Norris Bruce
Apr 28, 2010

The Norris Group Real Estate News Roundup 4/28/10

Today’s News Synopsis:

The MBA reports mortgage loan application volume decreased 2.9 percent last week. The House Financial Services Committee approved a bill to increase capital reserves in the Federal Housing Administration (FHA) and reduce risks to its insurance fund. Republicans voted against the Restoring American Financial Stability Act of 2010. New HUD regulations require all new lender applicants must hold at least $1 million.

In The News:

California Builder“Selecting the Right Paint Color for Your Home” (4-28-10)

“A successful color scheme is a scheme that is pleasant to live with and reflects the moods and personalities of the people living in it. Creating living areas that allow us to rest and relax are just as important as creating other places that invigorate or stimulate us. Light and color affect our senses. Bedrooms, living rooms and kitchens all serve different needs.”

Mortgage Bankers AssociationPurchase Applications Increase, Refinance Applications Decline in Latest MBA Weekly Survey” (4-28-10)

The Mortgage Bankers Association (MBA) today released its Weekly Mortgage Applications Survey for the week ending April 23, 2010.  The Market Composite Index, a measure of mortgage loan application volume decreased 2.9 percent on a seasonally adjusted basis from one week earlier.  On an unadjusted basis, the Index decreased 1.9 percent compared with the previous week.”

Housing WireHouse Committee Approves Bill to Tighten FHA Approval Standards” (4-28-10)

“The House Financial Services Committee approved a bill to increase capital reserves in the Federal Housing Administration (FHA) and reduce risks to its insurance fund. The bill will now move to the House floor for debate. The bill would amend the National Housing Act by increasing the cap of annual premium payments collected by the FHA from 0.50% to 1.5%. It would also hold approved lenders accountable for the FHA loans they write. Under the new bill, if the FHA pays out a claim on a mortgage it finds did not meet its underwriting standards or detects fraud involved with the origination of the loan, it could require that lender to pay reparations for the loss to the insurance fund.”

Housing Wire“First American Title Launches AgentFirst iPhone, iPad Application” (4-28-10)

“First American Title Insurance launched a new application for the iPhone, iPad and iPod Touch devices that provides mobile access to real estate data including property information and characteristics, historic sales information, and tax information. First American Title Insurance said the data included in the AgentFirst app covers 97% of all US real estate transactions.”

Housing Wire“Financial Reform Blocked in Senate, Again” (4-28-10)

“The Senate reconsidered S. 3217, the Restoring American Financial Stability Act of 2010, again today after Senate Republicans voted against debating the legislation on Monday. Once more, Republicans voted against debating the legislation today. The bill would create a consumer financial protection agency, impose a risk retention requirement on banks that sell and securitize mortgage loans, and bring greater transparency to the derivatives market.”

Housing Wire“New FHA-Lender Restrictions Will Wreak Havoc: K&L Gates” (4-28-10)

“HUD finalized new regulations earlier in April that increase the net worth requirements of FHA-approved lenders and make these businesses liable for the oversight of mortgage brokers. Since, 1993, FHA required approved lenders to hold a net worth of at least $250,000. Effective immediately, all new lender applicants must hold at least $1m.”

Bloomberg “‘Smart Capital’ Backs Real Estate, Zimpleman Says” (4-28-10)

“Principal Financial Group Inc. Chief Executive Officer Larry Zimpleman, whose firm owns or manages more than $30 billion of real estate assets, said new buyers are entering the U.S. commercial market and pushing up prices.”

Inman “CalREDD announces plans to merge with MRMLS” (4-28-10)

“The California Association of Realtors today announced that calREDD, a service of CAR’s CALMLS subsidiary, plans to merge with Multi-Regional Multiple Listing Service Inc. (MRMLS) to form a 33,000-member multiple listing service that serves 22 Realtor associations.”

Looking Back:

One year ago, A survey from the NAHB showed that most baby boomers were planning to stay in their current residence for the rest of their lives. The S&P Index showed that home prices were declining at a slower rate. MDA Dataquick reported that notices of default rose in 76 of 84 CA Zip codes.

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