CoreLogic is continuing its analysis of the potential impact of the January 2021 expiration of the so-called "GSE Patch." Under the Consumer Financial Protection Bureau's (CFPB's) 2013 Ability-to-Repay (ATR) and Qualified Mortgage (QM) Rules, lenders must make a reasonable, good faith determination of a consumer's ability to repay a mortgage loan based on verified financial information generally associated with responsible mortgage lending practices. In most cases, meeting QM requirements provides lenders with a safe harbor from the Rules' legal liabilities. Lenders who fail to comply can be held liable for damages by both the CFPB and the homeowner. The Patch provides a temporary category under ATR and QM rules under which loans eligible for purchase or guarantee by the GSEs Fannie Mae and

January 13, 2020 Download our Mobile App: Download our Mobile App: Housing News Finding a Balance Between Mortgage Availability and Default Risk CoreLogic is continuing its analysis of the potential impact of the January 2021 expiration of the so-called "GSE Patch." Under the Consumer Financial Protection Bureau's (CFPB's) 2013 Ability-to-Repay (ATR) and Qualified Mortgage (QM) Rules, lenders... (read more) Rob Chrisman Compliance, LO Tools; Deep Dive Into W-2 vs.1099 and the SAFE Act Lenders, and all financial sector firms, continue to ruminate on the privacy law in California that now gives people the right to access and delete personal data companies have collected. LOs are ready and willing to delete all client information fro... (read more) MBS Commentary MBS Live Week Ahead: Limited Econ Data and Phase 1 Trade Deal Signing Rather than serve to accelerate or crush the negative bond market momentum building at the end of 2019, 2020 has only compounded the broader sideways trend.  It hasn't been as boring as "sideways" tends to be either!  Credit the Iran flare-... (read more) Mortgage Rate Watch Smooth Sailing Until It's Not Anymore Mortgage rates had been moving higher over the past few days. The average lender was at the highest levels of the month as of yesterday morning, but things began to change shortly thereafter. Today's market movement added to the friendly momentum aft... (read more) Housing News Survey Says: Great Time to Buy a Home, Or Sell! Results of a survey by the National Association of Realtors (NAR) released today echo the findings from the most recent National Housing Survey (NHS) conducted by Fannie Mae - Americans think this is a great time to buy a home. Sixty-three percent of... (read more) Housing News Smaller, Smarter: How Builders are Changing Housing and Courting Millennials After the housing crash and as the recovery began home builders ratcheted up the size of the homes they were building because the profit margin was higher on larger homes. There was also a lot of competition at lower price points from the numbers of ... (read more) Mortgage Rates 30 Yr. Fixed Rate 6.75% +0.02% Rate Change Points Mortgage News Daily 30 Yr. Fixed 6.75% +0.02 0.00 15 Yr. Fixed 5.98% +0.01 0.00 30 Yr. FHA 6.27% +0.02 0.00 30 Yr. Jumbo 6.85% +0.01 0.00 7/6 SOFR ARM 6.32% -0.01 0.00 30 Yr. VA 6.29% +0.03 0.00 Updates Daily - Last Update: 7/3 15 Yr. Fixed Rate 5.98% +0.01% Rate Change Points Freddie Mac 30 Yr. Fixed 6.67% -0.10 0.00 15 Yr. Fixed 5.80% -0.09 0.00 Updates Weekly - Last Update: 7/3 Rate Change Points Mortgage Bankers Assoc. 30 Yr. Fixed 6.79% -0.09 0.62 15 Yr. Fixed 6.06% -0.05 0.67 30 Yr. Jumbo 6.78% -0.10 0.40 Updates Weekly - Last Update: 6/26 MBS / Treasuries UMBS 30YR 5.5 99.64 -0.20 Price / Yield Change MBS UMBS 5.5 99.64 -0.20 UMBS 6.0 101.43 -0.13 GNMA 5.5 99.86 -0.11 GNMA 6.0 101.34 -0.06 Pricing as of: 7/6 5:08PM EST 10 Year US Treasury 4.3467 +0.0669 Price / Yield Change US Treasury 2 YR Treasury 3.883 +0.095 5 YR Treasury 3.937 +0.070 7 YR Treasury 4.125 +0.068 10 YR Treasury 4.347 +0.067 30 YR Treasury 4.863 +0.055 Pricing as of: 7/6 5:08PM EST Latest Video Pockets of weakness in jobs numbers could mean slower economic growth Here's what's in the phase one US-China trade deal Veru: Disappointing jobs report will keep the federal reserve at bay Boockvar: Boeing 737 Max production halt could cut GDP growth by up to half... Around the Web Reuters Fed's Bostic: 'High bar' to any rate hike given need to raise inflation Reuters Fed on hold, but will financial risks matter? CNBC JP Morgan kicks off bank earnings Tuesday with a boost from trading, but all eyes are on forecast Calculated Risk Blog Chicago Fed: Summary of 2019 Results and 2020 Forecasts CNBC US budget deficit topped $1 trillion in 2019 for the first time in seven years NAHB Eye on Housing New Homes Started With 4 or More Bedrooms Trends Lower CNBC US will remove China from currency manipulator list ahead of trade deal signing Calculated Risk Blog Paul Volcker on the "Existential test" facing America Reuters U.S. Supreme Court tosses ruling that revived suit against Iran central bank Calculated Risk Blog Employment: December Diffusion Indexes CNBC Trump administration warns Iraq could lose New York Fed account if US troops forced to leave: WSJ Reuters Fed's on hold but next move may be rate cut, Kashkari says Calculated Risk Blog AAR: December Rail Carloads down 9.2% YoY, Intermodal Down 9.6% YoY

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