Today’s News Synopsis:

Aaron Norris of the Norris Group gives the top news stories in the world of real estate in this week’s Norris Group real estate headline roundup.  The Federal Reserve held their latest Dodd-Frank Act Stress Test, which 33 large banks passed.  Some believe major real estate decisions will be placed on hold during the Brexit process which may take up to 2 years to officially unwind UK from the EU.  In an update, Ocwen Financial reached a settlement in their lawsuit wiht FHA and HAMP.

In The News:

DS News – “Fed: 33 Largest Banks Pass Stress Tests” (6-23-16)

“The results of the Dodd-Frank Act Stress Tests (DFAST) conducted by the Federal Reserve on the nation’s 33 largest bank holding companies showed improved capital levels and credit quality, which strengthened their ability to lend during times of severe economic stress, according to the Fed on Thursday afternoon.”

Housing Wire – “#Brexit: Here is the immediate impact on U.S. mortgage and housing finance” (6-24-16)

“After much speculation on the U.K.’s decision — British voters decided to leave the European Union — now many speculate about how this will affect the U.S. economy.”

Mortgage Professional America – “Historically low mortgage rates may be on the way – but not for long” (6-24-16)

“The UK’s vote to leave the European Union has sent shockwaves through the world’s financial systems. The British pound fell to a 31-year low overnight, and the Dow plummeted 350 points this morning on the news.”

Housing Wire – “[Factsheet] How much $$$ do mortgage banks make?” (6-24-16)

“Mortgage bankers eagerly welcomed a bigger paycheck at the start of this year after the end of 2015 significantly shorted the income of many in the business.”

DS News – “Ocwen Reaches Settlement In HAMP, FHA Suits” (6-24-16)

“Atlanta-based mortgage servicing firm Ocwen Financial Thursday disclosed that it has agreed to pay $30 million to “in order to avoid the uncertain outcome of two trials” revolving around a pair of lawsuits that accused the company of falsely certifying its compliance with federal mortgage programs.”

Housing Wire – “Quicken Loans now offering 1% down mortgages” (6-24-16)

“While megabanks like Bank of America, Wells Fargo, and JPMorgan Chase grabbed the headlines earlier this year by separately announcing plans to offer mortgages that only require a 3% down payment from the borrower, there is another major lender that is quietly requiring even less from borrowers.”

NAHB – “Statement from NAHB Chairman Ed Brady on the GOP Tax Policy Agenda” (6-24-16)

“Ed Brady, chairman of the National Association of Home Builders (NAHB) and a home builder and developer from Bloomington, Ill., today issued the following statement regarding the tax policy plank of House Speaker Paul Ryan’s six-part policy agenda.”

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.

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Looking Back:

The Mortgage Bankers Association reported an increase in both refinance and purchase applications.  The refinance index increased 2%, while applications increased 1.6%.  Half of the states in the country had stable housing markets with the prosperous buying season in the spring.  The CFPB, which had already postponed the decision on TRID, decided to delay it until October.

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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