Know Before You Owe Rule Will Not Go Into Effect Until October

 

 

Today’s News Synopsis:

 

Today is a big day for foreclosures and delinquencies.  Delinquencies are showing signs of increase as more Americans are struggling to make interest payments on HELOCs.  At the same time, HOPE NOW reported solutions for non-foreclosures have outweighed foreclosure completions.  A new piece of legislation was proposed by Senator Bob Menendez to help homeowners struggling with being underwater to not have to face foreclosure.  In another big story, the Know Before You Owe Rule that was supposed to go into effect this August has now been pushed to early October.

 

In The News:

Housing Wire“TransUnion: 1.5M hit by mortgage crisis can re-enter housing market in next 3 years” (6-17-15)

“More than 1.5 million homebuyers negatively impacted by the financial crisis could potentially re-enter the mortgage market in the next three years, according to a new study from TransUnion.”

Mortgage Bankers Association – “Mortgage Applications Decrease in Latest MBA Weekly Survey” (6-17-15)

“Mortgage applications decreased 5.5 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending June 12, 2015.”

Mortgage Professional America – “Second round of delinquencies hits home” (6-17-15)

“Many Americans who have only had to pay interest on HELOCs taken out ten years ago are set to struggle with massive upticks in monthly payments, and delinquencies are already increasing as a result.”

Housing Wire “Fannie Mae: More mortgage lenders feeling positive on purchase demand” (6-17-15)

“Mortgage lenders remain optimistic about purchase mortgage demand and their profit margin during the next three months, according to Fannie Mae’s second quarter 2015 Mortgage Lender Sentiment Survey.”

DS News – “Non-Foreclosure Solutions Continue to Outpace Completions Five to One” (6-17-15)

“Non-foreclosure solutions continued to outpace completed foreclosures by a rate of approximately five to one in April while serious delinquencies continued their steady decline, according to data released on Wednesday by HOPE NOW, an industry-created private sector alliance of mortgage servicers, investors, counselors, and other mortgage market participants.”

Housing Wire – “FOMC: Federal fund rate remains unchanged, on track for 2015 increase” (6-17-15)

“The Federal Open Market Committee choose to keep the current 0 to 1/4 percent target range for the federal funds rate in its June meeting, the FOMC announced Wednesday.”

Mortgage Professional America – “TRID effective date pushed back to October” (6-17-15)

“The Consumer Financial Protection Bureau has announced it will delay the effective date of the Know Before You Owe rule.  “We made this decision to correct an administrative error that we just discovered in meeting the requirements under federal law, which would have delayed the effective date of the rule by two weeks,” said CFPB Director Richard Cordray.”

DS News – “Senator Proposes Legislation to Help Underwater Borrowers Avoid Foreclosure” (6-17-15)

“U.S. Senator Bob Menendez (D-New Jersey) has proposed legislation that will help underwater homeowners avoid foreclosure and remain in their homes, according to an announcement on Menendez’s website.”

Bruce Norris of The Norris Group will be speaking at Discover How to Create A $100,000 Payday Per Deal in 2015 – LAREIC on Tuesday, July 14.

Bruce Norris of The Norris Group will be having its Property Buying Bootcamp Tuesday, July 21 to Thursday, July 23.

Bruce Norris of The Norris Group will be presenting the 8th annual I Survived Real Estate 2015 on Friday, October 16.

 

Looking Back:

Since its inception in 2007, HOPE NOW had given loan modifications to almost 7.02 million homeowners.  Housing starts for both single and multi-family homes decreased 6.5% the prior month.  The latest S&P Dow Jones Indices showed the national default rate decreased the prior month and was at 1.04$, its lowest in 8 years.

Copyright: Image from www.flickr.com/photos/notionscapital/

 

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.

 

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