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Senator asks Regulators for Consistency between QM and QRM

A senator has asked federal banking regulators to simplify and align underwriting standards for so-called Qualified Residential Mortgages (QRM) with those for Qualified Mortgages (QM) which were released last week. In a letter to the heads of six federal agencies, Senator Bob Corker (R-TN), a member of the Senate Banking and Finance Committee, said that failure to synchronize the two standards could permanently regulate the private sector out of the housing finance business. Under the Dodd-Frank...

Wake Up Call: Free Refi Boom Almost Over

Earlier this month, I did an interview with the San Francisco Chronicle about repeat no-cost refinancing in a declining rate environment. The piece came out January 4, the day after minutes from the Fed's last 2012 rate meeting were released. Those minutes revealed more bias toward ending Fed support of low mortgage rates than previously thought, and rates rose immediately. So is the free refi boom over? Not quite, but we're getting close. Below I explain, first by defining " free refi ," then by...

• Harvard Study Offers New Angle On Bank vs Non-Bank Blame Game
• Existing Home Sales Drop in December while Prices Continue Upward
• Mortgage Rates Vary By Lender, Stubbornly Flat Overall
• List of LOS Actively in the Market; Prepayments by State; BofA Flexing Muscles?
• MBS RECAP: Bond Markets Manage To Break Even, Despite Stock Rally
• Loan Officer Compensation Rules Finalized

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Around the Web

• Multifamily Industry Set to Remain Strong through 2013, Says NAHB
• Lowe's to Boost Seasonal Hiring 13% on Housing Rebound
• Rent to Own Homes: Yea or Nay?
• Corker Asks Regulators to Simplify, Synchronize Mortgage Lending Rules and Avoid Permanently Keeping Taxpayers on the Hook for Fannie and Freddie
• Jamie Dimon Laments Too-Big-to-Fail? Give Me a Break
• New Housing Fears: Home Prices Are Rising Too Fast

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	Existing Home Sales Fall on Supply Drop
	December Existing Home Sales Down 1%
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Today's Comments

	"I have been lending for over 25 years and I did not take advantage and overcharge my borrowers. You are all correct and unfortunately, it is true, the..."
	"All seems to be going in a common sense relatively industry friendly direction so far, while still providing protections for consumers. And Bryan--to answer..."
	"Allowing Loan Officers to be paid commissions on the volume of loans originated is the greatest victory here. My biggest fear was that my earnings were..."

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