Policies Regarding Condos to Go Through Changes By FHA


GSEs Announce Lowest Ever Interest Rate on Standard Mortgage Modifications
CoreLogic: Foreclosures continue downward trend in September


Today’s News Synopsis:


Aaron Norris of the Norris Group gives the news of the week in the world of real estate in this week’s Norris Group real estate headline roundup.  The Mortgage Bankers Association reported an 8% decrease last month in new home purchase applications.  Policies regarding condos are set to see changes according to the Federal Housing Adminstration.  Richard Cordray of the CFPB said too many do not understand reverse mortgages and there needs to be more education on the subject.


In The News:

DS News – “‘New’ Severe Delinquencies Tumble to 2009 Level” (11-12-15)

“The percentage of “new” severe delinquent residential mortgages reported for September 2015—that is, the number of severely delinquent loans that were current six months ago—was the lowest of any September since 2009, according to Black Knight Financial Services.”

Mortgage Bankers Association – “Applications for New Home Purchases Decreased in October” (11-13-15)

“The Mortgage Bankers Association (MBA) Builder Application Survey (BAS) data for October 2015 shows mortgage applications for new home purchases decreased by 8 percent relative to the previous month. This change does not include any adjustment for typical seasonal patterns.”

Mortgage Professional America – “Education component needed for reverse mortgages” (11-6-15)

“Reverse mortgages remain popular at home and in the Canadian market as well – but that hasn’t diminished a fundamental misunderstanding on how it works.”

DS News – “LoanDepot Delays IPO at the 11th Hour” (11-13-15)

“On the day before it was set to go public, loanDepot Inc., announced it would delay its initial public offering amid volatile market conditions.”

Mortgage Professional America – “Morning Briefing: FHA condo policy changes announced” (11-13-15)

“The Federal Housing Administration is to make changes to its condo policy. The National Association of Realtors together with the HUD has been pushing for amendments to “over restrictive” existing policy.”



Bruce Norris will be presenting his newest talk Stay Put, Cash Out, Or Change Seats? with SDCIA on Tuesday, December 8.

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.

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Looking Back:

Mortgage rates continued to remain low with 30-year rates at 4.01% and 15-year rates at 3.20%.  The Mortgage Bankers Association reported new home purchase applications increased the previous month 8%.  Home affordability declined in the third quarter at 61.8% according to the NAHB.


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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