Morning Briefing: Mortgage industry moves a step closer to licensing shake-up

by Steve Randall24 May 2016
Mortgage industry moves a step closer to licensing shake-up
The House of Representatives passed a bill Monday that moves the SAFE Transitional Licensing Act 2015 up to the Senate. If the upper house passes the act, it will make it easier for mortgage originators to change state or move to a non-bank lender.

Currently, originators are often faced with waiting many weeks, sometimes months, while their new licence application is processed. They are unable to originate loans while they wait. The new act would change that.

David H. Stevens, president and CEO of the Mortgage Bankers’ Association commended the House for its decision: “This is an important piece of bipartisan legislation which will help all lenders recruit experienced mortgage loan officers without unnecessary barriers to employment mobility and job opportunity.  It provides mortgage loan officers nationwide the ability to relocate to new states or change employers for better earnings potential or career opportunities.”
California’s pending sales reverse decline but inventory lags
Realtors in California report that pending home sales have rebounded from three months of decline but that inventory is still a concern.

The California Association of Realtors’ pending home sales index was up 4.1 per cent in April and sales were also higher than historically seen in the month.

Meanwhile, CAR’s market sentiment report shows that there was a decline in floor calls, open house traffic and listing appointments. This is likely to be the result of tight inventory statewide.

With home prices leveling off in recent months, more sellers are adjusting their listing price to become more in line with buyers’ expectations. About one in four (23 per cent) of properties had price reductions in April, down from 28 per cent a year ago.
Overall, realtors remain positive about the market over the coming 12 months although the optimism is lower than it was a year ago.
Trump may sell real estate to fund campaign
Presidential hopeful Donald Trump may sell some of his real estate to fund his campaign and the New York Post believes that could be his prestigious 40 Wall Street property.

The building was bought by Trump in 1995 for between $1 million and $10 million and is now worth around $500 million, the article says. It was briefly on the market for $400 million in 2004.


Should CFPB have more supervision over credit agencies?