Today’s News Synopsis:

The CFPB reported mortgage servicers are using outdated technology and thereby breaking servicing rules.  HOPE NOW reported a significant event for foreclosure preventions as they just reached 25 million.  The Mortgage Bankers Association reported a 2.9% increase in mortgage applications.

In The News:

DS News – “Foreclosure Prevention Efforts Hit Milestone” (6-22-16)

“The mortgage services industry reached its 25 millionth non-foreclosure solution in April, as foreclosure, short sales, and deed-in-lieu transactions continue to drop, according to HOPE NOW, a voluntary, private-sector alliance of mortgage servicers, investors, mortgage insurers, and non-profit counselors.”

Construction Dive – “FAA unveils long-awaited commercial drone rules” (6-22-16)

“The Federal Aviation Administration has issued the first of its highly anticipated small commercial drone rules, and the agency has officially limited their use to daylight hours and a maximum altitude of 400 feet, with speed limits of 100 mph, the Engineering News-Record reported.”

Housing Wire – “[Photos] Home inspector appraises vacant property, leaves with grumpy-looking cat” (6-22-16)

“Working in the mortgage and housing finance industry can be greatly rewarding.  Such is the case when home inspector Paul Tateosian from Sarasota, Florida heard some meowing during a vacant property inspection.”

DS News – “CFPB: Servicers are Using Failed Technology” (6-22-16)

“Some mortgage servicers have violated the Consumer Financial Protection Bureau (CFPB)’s new servicing rules by continuing to use failed technology that has harmed consumers, according to a special edition supervision report issued by CFPB on Wednesday.”

Mortgage Bankers Association – “Rates Drop, Refi Apps Jump in Latest MBA Weekly Survey” (6-22-16)

“Mortgage applications increased 2.9 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending June 17, 2016.”

Housing Wire – “Coalition of nation’s largest housing groups” (6-22-16)

“Home prices have consistently increased around 5% year-over-year for the majority of the last two years, but this percentage could be severely off according to a new report from Capital Economics.”

DS News – “Ex-Obama Housing Adviser Joins Bipartisan Policy Center” (6-22-16)

“Former White House housing policy adviser Michael Stegman has joined the Bipartisan Policy Center (BPC) as a fellow for housing policy, according to an announcement from the BPC.”

 

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.

Image copyright source: www.flickr.com/photos/xiaozhuli

 

Looking Back:

Existing-home sales increased significantly to their highest in 6 years with the increase in homebuyers the previous month.  However, this news actually caused concern for people at organizations like Capital Economics as this increase in sales meant totals sales increased 9% year-over-year and could not increase anymore without losing sustainability.  The American Enterprise Institute reported an increase to record highs for the May 2015 First-Time Buyer Mortgage Risk Index.