MBA Launches 'Know Before You Owe' Info!

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DAILY REAL ESTATE NEWS | TUESDAY, SEPTEMBER 15, 2015

With the Oct. 3 'Know Before You Owe' mortgage initiative approaching, the Mortgage Bankers Association (MBA) launched a set of resource guidelines last week that seeks to educate consumers and lenders, as well as their business partners needing to comply with the new TILA-RESPA Integrated Disclosure (TRID) regulations.

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These new mortgage rules are expected to have sweeping changes across the industry by merging the HUD-1 Settlement Statement, the Good Faith Estimate, and the Truth-in-Lending disclosure form into two new closing forms: a Loan Estimate and a Closing Disclosure.

The new resources from MBA seek to help educate consumers, industry partners and service providers be better prepared, and to speed the process of their transactions.

A recent survey from NAR revealed that many real estate agents are already making steps to be prepared to these changes; more than 80 percent of respondents said they've taken some form of closing process training, and 71 percent of REALTOR® members rated their level of preparedness as average or better.

"MBA has worked closely with the CFPB to create these materials so that both consumers and the real estate community can comply with the new procedures in an efficient and smooth process," says David Stevens, MBA President and CEO. "Our industry has been preparing for these changes over the last several months and we are confident that everyone involved in the closing process will benefit as a result of these new rules." 

Their resources include:

• Consumer One-Pager - This contains information for consumers covering the changes of 'Know Before You Owe'.
• Lender One-Pager - Intended for real estate agents and broker partners, this information also covers the changes brought by 'Know Before You Owe'.
• PowerPoint Slide Deck - Real estate agents and broker partners can use these materials in presentations with colleagues.

To download these documents from MBA's website, please click here.

Source: Mortgage Bankers Association

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Signs Now Point to a ‘Sustainable’ Recovery!

DAILY REAL ESTATE NEWS | MONDAY, APRIL 13, 2015

Last year, the spring selling season failed to meet market expectations, but many housing analysts say that 2015 will be different and the market may have finally reached a long-awaited "sustainable recovery."

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In cities that have seen major job growth, home sales surged to double-digit gains in March year-over-year. For example, Seattle has seen a 17.7 percent increase in sales year-over-year and a 20.3 percent sales gain has occurred in Charlotte, N.C. In Jacksonville, Fla., sales of existing homes were up 18 percent in March year-over-year.

"It feels like 2005 again," Sanford Davidson, a Redfin real-estate agent in Jacksonville, told The Wall Street Journal. "Homes are moving that quickly, especially if they’re in the right neighborhood and priced right."

Home sales are expected to post further gains across the country too, according to the National Association of REALTORS®' pending home sales index, which tracks signed home contracts. The pending home sales index in February surged 12 percent year-over-year. Pending sales were up 30.6 percent in Houston; 30 percent in Jacksonville, Fla.; 27.8 percent in San Diego; 24.2% in Seattle; and 23.7 percent in the Riverside and San Bernardino markets in California.

Sales of newly built homes in February reached its strongest pace in seven years. New-home starts were at a seasonally adjusted annual pace of 539,000 in February, the Commerce Department reported.

The uptick in home sales in recent months is early indication that the "market is continuing to improve at a very steady pace," Stuart Miller, chief executive of Lennar Corp., said in a conference call with investors last month. The nation's second largest homebuilder reported an 18 percent sales gain in the quarter ending Feb. 28, compared to a year earlier.

Last year, the spring selling season failed to meet market expectations, with sales of new and existing homes in 2014 mostly flat. The dismal selling season last year was most attributed to, at the time, continued weak consumer confidence, steep home price increases from the previous year, and an uneven economic recovery, The Wall Street Journal reports.

But housing analysts believe 2015 is different. Here are a few reasons why:

• An improved economy: The economy has added 3.1 million jobs in the past year alone. Also, low gas prices lately have helped to lift consumer confidence.
• Mortgage lending is easing: Lenders have shown signs of easing tight borrowing requirements and costs (see FHA Lowers Its Mortgage Costs and 3% Down Payments May Be Game Changer).
• Boomerang buyers return: Former home owners who had lost their home to foreclosure in the aftermath of the financial crisis have repaired their credit and many are stepping back in to try to qualify to buy a home again.

Source: "Housing Market Sees Hopeful Signs of Spring," The Wall Street Journal (April 9, 2015)

An Expert In Your Court
Robert De La Rosa
"CALL NOW 909.271.5640"
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www.TheCaliforniaPropertyConnection.biz 

Coldwell Banker Town & Country
501 W Redlands Blvd
Redlands CA, 92373

CalBre 01435824

Lending Giants Shy Away From FHA Loans...Robert De La Rosa An Expert In Your Court 909.271.5640 CALL NOW!!!!

Lending Giants Shy Away From FHA Loans

DAILY REAL ESTATE NEWS | MONDAY, SEPTEMBER 22, 2014

The nation’s largest home lenders are curtailing their involvement in Federal Housing Administration loans, known for their small down payment requirements and help to first-time buyers and lower-income Americans. Lenders say they are concerned that they will be penalized if underwriting errors occur and the loans default. Therefore, they’re backing away from issuing the loans.

FHA loans have plummeted 19 percent in the nine months ending June 30 compared to a year earlier. Wells Fargo, the nation’s largest home lender, saw FHA originations drop 82 percent in the first six months of this year compared to the same time period in 2013, according to Inside Mortgage Finance data. Bank of America saw a 72 percent drop in that time, followed by JPMorgan with a 55 percent drop.

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In a earnings call with investors in July, JPMorgan CEO Jamie Dimon said: “The real question to me is, should we be in the FHA business at all? And we’re still struggling with that.”

Lenders’ attitudes toward FHA loans have turned sour after facing steep settlements recently from the Department of Justice and federal regulators. JPMorgan Chase & Co., Bank of America Corp., and others have already paid more than $3 billion in fines for originating faulty FHA loans during the housing bubble.

“A big issue is the DOJ settlements and their impact on the lending attitudes of the banks, which is clearly the elephant in the room,” says Brian Chappelle, a former FHA official and partner at Potomac Partners LLC, a consulting firm for lenders in Washington. “The government is worried about access to credit. They’re looking at volume numbers and they know it’s a serious problem.”

HUD and Treasury officials recently met with bank executives at the White House to talk about improving FHA processes. Julian Castro, secretary of the Department of Housing and Urban Development, which oversees FHA, says the agency does seek to ease credit by rewriting clearly when lenders will be forced to pay the cost from loans that go bad.

“With all our efforts, I want to send a simple message to lenders: Let’s work together,” Castro said in a prepared statement at the Bipartisan Policy Center Housing Summit on Sept. 16. “Many have been reluctant to lend because they fear unanticipated consequences. They need to be able to manage their risk better—and so does FHA.”

Anthony Hsieh, CEO of LoanDepot.com, the third largest FHA lender, urges government regulators to do something fast. “Access to credit is tightening across the board and the number of people who can get a home is shrinking to the point of code red,” Hsieh says.

Source: “FHA Loans Plunge 19% as Lenders Haggle with Officials,” Bloomberg (Sept. 19, 2014)

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