Fannie Mae has announced changes in underwriting for loans submitted to its Desktop Underwriter (DU), Version 10.1. The new DU version will be implemented on or after the weekend of July 29 . The changes are outlined in release notes issued on Tuesday and will apply to new loan casefiles submitted to DU on or after the weekend of July 29, 2017. Loan casefiles created in DU Version 10.0 and resubmitted after the weekend of July 29 will continue to be underwritten through DU Version 10.0. Among the more significant changes accompanying the new version are the following. The maximum allowable debt-to-income (DTI) ratio that can be submitted in DU will be 50% . For DTIs between 45 and 50 percent, certain additional compensating factors will no longer be required. Cases exceeding a 50 percent DTI

May 31, 2017 Download our Mobile App: Download our Mobile App: 30 Yr. Fixed 6.27% -0.04%   6.13% 7.26% 15 Yr. Fixed 5.82% -0.01%   5.6% 6.59% 30 Yr. Jumbo 6.20% -0.02%   6.14% 7.45% Compare Mortgage Rates from Local Lenders for May 31, 2017 Mortgage News Daily Rate Change Points 30 Yr. Fixed 6.27% -0.04 0.00 15 Yr. Fixed 5.82% -0.01 0.00 30 Yr. FHA 6.00% -0.03 0.00 30 Yr. Jumbo 6.20% -0.02 0.00 7/6 SOFR ARM 5.71% -0.01 0.00 30 Yr. VA 6.02% -0.03 0.00 Updates Daily - Last Update: 10/15 Freddie Mac Rate Change Points 30 Yr. Fixed 6.30% -0.04 0.00 15 Yr. Fixed 5.53% -0.02 0.00 Updates Weekly - Last Update: 10/9 Mortgage Bankers Assoc. 30 Yr. Fixed 6.43% -0.03 0.60 15 Yr. Fixed 5.77% +0.01 0.79 30 Yr. Jumbo 6.60% +0.06 0.44 Updates Weekly - Last Update: 10/8 UMBS 30YR 5.0 99.72 +0.04   95.05 99.96 UMBS 30YR 5.5 101.09 +0.01   97.47 101.28 10 YR Treasury 4.029 +0.001   3.932 4.780 MBS Live Day Ahead: Hoping to Build on Recent Strength With Uncertain Month-End Boost Wed, May 31, 2017 9:05AM In one of yesterday's updates (THIS ONE, to be specific), we discussed the role that month-end bond buying was likely playing behind the scenes.  Long story short, when we see bond market strength at the end of the month that doesn't line up w... (read more) MBS Price Change UMBS 4.5 97.76 +0.07 UMBS 5.0 99.73 +0.05 UMBS 5.5 101.10 +0.01 GNMA 4.5 97.74 +0.04 GNMA 5.0 99.96 +0.13 GNMA 5.5 100.97 +0.07 Pricing as of: 10/15 6:03PM EST US Treasury Yield Change 2 YR Treasury 3.496 +0.013 5 YR Treasury 3.619 +0.015 7 YR Treasury 3.803 +0.005 10 YR Treasury 4.031 +0.002 30 YR Treasury 4.625 -0.005 Pricing as of: 10/15 6:03PM EST Other News New DU Version Eases DTI Requirements Wed, May 31, 2017 11:01AM Fannie Mae has announced changes in underwriting for loans submitted to its Desktop Underwriter (DU), Version 10.1. The new DU version will be implemented on or after the weekend of July 29 . The changes are outlined in release notes issued on Tuesday and will apply to new loan casefiles submitted to DU on or after the weekend of July 29, 2017. Loan casefile... (read more) Selling a Home Costs Money Too Wed, May 31, 2017 11:49AM Several entities that wonder about such things have commented recently on the apparent reluctance of homeowners to sell their homes. Historically Americans have tended to buy their first home at a certain age, and move up into a newer, larger, better located, or more amenity laden home a few years later, and then perhaps move again to downsize or relocate to... (read more) Pending Home Sales Fall Below 2016 Levels Wed, May 31, 2017 10:15AM Pending home sales had been expected to rise slightly in April after declining 0.8 percent in March. Instead, the National Association of Realtors'® (NAR's) Pending Home Sale Index (PHSI) slumped for the second straight month , dropping 1.3 percent. The PHSI, based on contracts signed for existing home purchases, fell from 111.3 (revised from 111.4) in M... (read more) Refinance Volume Retreats from Previous Strong Showing Wed, May 31, 2017 9:06AM The volume of applications for mortgages tumbled during the week ended May 26. Purchase applications were down for the third straight week and refinancing didn't sustain the strong bounce it had the week before. The Mortgage Bankers Association (MBA) said its Market Composite Index, was down 3.4 percent from the week ended May 19 on a seasonally adjusted bas... (read more) Upcoming Events; Vendor Updates - OB to Buy Comergence; Freddie Credit Risk Transfer Wed, May 31, 2017 9:13AM It has been interesting talking to residential lending folks around the nation about their mix of business and how it has changed - if at all. It turns out that 49 percent of people who have refinanced their home in the first quarter of the year did cash-outs . That's the highest rate in the post-recession economy, up from 12 percent in mid-2012. To put thin... 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