Our lenders have adapted exceptionally well to the new TRID (TILA/RESPA Integrated Disclosure) requirements instituted in October 2015. This has resulted in:
- Smoother disclosure processes for borrowers with consistent information throughout the transaction
- Improved collaboration between escrow, title, lenders, and realtors
- On time or early closing of escrows
Please feel free to reach us regarding any questions you may have on TRID, different loan programs, etc. It is our pleasure to help you.
What may feel like a real estate bubble in Los Angeles — with all-cash offers and frenzied bidding wars — is actually the midpoint of a steady housing market recovery, analysts say. The UCLA Anderson Forecast released Monday (9/28/15) said L.A. is only three years into a rebound that started in 2012. Home prices have since climbed 27 percent. History suggests there will be four more years of price increases and home values will go up another 35 percent before there is any sort of correction. … While entering the market is tough, buying a home right now in Los Angeles isn’t as risky as the high prices make it feel, the report said. For the full story, please click here.
From Bloomberg … A rout in emerging markets led by China … triggered an equities sell-off in the U.S., with the Dow Jones Industrial Average dropping by more than 1,000 points in early trading before paring the decline to 588 points, or 3.6 percent, as of 4:15 p.m. in New York [on 8/24/15] . The turbulence had investors questioning whether the durable U.S. economy could withstand weakness abroad and wondering what that means for the timing of the Fed’s interest-rate liftoff.
“If market turmoil continues, the Fed will hold off hiking at the next meeting,” said Jonathan Wright, a professor at Johns Hopkins University in Baltimore and a former economist at the central bank’s Division of Monetary Affairs. “These market movements are getting sizable, and raise downside tail risks to growth and inflation.” See more here.
It’s not your imagination. Rent really is too high. The cost of renting a home in the U.S. has risen to its least affordable levels ever, taking up a record proportion of income in most major cities, according to a study from property website Zillow.
“Rents are crazy right now,” Dr. Svenja Gudell, chief economist at Zillow, said in a statement. … Renters in the U.S. can now expect to pay around 30.2 percent of their monthly income for rent, the highest percentage ever, up from pre-housing boom levels of around 24.4 percent, according to the analysis of second-quarter data on rental and mortgage affordability, which was released Thursday. The historical comparison period covered 1985-2000. Continued at CNBC.com.
A promising climb in home sales throughout the country amidst insufficient supply caused home prices to steadily rise in most metro areas during the second quarter, according to the latest quarterly report by the National Association of Realtors®.
The median existing single-family home price increased in 93 percent of measured markets1, with 163 out of 176 metropolitan statistical areas2 (MSAs) showing gains based on closings in the second quarter compared with the second quarter of 2014. Thirteen areas (7 percent) recorded lower median prices from a year earlier.
The number of rising markets in the second quarter increased compared to the first quarter, when price gains were recorded in 85 percent of metro areas. Thirty-four metro areas in the second quarter (19 percent) experienced double-digit increases, a decline from the 51 metro areas in the first quarter. Nineteen metro areas (11 percent) experienced double-digit increases in the second quarter of 2014. For the full story, click here.
Dear Millennial Future Home Buyer:
This is shaping up as your year! Congratulations. You and your older siblings are jumping into the housing market en masse. And it’s happening for all sorts of reasons, including the fact that you’re getting older and wiser.
Approximately 43 million of you are 25 to 34 now…That’s the age when Americans typically buy their first homes, and we expect nothing less of you. You and your cohorts outnumbered all other age groups of home buyers last year—even though not as many of you were buying as usual in a healthy economy. Read more by clicking here.
From Realtor.com — As we approach the midpoint of 2015, the residential real estate market is on track for its best year since 2006, the peak of the housing bubble. (This time, though, it’s no bubble.) See full article by clicking here.
Upcoming E-Waste-Document Shredding Event E-waste/Document Shredding event is scheduled for May 30, 2015 from 9 a.m. to 3 p.m. – Rose Bowl Stadium – Parking Lot I E-waste items include computers, keyboards, printers, monitors, laptops, docking stations, scanners, shredders, fax machines, computer mice, telephones, televisions, flat screens, VCRs, DVD players, PDAs, cassette players, tape drives, stereos and household batteries. Many of these products have parts that can be recycled. The public can bring a maximum of five legal-size boxes of documents for shredding. For more information please visit the City of Pasadena’s website by clicking here.
From the L.A. Times.com — Starting Jan. 26, Fannie Mae plans to offer mortgage lenders access to proprietary home valuation databases that they can use to assess the accuracy of and risks posed by the reports submitted by appraisers. The Fannie data will flag possible errors in the appraiser’s work before the lender commits to fund the loan, score the appraisal for overall risk of inaccuracy and may provide as many as 20 alternative “comps” — properties in the area that have sold recently and are roughly comparable to the house the lender is considering approving for financing but were not used by the appraiser.
Lenders can then forward Fannie’s alternative comps and risk scores to the appraiser or the management company that hired the appraiser requesting explanations and changes to the appraisal.
Could [this] controversial new program set for launch nationwide this month by giant mortgage investor Fannie Mae lead to slower and costlier home sale closings and more disputes over prices between sellers and buyers — busting deals when the appraised value comes in below what the parties agreed to in the contract?
For the full story please click here.