“Nonagency jumbo lenders began dipping their toes in the water as early as 2011, and even more so into the end of 2012. Strong loan quality due to tight underwriting combined with competition between large banks and securitzers has led to relatively increased demand. Wells and Chase are keen to compete with securitizers like Redwood or Sequoia in order to capture potential income streams from jumbo clients’ bank business.”

(Read more: Higher mortgage rates may mean easier credit)

In addition, Fannie Mae and Freddie Mac, which back and bundle two-thirds of conventional loans, have been raising the fees they charge to banks, so-called guarantee fees, mostly to protect themselves against default. Guarantee fees have nearly doubled in just the past year.

“As G-fees move higher, this increase gets added into conforming mortgage rates,” said Guy Cecala of Inside Mortgage Finance. “It’s a factor, but not the biggest one, allowing portfolio jumbo lenders to match or undercut conforming mortgage rates.”

The bigger factor, said Cecala, is that 92 percent of jumbo mortgages are made by banks that fund the loans with their deposits and then hold them in a portfolio. Given that the interest paid on consumer deposits in banks is still incredibly low, lenders can still make a profit on mortgages priced at 4 percent or less if they want to. In fact, jumbo loans, by some lenders, can actually cost less than conforming.

Article source: http://www.cnbc.com/id/100962728

“This was originally contemplated as something you could draw money from over a long period of time, as a way of supplementing your income or providing income when you had not others. Now a lot of people are looking to reverse mortgages as a quick fix,” said David Certner of AARP.

About 9.5 percent of the 775,000 reverse mortgages outstanding are delinquent, far higher than the rate on regular mortgage loans. While lenders are pushing them aggressively, fewer are being made today, due to the drop in home values. Advocates say they can be a valuable tool, if used correctly, and that there are ample safeguards.

(Read More: Rising Mortgage Rates Amid Fed Fears)

“The reverse mortgage, unlike any other financial service in the United States, requires every single borrower, prospective borrower to go before an independent third party reverse mortgage counselor at a HUD-approved, HUD-funded counseling agency prior to even making an application for the loan,” claimed Bell. “So where somebody is coming off title would be in a discussion.”

The Consumer Financial Protection Bureau is now looking at new rules to protect consumers, which could include stricter supervision of lenders and more transparency for borrowers.

“It’s a balancing issue, you want to make sure that people have access to credit or the help they need or even those who may need a reverse mortgage, but you also want to make sure that one, people not getting reverse mortgage when it’s not the right product for them and two that when they are getting the product they are getting the best one that’s available for them,” explained Certner.

Those changes could go a long way to help seniors benefit from the loans, but they would likely be too late for Robert Bennett.

“I guess I could make it somewhere else, but I would walk away empty.”

—By CNBC’s Diana Olick; Follow her on Twitter @Diana_Olick or on Facebook at facebook.com/DianaOlickCNBC

Questions? Comments? RealtyCheck@cnbc.com

Article source: http://www.cnbc.com/id/100788816

“This was originally contemplated as something you could draw money from over a long period of time, as a way of supplementing your income or providing income when you had not others. Now a lot of people are looking to reverse mortgages as a quick fix,” said David Certner of AARP.

About 9.5 percent of the 775,000 reverse mortgages outstanding are delinquent, far higher than the rate on regular mortgage loans. While lenders are pushing them aggressively, fewer are being made today, due to the drop in home values. Advocates say they can be a valuable tool, if used correctly, and that there are ample safeguards.

(Read More: Rising Mortgage Rates Amid Fed Fears)

“The reverse mortgage, unlike any other financial service in the United States, requires every single borrower, prospective borrower to go before an independent third party reverse mortgage counselor at a HUD-approved, HUD-funded counseling agency prior to even making an application for the loan,” claimed Bell. “So where somebody is coming off title would be in a discussion.”

