Napa Mortgage News

voice for our industry, Jenae's prom, & mortgage market news

May 14th, 2018 9:36 AM by Dale DiGennaro

Each year the California Association of Mortgage Professionals (CAMP) advocate on behalf of consumers and mortgage professionals in Sacramento with our State representatives and Senators. Our lobby day this year was April 11th and here are a few bills and initiatives we spoke with them about:

CAMP's mission is to advocate on behalf of responsible mortgage professionals and consumersfor the availability of affordable financing, while promoting expert knowledge, accountability, sound lending, and ethical conduct throughout the mortgage industry.

C.A.R. Property Tax Portability Initiative & AB-1748 Property taxation: This initiative and bill allow for your base year property tax value to be transferred to a new home purchase, even if the new home cost more. Your property tax would increase only by the difference of the house you sell vs. the new home purchased. Right now you are only allowed to transfer your property tax bases if you buy a home at a lesser value. This would apply to all counties in California and could be done more than once. In the CAR ballot initiative you must be 55 years old or more, or be disabled. AB-1748 does not have the age and disabled restrictions. Support

SB 1087, Author: Senator Roth - AB 2063, Author: Assembly Member Caballero - AB 2150, Author: Assembly Member Chen: These bills all deal with PACE loans (Property Assessed Clean Energy) and would put better disclosures, qualifying parameters and protections for consumers in place. Support

SB-993 Senator Hertzberg: This bill would create a new sales tax for businesses in California that purchase services such as: accounting, legal, marketing, consulting, advertising, maintenance, leasing, brokerage and on and on. Oppose

AB-1765 Building Homes and Jobs Act: (fee waiver states of emergency.) Provides relief from an additional fee on loan transactions imposed by the state last year for those in an area declared a disaster by the Governor due to the recent fires and mudslides. Support

VISIT OUR WEBSITE

_____________________________________________________________________________

Ready to take the step of  purchasing or refinancing your home,
office or apartment building?
You can rely on us to help you find the loan program that's best for you.
Our team of professionals is eager to help you with this big financial decision. We will treat you right and give you the personal service you deserve.
We know you're making a commitment in buying a house or investment property, refinancing a mortgage, or cashing out your home equity.
So we make a commitment to you: we will help you qualify, apply and be approved for the right mortgage loan for you, and you will be able to follow our progress...every step of the way...whenever its most convenient for you!
But don't just take our word for it!  Look at what our clients are saying...

Inflation Rises

The stock market performed well this week, causing investors to shift some assets from bonds to stocks, which was negative for mortgage rates. The economic data produced little reaction, and mortgage rates finished the week a bit higher.

On Wednesday, the Fed released the detailed minutes from their last meeting on March 21. Of note, officials expect that U.S. economic growth will be stronger than average for the next few years. In addition, they are more confident that inflation, which has remained below their desired level for years, will rise to their target of a 2.0% annual rate. At the meeting, officials also discussed changing the language used to describe their stance on monetary policy to give investors a clearer sense of their goals. Since the financial crisis, it has been "accommodative" to help boost economic growth. At some point, officials expect that this should be changed to "neutral," meaning that it neither supports nor restrains growth.

The two most widely followed inflation indicators are the Consumer Price Index (CPI) and the PCE Price Index. To determine trends, investors generally prefer to look at the core readings, which exclude the volatile food and energy components. The most recent data for core CPI showed that it was 2.1% higher than a year ago, up from an annual rate of 1.8% last month.

The expected large increase occurred because a very weak month dropped out of the 12-month period used in the calculation. This was the highest level since May 2017. However, Fed officials favor the core PCE price index to measure inflation, and it tends to be about 0.3% to 0.5% lower than core CPI each month, so inflation remains below the desired level in the view of most Fed officials. The next release of the PCE price index will take place on April 30.

The most significant economic data next week will be Retail Sales, which will be released on Monday. Consumer spending accounts for about 70% of economic activity in the U.S., and the retail sales data is a key indicator. NAHB Housing also will be released on Monday. Industrial Production, another important indicator of economic activity, and Housing Starts will come out on Tuesday.

My daughter Jenae' at Senior Prom last weekend in

San Francisco!

"Thank you for always trusting in us to do the best for you and your family and please feel free to call me anytime you have questions. I will be happy to share with you whatever information you may need!"