The Consumer Financial Protection Bureau (CFPB) has announced final updates to it "Know Before You Owe" mortgage disclosure rule which went into effect on October 3, 2015. The changes are intended to formalize guidance on the rule and provide greater clarity and certainty. The amendments finalized on Friday address a handful of issues within the rule. Before implementation of the mortgage disclosure rule the total of payments disclosure was determined using the finance charge as part of the calculation. The rule changed the calculation to not make specific use of that charge . The update will include tolerance provisions for the total of payments that parallel the tolerances for the finance charge and disclosures affected by the finance charge. The rule gave a partial exemption from disclosure

July 7, 2017 Download our Mobile App: Download our Mobile App: 30 Yr. Fixed 6.15% -0.02%   6.01% 7.13% 15 Yr. Fixed 5.72% -0.03%   5.55% 6.5% 30 Yr. Jumbo 6.33% -0.02%   6.1% 7.45% Compare Mortgage Rates from Local Lenders for Jul 7, 2017 Mortgage Rates Holding Near 3-Month Highs Fri, Jul 7, 2017 3:59PM Mortgage rates didn't move much higher today for most lenders. While that absence of additional weakness is "nice," the net effect is that rates remain in line with their worst levels since early April. Technically, there was a day or two in early May that were slightly worse, but not enough to consider today's rates anything other than "3-month highs." You'd be well within your rights to assume that the highest rates in 3 months must coincide with the all-important Employment Situation (aka "jobs report")--a consistent market-mover that is released on the first Friday of any given month. You'... (read more) Mortgage News Daily Rate Change Points 30 Yr. Fixed 6.15% -0.02 0.00 15 Yr. Fixed 5.72% -0.03 0.00 30 Yr. FHA 5.75% -0.05 0.00 30 Yr. Jumbo 6.33% -0.02 0.00 7/6 SOFR ARM 5.56% -0.03 0.00 30 Yr. VA 5.77% -0.04 0.00 Updates Daily - Last Update: 2/6 Freddie Mac Rate Change Points 30 Yr. Fixed 6.11% +0.01 0.00 15 Yr. Fixed 5.50% +0.01 0.00 Updates Weekly - Last Update: 2/5 Mortgage Bankers Assoc. 30 Yr. Fixed 6.24% +0.08 0.55 15 Yr. Fixed 5.64% +0.09 0.61 30 Yr. Jumbo 6.34% -0.05 0.40 Updates Weekly - Last Update: 1/28 UMBS 30YR 5.0 100.05 +0.01   95.71 100.50 UMBS 30YR 5.5 101.49 +0.04   98.11 101.64 10 YR Treasury 4.213 +0.033   3.932 4.608 MBS Live Day Ahead: NFP Doesn't Matter, Even If We See a Big Reaction Fri, Jul 7, 2017 8:25AM "NFP doesn't matter."  These are bold words at times, a no-brainer at others, and a lucky guess most of the time.  While NFP matters greatly in general and has, on average, been far and away the most important market mover in terms of US ... (read more) MBS Live Recap: Non-Existent Reaction to NFP Leaves Focus on Europe Fri, Jul 7, 2017 4:48PM NFP Friday is an institution for financial markets and especially the bond market.  No other piece of monthly economic consistently has as big of an impact.  Sure, there are occasions when we're not expecting jobs numbers to rock the boat, but in general, a 222k vs 187k beat (what we saw today)--especially following a downbeat 138 in the previous... (read more) MBS Price Change UMBS 4.5 98.06 +0.03 UMBS 5.0 100.05 +0.01 UMBS 5.5 101.49 +0.04 GNMA 4.5 97.84 +0.10 GNMA 5.0 100.18 +0.11 GNMA 5.5 101.22 -0.02 Pricing as of: 2/7 2:03AM EST US Treasury Yield Change 2 YR Treasury 3.496 +0.044 5 YR Treasury 3.753 +0.036 7 YR Treasury 3.965 +0.026 10 YR Treasury 4.213 +0.033 30 YR Treasury 4.851 +0.006 Pricing as of: 2/7 2:03AM EST Other News CFPB Updates Know Before You Owe Rule Fri, Jul 7, 2017 3:33PM The Consumer Financial Protection Bureau (CFPB) has announced final updates to it "Know Before You Owe" mortgage disclosure rule which went into effect on October 3, 2015. The changes are intended to formalize guidance on the rule and provide greater clarity and certainty. The amendments finalized on Friday address a handful of issues within the rule. Before... (read more) Consumers Remain Upbeat About Buying, Selling Homes Fri, Jul 7, 2017 10:46AM It may be good news for those skinny housing inventories, homebuyers are allegedly confronting that increasing numbers of homeowners think now is a good time to sell . Fannie Mae says net positive responses to that question on its June National Housing Survey (NHS) increased by 7 points, reaching a new survey high of 39 percent. Those responses helped drive ... (read more) State-Level Lending Law Changes; Exec's Letter to LOs on Locks/Extensions Fri, Jul 7, 2017 8:55AM If you are a residential lender doing business in Nevada, would you ever lend on a condo or residence that has a Home Owner’s Association? Good luck. As has been noted in this commentary before, it is problematic. It turns out that the Reno Gazette has put some numbers on it: HOA foreclosures are tied to more than $1 billion in lost Reno, Vegas home va... (read more) Latest Video Building up confidence in a construction stock High hopes for economic growth after upbeat jobs report: Former White House... Goldman Sachs' Jan Hatzius: We will see a rebound in wage growth Around the Web Market Watch Forget conventional thinking: stock moves preclude bond moves, not the other way around consumerfinancemonitor.com CFPB Finalizes TRID Rule Amendments, Punts on Black Hole Issue CNBC Solid US jobs report to keep Fed in 'hike-once-a-quarter mindset': Gundlach Reuters Fed sees steady economy, only 'moderate' financial vulnerabilities CNBC Strong jobs growth means full steam ahead for the Fed CNBC There's still one giant problem with the US jobs picture Bloomberg Volcker Says Trump Changes to Volcker Rule Won't Erode Principle CNBC Job growth jumps to 222,000 in June; unemployment steady at 4.4% Fannie Mae Housing Sentiment at Record High as Consumers' ... NPR How To See If Home Prices Are Rising Or Falling Where You Live CNBC US Treasurys edge lower as bond investors await jobs data, wage growth Bloomberg German Bonds Face Fresh Downside Risks After Technical Breakout Market Watch Global bond yields continue their rise, prompting Bank of Japan to intensify intervention

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