The Consumer Financial Protection Bureau is now looking at new rules to protect consumers, which could include stricter supervision of lenders and more transparency for borrowers.

“It’s a balancing issue, you want to make sure that people have access to credit or the help they need or even those who may need a reverse mortgage, but you also want to make sure that one, people not getting reverse mortgage when it’s not the right product for them and two that when they are getting the product they are getting the best one that’s available for them,” explained Certner.

Those changes could go a long way to help seniors benefit from the loans, but they would likely be too late for Robert Bennett.

“I guess I could make it somewhere else, but I would walk away empty.”

—By CNBC’s Diana Olick; Follow her on Twitter @Diana_Olick or on Facebook at facebook.com/DianaOlickCNBC

Questions? Comments? RealtyCheck@cnbc.com

Article source: http://www.cnbc.com/id/100788816

Fremont, CA (PRWEB) July 16, 2012

Residents in Fremont and the San Francisco East Bay Area now have more options for Mortgage financing. Arcus Lending, a California Direct Mortgage Lender, recently opened a branch in Fremont, CA.

“Opening a branch office in Fremont is a strategic move for our company to better serve the needs of the clients living in the San Francisco East Bay Area”, Shashank Shekhar, Arcus Lending CEO stated. “By reaching into the East Bay we can further optimize the systems we have in place to offer great mortgage rates and legendary service for our clients ”.

The branch opening was kicked off with an exclusive event for Realtors based in the San Francisco East and South Bay. Noted real estate speaker and coach Rick DeLuca delivered great insights on “thriving in today’s real estate market”. “Arcus Lending’s core value of building relationships with clients is at the heart of their success and the services they offer to the realtor community are rare indeed”, DeLuca said.

Now also a Fremont Mortgage Company, Arcus Lending offers mortgage loans for residential properties and specializes in diverse loan programs such as FHA, VA, Homepath, HARP, Jumbo and Conforming mortgages. Arcus Lending is able to shop for the best mortgage rates for their clients and close loans quickly.

Arcus Lending, in business since 2008, prides itself on providing exceptional client service. This is reflected in more than 30 five star rating on Yelp and Google Places. In fact, Arcus Lending is one of the few mortgage lenders in the area which was awarded the “we are a favorite place on Google” sticker. Arcus Lending has built a solid business in California by educating and empowering its clients to take the right decisions when it comes to mortgage financing.

Mr. Shekhar leads the team at Arcus Lending. Shashank is widely regarded as “California’s #1 Mortgage Expert”. He is the author of the widely acclaimed book – “First Time Home Buying 101″ and he writes one of the top mortgage blogs in the country – “Lending Expert Blog”. He is a sought after industry speaker and has been featured on several national media.

Arcus Lending

39656 Mission Blvd

Fremont CA-94539

(510) 896-8150

For the original version on PRWeb visit: http://www.prweb.com/releases/prweb2012/7/prweb9695168.htm

Article source: http://www.sfgate.com/business/prweb/article/Fremont-Mortgage-News-Arcus-Lending-Opens-a-New-3709177.php

Fremont, CA (PRWEB) July 16, 2012

Residents in Fremont and the San Francisco East Bay Area now have more options for Mortgage financing. Arcus Lending, a California Direct Mortgage Lender, recently opened a branch in Fremont, CA.

“Opening a branch office in Fremont is a strategic move for our company to better serve the needs of the clients living in the San Francisco East Bay Area”, Shashank Shekhar, Arcus Lending CEO stated. “By reaching into the East Bay we can further optimize the systems we have in place to offer great mortgage rates and legendary service for our clients ”.

The branch opening was kicked off with an exclusive event for Realtors based in the San Francisco East and South Bay. Noted real estate speaker and coach Rick DeLuca delivered great insights on “thriving in today’s real estate market”. “Arcus Lending’s core value of building relationships with clients is at the heart of their success and the services they offer to the realtor community are rare indeed”, DeLuca said.

