The Consumer Financial Protection Bureau (CFPB) has issued an Advance Notice of Proposed Rulemaking (ANPR) regarding the expiration of the so-called GSE Patch. The provision is scheduled to expire no later than January 10, 2021. As background, the Dodd-Frank Consumer Protection and Wall Street Reform Act amended the Truth in Lending Act (TILA) to establish, among other things, ability-to-repay (ATR) requirements in connection with the origination of most residential mortgage loans. TILA identifies the factors a creditor must consider in making a reasonable and good faith assessment of that ability including the consumer's credit history, current and expected income, current obligations, debt-to-income (DTI) ratio, employment status, and other financial resources. A lender, however, may not

July 26, 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 Jul 26, 2019 Big Week Ahead For Mortgage Rates Fri, Jul 26, 2019 3:54PM Mortgage rates edged just slightly higher today for the average lender, marking the 2nd day of weakness this week. In terms of the underlying bond market, however, today was purely an extension of yesterday's trading patterns that began shortly after rates rose in response to the press conference with European Central Bank (ECB) President Mario Draghi. When we talk about "rates" rising in response to Draghi, it can mean one of two things. As far as the average mortgage borrower is concerned, it can refer to the generally higher mortgage rates yesterday. But "rates" can also refer to the yields... (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 5.5 101.28 +0.16   97.47 101.61 UMBS 30YR 6.0 102.54 +0.05   99.66 102.54 10 YR Treasury 4.039 -0.047   3.621 4.780 MBS Live Day Ahead: Is a New Trend Taking Shape? Fri, Jul 26, 2019 9:37AM In the day just passed, bonds gyrated in response to (and in anticipation of) updates from the European Central Bank (ECB).  Anticipation for a friendly announcement took rates lower in the overnight session, and the announcement itself confirmed the move (i.e. yields went even lower after the official announcement).  ECB Pres Draghi's press confer... (read more) MBS Price Change UMBS 5.0 99.78 +0.31 UMBS 5.5 101.28 +0.16 UMBS 6.0 102.54 +0.05 GNMA 5.0 100.07 +0.24 GNMA 5.5 101.19 +0.06 GNMA 6.0 102.18 +0.05 Pricing as of: 9/8 6:21PM EST US Treasury Yield Change 2 YR Treasury 3.487 -0.030 5 YR Treasury 3.562 -0.027 7 YR Treasury 3.768 -0.032 10 YR Treasury 4.039 -0.047 30 YR Treasury 4.690 -0.079 Pricing as of: 9/8 6:21PM EST Other News CFPB Says Patch is Going Away but Asks "What Next?" Fri, Jul 26, 2019 11:44AM The Consumer Financial Protection Bureau (CFPB) has issued an Advance Notice of Proposed Rulemaking (ANPR) regarding the expiration of the so-called GSE Patch. The provision is scheduled to expire no later than January 10, 2021. As background, the Dodd-Frank Consumer Protection and Wall Street Reform Act amended the Truth in Lending Act (TILA) to establish, ... (read more) Homeowner Vacancy Rate Lowest Since 1981 Thu, Jul 25, 2019 3:42PM The U.S. homeownership rate in the second quarter dipped slightly from its level in both the first quarter of this year and one year earlier, but at 64.1 percent the Census Bureau said it was statistically unchanged. The rate hit a low of 62.9 in the second quarter of 2016, ending exactly 10 years of decline. The rate was lowest in the West where it dipped q... (read more) Refi Boom Helps to Slow Application Fraud Thu, Jul 25, 2019 12:00PM The incidence of mortgage application fraud declined in the second quarter according to CoreLogic. The company's Quarterly Mortgage Fraud Risk Index fell from 152 in the first quarter to 132 and is 11.4 percent lower than the 149 reading in the second quarter of last year. The company said the reason for the change however is not because of an increase in le... (read more) Appraisal, Sales Products; QM Patch and Non-QM News in the Primary and Secondary Markets Fri, Jul 26, 2019 10:19AM You should become, if you’re not already, familiar with the term “Advance Notice of Proposed Rulemaking (ANPR).” The Consumer Financial Protection Bureau issued an ANPR toward ending its special treatment for certain mortgages backed by Fannie & Freddie in the agency's underwriting rules. Recall that any loan approved by DU or LP falls ... 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