Ocwen Financial Required to Pay $30 Million in Fraud Lawsuit

Today’s News Synopsis:

The National Association of Realtors reported existing home sales increased 1.8% last month to their highest since 2007.  Meanwhile, sales of new homes decreased 6% last month to 551,000.  Ocwen Financial has been required to pay $30 million in a settlement regarding fraud.

In The News:

Mortgage Professional America – “Morning Briefing: Existing sales hit 9-year high, median prices at all-time record” (6-23-16)

“Sales of existing homes increased by 1.8 per cent in May, reaching their highest pace in 9 years.  The National Association of Realtors says that all regions saw an increase with the exception of the Midwest.”

Realtor.com – “America’s 20 Hottest Real Estate Markets for June 2016” (6-23-16)

“Wow, it sure did get hot fast this year! Summer has barely unfurled, but the residential real estate market is already delivering the most blistering June in a decade, according to new data on inventory and user activity on realtor.com.”

NAHB – “New Home Sales Fall 6 Percent in May from Strong April Reading” (6-23-16)

“Sales of newly built, single-family homes dropped 6 percent in May from a downwardly revised April reading to a seasonally adjusted annual rate of 551,000 units, according to newly released data by the U.S. Department of Housing and Urban Development and the U.S. Census Bureau.”

DS News – “REO Decline Drives Cash Sales Share Lower” (6-23-16)

“The percentage of residential real estate homes sold in March 2016 that were all-cash transactions was down to about one-third (33 percent), which is a year-over-year decline of 2.4 percentage points, according to data released by CoreLogic on Thursday.”

TheStreet – “Surprise: REITs Aren’t the Best Choice for Real Estate Cash Flow” (6-23-16)

“With well-known real estate investment trust Digital Realty reaching all-time highs, it may surprise investors to learn that REITs may only be the second-best option for those seeking real estate exposure in their portfolios.”

Mortgage Professional America – “Servicing giant to pay $30 million over fraud allegations” (6-23-16)

“Ocwen Financial disclosed today that it will pay $30 million to settle lawsuits that accused it of falsely certifying that it was in compliance with federal rules.”

Housing Wire – “FSOC: Congress must take on housing finance reform” (6-23-16)

“The Financial Stability Oversight Council, which includes the leaders of the government’s top financial regulatory agencies (listed below, in part), believes that it is time for Congress to take on housing finance reform, stating that regulators are “approaching the limits” of their ability to enact housing reforms.”


Hard Money Loan Closed

Rancho Cucamonga, California hard money loan closed. Real estate investor received loan for $220,000 on this single family property appraised for $510,000.

Rancho Cucamonga Hard Money Loan closed by the Norris Group


California Real Estate Investor Events

Bruce Norris will be presenting his newest talk Stay Put, Cash Out, Or Change Seats? with LAREIC on Tuesday, July 12.

Aaron Norris will be presenting his newest talk Marketing Trends and Strategies for Real Estate Pros in 2016 with Pasadena FIBI on Thursday, July 21.

Bruce Norris will be presenting his newest talk Stay Put, Cash Out, Or Change Seats? with InvestClub for Women on Wednesday, September 21.


Looking Back:

The latest data from the Commerce Department showed new home sales increased the previous month by 2.2% to 546,000, their highest since 2008.  Home prices also increased by 0.3% the prior month according to the FHFA.  High-value homeowners were taking a bigger interest in something new: jumbo reverse mortgages.


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.

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