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Mortgage News Daily

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Senator Corker Urges Simplification of Mortgage Rules; Refi Boom Wake Up Call
Posted to: Daily Newsletter
Tuesday, January 22, 2013 5:12 PM

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Jan 22, 2013 3:50PM

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...

Jan 21, 2013 3:30PM

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...

Micro News

2:16 PM:

U.S. Senator Corker urges regulators to simplify mortgage rule

11:53 AM:

Positive Reprice Potential Increasing MBS Hit New Highs

10:57 AM:

Econ Data Helps, But Resisting Breaks Into The Green

10:11 AM:

ECON: Existing Home Sales Weaker Than Expected, Inventories Shrink

9:56 AM:

Bond Markets Slightly Weaker, Holding Narrow Range

12:30 PM:

Positive Reprice Potential Vs. Conservative Friday Stances

10:11 AM:

ECON: Consumer Sentiment Lowest Since Late 2011

9:54 AM:

Bond Markets Hold Moderate Gains After Overnight Scare

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Today's Comments

cindy vance

"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..."

Frank Ceizyk

"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..."

Anthony Bosch

"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..."

Today's Q&A

"Is there any harm on purchasing an Agricultural land "

"New Loan Officer Compensation Rules"

"How long do I have between completing a quick claim deed and registering it at the county?"

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More From MND

Mortgage Rates:
  • 30 Yr FRM 3.63%
  • |
  • 15 Yr FRM 2.92%
  • |
  • Jumbo 30 Year Fixed 3.60%
MBS Prices:
Recent Housing Data:
  • Mortgage Apps 10.03%
  • |
  • Refinance Index 11.33%
  • |
  • Purchase Index 8.43%