Today’s News Synopsis:
The Mortgage Bankers Association reported a 2.4% decrease in mortgage applications from last week. The NAHB reported the number of one-person firms in the construction industry totals over 2 million. Republicans in the House of Representatives revealed their plan yesterday to replace Dodd-Frank as well as help strengthen the economy.
In The News:
Housing Wire – “Fannie Mae unexpectedly, indefinitely delays use of trended credit data” (6-14-16)
“With just a handful of days left until Fannie Mae was set to release a heralded update to its Desktop Underwriter program that could have opened up the credit box to potential borrowers previously deemed unworthy, the government-sponsored enterprise is unexpectedly and indefinitely delaying the implementation of Desktop Underwriter Version 10.0.”
DS News – “Can Banks and Fintechs Live in Harmony?” (6-15-16)
“In various public addresses this year, Comptroller of the Currency Thomas J. Curry has staunchly defended the importance and relevancy of banks in 2016 as financial technology firms, or “fintechs,” have become increasingly popular.”
Mortgage Bankers Association – “Mortgage Applications Decrease in Latest MBA Weekly Survey” (6-15-16)
“Mortgage applications decreased 2.4 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending June 10, 2016.”
Construction Dive – “NAHB: Construction industry includes more than 2M one-person firms” (6-15-16)
“The NAHB said that the stability and relatively slower rebound exhibited by one-person companies could be the result of individuals forming their own businesses during and immediately following the Great Recession but then later going back to work as employees to fill open positions.”
Mortgage Professional America – “House Republicans unveil economic plan, including Dodd-Frank replacement” (6-15-16)
“House Republicans on Tuesday unveiled a plan to grow the economy that included the Republican alternative to the Dodd-Frank Act.”
Housing Wire – “Community lenders “baffled” to see major trade groups push “Wall Street” agenda” (6-15-16)
“The battle lines surrounding the potential reform of Fannie Mae and Freddie Mac are becoming firmly drawn, with the Community Mortgage Lenders of America denouncing and rejecting a recent letter from several of the largest trade groups in housing that called for the Federal Housing Finance Agency to leave Fannie and Freddie reform to Congress, rather than allowing the government-sponsored enterprises to rebuild capital.”
DS News – “Fannie Mae Appoints New Chief Audit Executive” (6-15-16)
“Fannie Mae has appointed J. Douglas Watt as SVP and chief audit executive effective July 11, according to an announcement from Fannie Mae earlier this week.”
Mortgage Professional America – “Hensarling blasts Dodd-Frank, administration on economy” (6-15-16)
“At today’s full committee markup of a series of bills designed to boost the economy, House Financial Services Committee Chairman Jeb Hensarling (R-Texas) had harsh words for the controversial Dodd-Frank Act and the administration’s handling of the economy as a whole.”
Hard Money Loan Closed
Walnut, California hard money loan closed. Real estate investor received loan for $380,000 on this single family property appraised for $615,000.
California Real Estate Investor Events
Bruce Norris will be speaking at the 12th NSDREI Birthday Celebration on Tuesday, June 21.
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.
Image copyright source: www.flickr.com/photos/dippy_duck
Looking Back:
The NAHB reported an increase in builder confidence to its highest in a year this month, going from 54 to 59. HUD came to a decision on Friday regarding allowing spouses still alive to stay in their home, a decision that was widely praised. The FHFA gave Congress an updated report on their activities for the previous year to cover foreclosure prevention.
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.