales of deeply delinquent mortgage loans to private investors have generated considerable objections from both lawmakers and housing advocacy groups, even to the point of a nationwide protest on February 4.”
Hard Money Loan Closed
Bonsall, California hard money loan closed. Real estate investor received loan for $630,000 on this single family property appraised for $975,000.
Bruce Norris will be presenting his newest talk Stay Put, Cash Out, Or Change Seats? with IVAR on Wednesday, May 4.
Bruce Norris will be presenting his newest talk Stay Put, Cash Out, Or Change Seats? with OCRE Forum on Wednesday, May 11.
Bruce Norris will be speaking at the AOA Million Dollar Tradeshow and Landlording Conference 2016 on Thursday, May 19.
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 6 pm on Saturdays or you can listen to over 170 podcasts in our free investor radio archive.