Now also a Fremont Mortgage Company, Arcus Lending offers mortgage loans for residential properties and specializes in diverse loan programs such as FHA, VA, Homepath, HARP, Jumbo and Conforming mortgages. Arcus Lending is able to shop for the best mortgage rates for their clients and close loans quickly.

Arcus Lending, in business since 2008, prides itself on providing exceptional client service. This is reflected in more than 30 five star rating on Yelp and Google Places. In fact, Arcus Lending is one of the few mortgage lenders in the area which was awarded the “we are a favorite place on Google” sticker. Arcus Lending has built a solid business in California by educating and empowering its clients to take the right decisions when it comes to mortgage financing.

Mr. Shekhar leads the team at Arcus Lending. Shashank is widely regarded as “California’s #1 Mortgage Expert”. He is the author of the widely acclaimed book – “First Time Home Buying 101″ and he writes one of the top mortgage blogs in the country – “Lending Expert Blog”. He is a sought after industry speaker and has been featured on several national media.

Arcus Lending

39656 Mission Blvd

Fremont CA-94539

(510) 896-8150

For the original version on PRWeb visit: http://www.prweb.com/releases/prweb2012/7/prweb9695168.htm

Article source: http://www.virtual-strategy.com/2012/07/16/fremont-mortgage-news-arcus-lending-opens-new-office-fremont-ca

Terreno Realty Corp. has a market cap of $161.5 million; its shares were traded at around $17.45 .

Mutual Fund and Other Gurus that owns TRNO: Third Avenue Management.

Highlight of Business Operations:

Terreno Realty Corporation (?Terreno?, and together with its subsidiaries, ?we?, ?us?, ?our,? ?our company? or ?the company?) is an internally managed Maryland corporation focused on acquiring, owning and operating industrial real estate located in six major coastal U.S. markets: Los Angeles Area; Northern New Jersey/New York City; San Francisco Bay Area; Seattle Area; Miami Area; and Washington, D.C./Baltimore. We invest in several types of industrial real estate, including warehouse/distribution, flex (including light industrial and RD) and trans-shipment. We target functional buildings in infill locations that may be shared by multiple tenants and that cater to customer demand within the various submarkets in which we operate. Infill locations are geographic locations surrounded by high concentrations of already developed land and existing buildings. As of December 31, 2010, we owned a total of 33 buildings in five of the above markets aggregating approximately 2.4 million square feet, which we purchased for an aggregate purchase price of approximately $134.4 million, including the assumption of mortgage loans payable of approximately $17.9 million. As of December 31, 2010, our tenants Home Depot, Precision Custom Coating and YRC, Inc. accounted for approximately 17.4%, 14.9% and 11.5%, respectively, of our total annualized base rent.

We were incorporated in November 2009 and on February 16, 2010, we completed both our initial public offering of 8,750,000 shares of our common stock and a concurrent private placement of an aggregate of 350,000 shares of our common stock to our executive officers at a price per share of $20.00. We estimate that the net proceeds of our initial public offering were approximately $162.8 million after deducting the full underwriting discount of approximately $10.5 million and other estimated offering expenses of approximately $1.7 million. The underwriters agreed to forego the receipt of payment of $0.80 per share, or approximately $7.0 million in the aggregate, until such time as we purchase assets in accordance with our investment strategy as described in this Annual Report on Form 10-K with an aggregate purchase price (including the amount of any outstanding indebtedness assumed or incurred by us) at least equal to the net proceeds from our initial public offering (after deducting the full underwriting discount and other estimated offering expenses payable by us), at which time, we have agreed to pay the underwriters the remainder of the underwriting discount. We received net proceeds of approximately $7.0 million from our concurrent private placement. In the aggregate, we had approximately $169.8 million in cash available to execute our business strategy upon completion of our initial public offering and the concurrent private placement on February 16, 2010.

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Article source: http://www.gurufocus.com/news.php?id=123558