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HUD QM Rule Announced; Closely Mirrors CFPB QM

Watt Confirmed to Replace DeMarco

Mortgage Applications Break 6 Week Losing Streak; ARMs Surge

FHFA Tries to Convince Senate that GSE Risks Outweigh Massive...

Mortgage Credit Availability Tightens as Higher LTV Options Expire

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Mortgage Rates End 3-Day Streak; Mortgage Applications End 6-Week Streak; HUD Announces QM Rule; Watt Confirmed as Housing Agency Head

Published: 12/11/2013

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MND NewsWire features plain and simple interpretations of industry related data and events written in a manner that maintains the interest of random readers while still catering to the perspective of a housing market professional.

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HUD QM Rule Announced; Closely Mirrors CFPB QM

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by Jann Swanson on December 11 2013, 3:00 PM

The Department of Housing and Urban Development (HUD) has issued its final rule defining a "Qualified Mortgage" (QM) as required by the Dodd-Frank Act. The new rule, HUD says, builds off of the existing QM rule issued by the Consumer Financial Protection...
Watt Confirmed to Replace DeMarco

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by Jann Swanson on December 11 2013, 11:03 AM

After first delaying action on his nomination for months and then rejecting it in October the Senate finally confirmed Mel Watt as the new director of the Federal Housing Finance Agency (FHFA) . The vote, 57 to 41, came late Tuesday and was the second...
Mortgage Applications Break 6 Week Losing Streak; ARMs Surge

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by Jann Swanson on December 11 2013, 9:26 AM

The slight rise in mortgage application volume during the week ended December 6 was the first increase in six weeks . The Mortgage Bankers Association said that its Market Composite Index was up 1 percent on a seasonally adjusted basis from the previous...
FHFA Tries to Convince Senate that GSE Risks Outweigh Massive Profits

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by Jann Swanson on December 10 2013, 11:22 AM

Wanda DeLeo, Deputy Director of the Conservatorship Division of the Federal Housing Finance Agency (FHFA) told a Senate Banking Committee hearing that the new profitability of Freddie Mac and Fannie Mae (the GSEs) "should not blind us to the very real...
Mortgage Credit Availability Tightens as Higher LTV Options Expire

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by Jann Swanson on December 10 2013, 9:57 AM

Mortgage credit was slightly less available in November than it was in October the Mortgage Bankers Association said today. MBA's new Mortgage Credit Availability Index (MCAI) slipped from 111.5 to 110.2, a -1.2 percent change. Any decrease in the index...
Nitty Gritty Details on GSE's Expected Fee Hike and State-Level Changes

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by Matthew Graham on December 09 2013, 7:56 PM

As part of the Strategic Plan for the conservatorships, FHFA announced another installment of increased Guarantee fees ("G-Fee") for Fannie Mae and Freddie Mac today. Given the time that has transpired since the last G-Fee hike (over a year) in conjunction...
Some Mortgage Servicers Need Improvement -Housing Scorecard

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by Jann Swanson on December 09 2013, 4:37 PM

The Departments of Housing and Urban Development and Treasury issued their joint Housing Scorecard on Monday. The Scorecard summarizes information on home sales, mortgage originations, delinquencies and foreclosures, home prices, loan modifications, and...
Home Price Expectations Continue to Decline

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by Jann Swanson on December 09 2013, 12:28 PM

Responses to the most recent National Housing Survey conducted by Fannie Mae show Americans continue to be cautious in their appraisals of the housing recovery and of their own financial outlook. Respondents appear to have recovered a little of their...
LPS Already Seeing Increased HELOC Problems; More to Come

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by Jann Swanson on December 09 2013, 11:27 AM

Lender Processing Services (LPS) Mortgage Monitor for October reports that 48 percent of outstanding second lien home equity lines of credit (HELOCs) were originated between 2004 and 2006 and the vast majority have draw periods of 10 years. Therefore...
Completed Foreclosures Down More Than 25 Percent in One Month

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by Jann Swanson on December 09 2013, 10:18 AM

Completed foreclosures dropped dramatically in October CoreLogic said today, falling to 48,000 for the month compared to 64,000 in September and 68,000 in October 2013. These were decreases of 25.6 percent and 30 percent respectively. A completed foreclosures...
FHA Lowers Loan Limits for 650 High Cost Areas

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by Jann Swanson on December 08 2013, 5:15 PM

The Department of Housing and Urban Development (HUD) announced late Friday that the maximum loan eligible for a Federal Housing Administration (FHA) guarantee will be reduced from 2013 levels in a number of areas of the country starting January 1. While...
Is Declining Share of Mortgage Market Among Big Banks Here to Stay?

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by Jann Swanson on December 06 2013, 10:52 AM

Too Big to Fail Banks and the financial consolidation that created them are hot topics. A famous chart from Mother Jones shows that the big four banks (Citi, JP Morgan Chase, Bank of America, and Wells Fargo) got that way by swallowing up 33 other large...
Small Markets Leading Way for 2014 Housing Recovery

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by Jann Swanson on December 05 2013, 1:27 PM

Smaller metropolitan areas appear to be leading the country in a return to normal levels of economic and housing activity the National Association of Home Builders (NAHB) said today. The associations Leading Markets Index, product in conjunction with...
MBA Sounds Battle Cry For Independent Mortgage Banks

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by Jann Swanson on December 05 2013, 12:26 PM

David H. Stevens, president & CEO of the Mortgage Bankers Association (MBA), said today that independently owned and operated mortgage bankers are the building blocks of MBA membership. Stevens, speaking to MBA's second annual Independent Mortgage...
Loan Profits Plummet with Declining Volume, Increased Compliance Cost

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by Jann Swanson on December 04 2013, 11:54 AM

Mortgage profits took a big hit in the third quarter of 2013, dropping by more than half of that reported in the second quarter. The Mortgage Bankers Association (MBA) said independent mortgage banks and mortgage subsidiaries of chartered banks reported...

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