Fed won’t derail housing market says Boral chief
The chief executive of multinational building materials firm Boral is confident that the US housing market will continue to grow, even when the Fed increases interest rates. Mike Kane says that the Australian-based company is boosting its operations in the US to benefit from the growing market. He told the Sydney Morning Herald: "I'm not at all worried about the Fed raising interest rates. You’d have to see massive moves from the Fed to impact mortgage rates.” Boral is set to expand into light-weight building products. The Fed is set to announce its latest interest rate decision Thursday.
Freddie Mac funded $1 billion in small property loans so far in 2015
Freddie Mac reached a milestone last week, funding $1 billion in small property loans so far in 2015. "It's incredible to see what we've achieved with our experienced Small Balance Loan Seller/Servicers in such a short period of time," Johnson added. "In 11 months, we've on-boarded and trained 10 Seller/Servicers, inspected nearly 500 properties and underwritten and funded nearly 400 loans with an average balance of $2.5 million." The corporation wants to be the ‘go-to’ place for small balance property loans which it sells through a specialty network of lenders.
Condo for Bon-Jo
Jon Bon Jovi has bought a New York condo in the West Village for $12.87 million according to the New York Post. The rocker’s 150 Charles St unit is a 4-bedroom, 4.5 bathroom home comes a few months after the rocker sold a Mercer Street penthouse for $34 million. Although Douglas-Elliman has not confirmed the identity of the purchaser of the Charles Street unit, the Post says that it is registered to Jon Giovanni, the singer’s real name, and at the address of his law firm.
Know Before You Owe resources released by MBA
With the new Know Before You Owe or TRID regulations coming into effect next month (Oct.3) the Mortgage Bankers’ Association has released a set of resource guidelines for lenders and business partners. The resources
are designed to ensure compliance with the new disclosure forms and the way that real estate transactions are processed and closed. These include a one-page guide and a PowerPoint slide deck.
MBA President and CEO David Stevens commented: "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."