Nat'l Real Estate Post:
The CFPB is going after mortgage companies and home builders who have a kick back relationship. All fines will go to the Treasury Dept. They are also looking at mortgage companies who have similar relationships with real estate agents. The real estate agents have NAR on their side, so have a clear advantage over home builders and MLO's.
When your client gets a home loan (and because of rules I can't begin to understand), it might be cheaper for the home buyer to pay the up front fees than to get a no fee or low fee mortgage. Be sure to warn your clients and check out the monthly payments both ways if they qualify.
Non-profit and community based lenders will be allowed to exceed the 43% debt-to-income ratio rule for low to middle income buyers so they can purchase affordable housing.
--------------------------------------
There is untapped demand for walkable neighborhoods in mountain communities of the interior West. Could this also apply to the rest of rural America? Builders need to take this into account when planning communities and subdivisions. I would bet this would include schools within walking distance. So, local gov'ts need to encourage growth by allowing this kind of development. This is my take on Christina Mlynski's article in Housing Wire.
-------------------------------------
Single family serious delinquency rates fell to 2.93% down 9 basis points in April. Multi family serious delinquency rates fell to .36% in the latest report.-- The Ticker
----------------------------------------
Houzz, the leading community of homeowners, design enthusiasts and home design and building professionals! Go to Houzz.com to sign up. It's free!
-------------------------------------
Consumer spending fell $20.5 billion, or 0.2 percent, in April, according to the Commerce Department. In addition, personal income decreased $5.6 billion, or less than 0.1 percent, and disposable personal income decreased $16.1 billion, or 0.1 percent.
Read Latest Breaking News from Newsmax.com http://www.moneynews.com/Economy/Roach-consumer-recovery-demand/2013/06/04/id/507878?s=al&promo_code=13B56-1#ixzz2VRxEMjiy
----------------------------------------------------------
The biggest year-over-year home price increase occurred in six years as values rose 12.1% nationwide in April, according to CoreLogic.
--------------------------------------------------
Mortgage buyer Freddie Mac said Thursday that the rate on the 30-year loan jumped to 3.91% from 3.81% last week. That's the highest since March 2012.
The rate on the 15-year loan rose to 3.03% from 2.98%. That's the highest since last May. -- USA Today
------------------------------------------------------
Nat'l Real Eatate Post:
The CFPB is finally issuing guidelines to ML companies including free appraisal reports for borrowers. That will go over well with the appraiser community!
-----------------------------------------
I don't put much economic info in this blog, but I couldn't resist this one.
Investors should sell U.S Treasurys and buy bank stocks because bonds may be headed for a “crash,” according to Bank of America Corp.
“It’s hard to believe that the greatest bond bull market in history will end without some bloodshed,” Michael Hartnett, the bank’s chief investment strategist, recently wrote in a client note.
Read Latest Breaking News from Newsmax.com http://www.moneynews.com/FinanceNews/Bank-of-America-Treasurys-Crash-Bonds/2013/06/03/id/507628?s=al&promo_code=13B1E-1#ixzz2VS9BkwzU
---------------------------------------------
H.R. 1077 and S.R. 949 are being encouraged by the National Association of Mortgage Brokers. The bills are gaining steam. They are the same, just in the different houses of congress. These bills protect the low to moderate home buyer, the consumer, the small business owner. They give the consumer the right to choose the mortgage lender. The administration doesn't like these bills and is trying to sway Congress from passing them. -- Rick Bettencourt for Origination News
--------------------------------------------
Reverse mortgages were suppose to be wonderful, but the FHA is looking for a billion dollar bailout because these mortgages aren't working.
--------------------------------------------
Jill Pierce is Team Leader for RealEstateAuctions.com
No comments:
Post a Comment