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CAMP Member Appreciation Lunch

Today we met for our member appreciation lunch and had a TON of fun! We raffled off a 50 inch 4K smart TV and a pair of wireless headphones. Congratulations to the winners, and thank you for everyone who attended! Have a great Thanksgiving next week!


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2016 NMLS Continuing Education Class

Today we met for our yearly continuing education class, taught by Mortgage Educators! Each year, CAMP hosts these classes at a reduced rate for our members. If you weren't able to make it to this one, don't worry! There are still some left for the year hosted by other CAMP chapters. If you would like to attend our SGV class next year, email us at CAMPSGV and ask to be added to our mailing list so you can keep up with our class announcements!


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Summer Bowling Mixer!

It's summer, and you know what that means! It's time for a little bowling! We had a great time at Brunswick Lanes in West Covina with all of you. Thanks for coming!


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CAMP Bowling Mixer

Join Local, Mortgage and Real Estate Professionals at the Brunswick Zone for a Bowling Business Mixer

Enjoy an Appetizer Buffet, Bowling and Door Prizes!   Come network with Local Lenders and Realtor's  throughout San Gabriel Valley & Kick-off the New Year! 

Tuesday Jan 20th 2015 6:30 Pm - 9:30 Pm 

Brunswick West Covina 675 S. Glendora Ave. West Covina, Ca. 91790

Sponsorships Available email: Tacychner@cscaliforniacapital.com

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Mosaic Escrow officially sponsor Coffee with CAMP-SGV

Some may have already read on Facebook but now here, it is with great pleasure that we can now announce that Mosaic Escrow has agreed to officially sponsor Coffee with CAMP meeting.

California Association of Mortgage Professionals- San Gabriel Valley would once again like to take this opportunity to thank Mosaic Escrow for all the support given.  For more information on sponsorship opportunities, please contact Jesse Hernandez or Dawn Cychner at campsgv@gmail.com

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CAMP Success Story AB 1700 Reverse Mortgage

We have some great news to share as it relates to theAB1700 which is now in the Governor's office for signature.  Your CAMP Government Affairs team has been working with the National Reverse Mortgage Lender Association (NRMLA) to make sure that this new bill which you may remember will require seniors to wait 7 days after receiving their counseling before they can begin with their loan application.  This bill really gained traction once AARP grabbed onto it and supported it not only on the Assembly level but also with our state Senators.  We noticed along with NRMLA that there was language written into the bill which would have caused a compliance obstacle with Federal law.  Your GA Team took immediate action and teamed up with NRMLA to make sure that this compliance issued was addressed and corrected before it became an obstacle for us and would interrupt our ability to offer the reverse mortgage and still remain within federal compliance - our great efforts were successful!
 

CAMP has a strong voice with legislators and this one more example of how CAMP is working for you.

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BofA To Pay $17 Billion To Resolve Mortgage Bond Probe: Report

 Bank of America announced on Thursday that it has agreed to a $16.65 billion settlement with the federal government to resolve allegations that it sold faulty mortgage-backed securities to investors in the run-up to the financial crisis in 2008. Specifically, the bank will pay about $7 billion in relief to homeowners and about $9.65 billion in cash penalties, including a $5.02 billion civil monetary penalty and $4.63 billion in compensatory remediation payments.

Brian Moynihan, CEO of Bank of America, has said in recent interviews that once the bank gets this large settlement finalized, it will be among the last that the bank faces in connection with the faulty mortgages sold to investors - most of which were originated by Countrywide Financial Corp., which Bank of America purchased in the wake of the 2008 financial crisis.

 

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Housing Starts Jump in July; Permits Lag

Homebuilders picked up the pace in breaking ground on new homes in July, reversing a two-month downward trend.

According to figures released Tuesday by HUD and the Commerce Department, privately owned housing starts last month were at a seasonally adjusted annual rate of 1.09 million, a 15.7 percent spike from June's upwardly revised rate of 945,000 and a 21.7 percent gain over the same month last year.

A survey of economists by Econoday forecast an adjusted rate of 963,000 new units for July.

Most of last month's improvement came from a surge in multifamily building, which was up 33 percent month-over-month to a rate of 423,000 as young adults show more preference toward renting.

Single-family starts also posted a solid gain, however, rising 8.3 percent to 656,000.

Single-family starts rose in three of the four Census regions, improving 3.8 percent in the Northeast, 4.2 percent in the West, and 16.9 percent in the South, which had seen a significant setback in homebuilding in June.

The Midwest, meanwhile, posted a 6.8 percent drop.

While new starts surged over the month, permit issuance looked weaker, climbing 8.1 percent to a seasonally adjusted yearly rate of 1.05 million. Single-family permits ticked up only 0.9 percent, while multifamily permits jumped 21.5 percent.

By region, permits for single-family homes increased in the Northeast (20 percent) and South (3.6 percent) and slipped in the Midwest (-4.6 percent) and West (-7.7 percent).

While permit issuance is climbing at a slower pace than starts, the latest confidence index from the National Association of Home Builders suggests builders haven't lost faith in the single-family market, with expectations for future sales leading the other index components—a sign that permit growth could pick up in the coming months.

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Patricia Claproth, Union Bank-Community Mortgage Named as Our Member of The Month For July

I am delighted to announce that the Member of the Month for July is Patricia Claproth, Union Bank-Community Mortgage Consultant: Patricia has been in the Lending and Real Estate Industry for over 25 years.  Her involvement with assisting First Time Homebuyers realize the dream of homeownership has been the focus of her career.  Currently a Community Loan Officer for Union Bank in the Inland Empire and as a Certified First Time Homebuyer Educator, she takes great pride in servicing her clientele.  Patricia was a Co-Founder of the NAHREP Inland Empire Chapter and proudly continues to participate as the Vice President of Public Relations for the Board.

Patricia has been active on many threads, contributing and helping others. 

Congratulation Patricia! From all of us at SGV CAMP. 

 

 

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Mortgage Rates Continue to Hold

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Freddie Mac [1] reported this week in its Primary Mortgage Market Survey [2] that mortgage rates have changed very little this week in line with the Federal Reserve's monetary policy.

The stubbornness among mortgage rates has been present since the middle of May 2014 and will likely continue into 2015, or until the Fed allows rates to rise.

The 30-year fixed mortgage rate, generally the benchmark among rates, averaged 4.12 percent for the week ending July 31, a decline from 4.13 percent the week before.

Among 15-year fixed-rate mortgages, the average for the week decreased to 3.23 percent, a fall of 3 basis points from the week before.

Mortgage rates have fluctuated within a single tenth of a percentage point since the middle of May 2014, even as the United States gross domestic product has risen.

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