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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
Housing News
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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... (read more)
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Mortgage Rate Watch
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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 Ma... (read more)
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Housing News
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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 Housi... (read more)
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Rob Chrisman
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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 Gaz... (read more)
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MBS Commentary
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"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)
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MBS Commentary
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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... (read more)
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consumerfinancemonitor.com
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