Today’s News Synopsis:
The National Association of Realtors reported existing-home sales increased last month by 1.7% to 5.45 million. A fine dealt to Bank of America totalling $1.27 billion over fraud was overturned by the United States Court of Appeals for the Second Circuit. At the same time, the Supreme Court of Texas ruled in favor of Ocwen over a lawsuit regarding liens.
In The News:
DS News – “What is Driving Risk Higher on First-Time Buyer Loans?” (5-23-16)
“With a greater share of agency first-time buyer home loans comes a greater share of risk involved in those loans. The share of Agency first-time buyer loans surged by 18 percent in April up to 58.8 percent, meaning that 58.8 percent of primary owner-occupied home purchase mortgages with a government guarantee in April were first-time buyers, according to AEI’s International Center on Housing Risk.”
Housing Wire – “Texas Supreme Court hands victory to Ocwen in fight over lien release” (5-23-16)
“Ocwen Loan Servicing secured a major victory in Texas’ highest court recently, when seven of the nine justices on the Texas Supreme Court ruled that the state’s constitution does not give a homeowner the right to repayment of their mortgage loan amount because a lender did not release its lien on the home in the proper timeframe.”
Mortgage Professional America – “Morning Briefing: Existing home sales higher in April” (5-23-16)
“Sales of existing homes increased for the second straight month in April despite the challenges of tight inventory and high prices.”
DS News – “Here’s One Way to Fight Zombie Properties” (5-23-16)
“Local municipalities in the areas hit hardest by the foreclosure crisis have made various attempts through legislation to combat the problem of “zombie properties,” or vacant and abandoned properties in the process of foreclosure.”
Housing Wire – “Appeals Court overturns Bank of America’s $1.27 billion fine in ‘Hustle’ case” (5-23-16)
“The United States Court of Appeals for the Second Circuit handed Bank of America a massive victory, and dealt the Department of Justice a major blow, Monday when it overturned a $1.27 billion penalty against the megabank in a fraud case over defective mortgages sold by Countrywide, as first reported by Reuters.”
Mortgage Professional America – “Are TRID closing delays over?” (5-23-16)
“Loan closing times appear to be stabilizing on the average, according to new data from Ellie Mae. However, some types of loans saw closing times creep up last month.”
DS News – “The Fed’s Plans for ‘Too Big to Fail’ Insurance Companies” (5-23-16)
“When the Dodd-Frank Act came into play, the Federal Reserve took up regulatory responsibilities both for insurance holding companies that own a federally insured bank or thrift and for insurance companies designated as systemically important by the U.S. Financial Stability Oversight Council (FSOC).”
Hard Money Loan Closed
Inglewood, California hard money loan closed. Real estate investor received loan for $115,000 on this single family property appraised for $239,000.
Bruce Norris will be presenting his newest talk Stay Put, Cash Out, Or Change Seats? with FIBI Long Beach on Thursday night, May 26.
Bruce Norris will be speaking at the Southern California Chapter of the Appraisal Institute’s 19th Annual Inland Empire Market Trends on Thursday, June 2.
Bruce Norris will be presenting his newest talk Stay Put, Cash Out, Or Change Seats? with West End Real Estate Professional on Friday, June 3.
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.