The Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) contains a requirement that the Consumer Financial Protection Bureau (CFPB), author of many of the rules under the act, publish an assessment of its "significant rules and orders" within five years of their effective date. Among the rules that CFPB has determined to fit that category are the Ability-to-Repay/Qualified Mortgage (ATR/QM) Rule and the Real Estate Settlement Procedures Act (RESPA) Mortgage Servicing Rule. Both came into effect in January 2014 and assessment of both were published this week. What follows is a summary of the assessment of the Ability-to-Repay/Qualified Mortgage (ATR/QM) Rule. A summary of the RESPA Servicing rule will follow at a later date. The ATR/QM assessment looks at four broad categories;

January 11, 2019 Download our Mobile App: Download our Mobile App: 30 Yr. Fixed 6.28% -0.01%   6.11% 7.26% 15 Yr. Fixed 5.65% +0.05%   5.54% 6.59% 30 Yr. Jumbo 6.25% +0.00%   6.25% 7.45% Compare Mortgage Rates from Local Lenders for Jan 11, 2019 Mortgage Rates Hold Steady Despite Market Weakness Thu, Jan 10, 2019 4:50PM Mortgage rates were unchanged again today, despite moderate weakness in underlying bond markets. Bonds are the primary ingredient used in determining mortgage rates, but the timing of market movement and lender preferences can result in discrepancies between the two. For instance, if market weakness happens late enough in the trading day, many mortgage lenders will wait until the following day to do anything about it in terms of updating their rate sheet offerings. Additionally, the bonds that dictate mortgage rates can trade slightly better or worse than the mainstream bond market (essentiall... (read more) Mortgage News Daily Rate Change Points 30 Yr. Fixed 6.28% -0.01 0.00 15 Yr. Fixed 5.65% +0.05 0.00 30 Yr. FHA 5.94% -0.01 0.00 30 Yr. Jumbo 6.25% 0.00 0.00 7/6 SOFR ARM 5.62% +0.03 0.00 30 Yr. VA 5.95% -0.02 0.00 Updates Daily - Last Update: 9/8 Freddie Mac Rate Change Points 30 Yr. Fixed 6.50% -0.06 0.00 15 Yr. Fixed 5.60% -0.09 0.00 Updates Weekly - Last Update: 9/4 Mortgage Bankers Assoc. 30 Yr. Fixed 6.64% -0.05 0.59 15 Yr. Fixed 5.84% -0.19 0.84 30 Yr. Jumbo 6.58% -0.09 0.39 Updates Weekly - Last Update: 9/3 UMBS 30YR 5.5 101.22 -0.06   97.47 101.61 UMBS 30YR 6.0 102.47 -0.07   99.66 102.50 10 YR Treasury 4.065 +0.026   3.621 4.780 MBS Live Day Ahead: Does Inflation Still Matter? Fri, Jan 11, 2019 10:11AM Today's Consumer Price Index was one of the week's only " important " pieces of economic data.  Or perhaps we should say it was one of the week's only 'big-ticket' reports in the sense that it has been one of the bigger market movers among most ... (read more) MBS Live Recap: Bonds End Weaker as Stocks Threaten a Breakout Thu, Jan 10, 2019 5:28PM It's hard to fault the bond market for any trading over the past several days.  The data and the movement in other markets have both suggested bond market weakness fairly clearly.  Despite that, the weakness has been reasonably well contained.  For example, 2.75% in 10yr yields has been our best case ceiling --one we began to discuss on the i... (read more) MBS Price Change UMBS 5.0 99.68 -0.10 UMBS 5.5 101.22 -0.06 UMBS 6.0 102.46 -0.07 GNMA 5.0 100.01 -0.07 GNMA 5.5 101.18 -0.01 GNMA 6.0 102.12 -0.06 Pricing as of: 9/9 6:51AM EST US Treasury Yield Change 2 YR Treasury 3.503 +0.015 5 YR Treasury 3.580 +0.019 7 YR Treasury 3.789 +0.021 10 YR Treasury 4.065 +0.026 30 YR Treasury 4.723 +0.033 Pricing as of: 9/9 6:51AM EST Other News CFPB: How ATR/QM Rule has Changed Lending Fri, Jan 11, 2019 1:42PM The Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) contains a requirement that the Consumer Financial Protection Bureau (CFPB), author of many of the rules under the act, publish an assessment of its "significant rules and orders" within five years of their effective date. Among the rules that CFPB has determined to fit that categ... (read more) Prepayment Rate Shrinks, Composition Shifts Fri, Jan 11, 2019 10:11AM The November Mortgage Monitor from Black Knight focused largely on the shifting of the mortgage market toward purchase originations and the unexpected expansion of the refinancing pool due to recent interest rate drops, but it also had an interesting analysis of the current mortgage prepayment rate (also known as single month mortality or SSM). Mortgage prep... (read more) Credit Access Takes a Hit as HARP Expires Thu, Jan 10, 2019 11:00AM Credit availability suffered an unusually large decline in December. The Mortgage Bankers Association (MBA) said its Mortgage Credit Availability Index (MCAI) fell 7.3 percent to 175.0 in December (it was 188.8 in November.) A decline in the MCAI indicates that lending standards are tightening. The MCAI has two major components and the loss in availability c... (read more) Latest Video Warning sign for rates? Regulators ask financial firms to work with those affected by shutdown Newly built home sales fall in California Around the Web Calculated Risk Blog Update on Shutdown impact on January Employment Report; Congress Approves Back Pay for Furloughed Employees Bloomberg It's Definitely Risk On': Rush to Bond Market Begins in U.S. Calculated Risk Blog Q4 GDP Forecasts: Mid-to-High 2s, Estimate of Shutdown Impact on GDP CNBC New home sales tank 19 percent to end 2018 Calculated Risk Blog Key Measures Show Inflation about the same in December as in November on YoY Basis consumerfinancemonitor.com New York enacts amendments addressing collection of family member debts Reuters U.S. consumer prices post first drop in nine months CNBC US Treasury yields edge lower after Powell comments NPR Some Mortgage Deals Are In Limbo As Government Shutdown Drags On Calculated Risk Blog BLS: "Does the partial government shutdown impact BLS data or release dates?" Reuters Fed's Powell again stresses patience as U.S. economy's 'narrative' unfolds NAR - Realtor.com Rents Are Too High: Where Tenants Can Score the Bestand WorstDeals Calculated Risk Blog Fannie Mae and Freddie Mac: Mortgage Serious Delinquency Rate Declined in November

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