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: Housing News CFPB Says Patch is Going Away but Asks "What Next?" 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 Do... (read more) Rob Chrisman Appraisal, Sales Products; QM Patch and Non-QM News in the Primary and Secondary Markets 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 backe... (read more) MBS Commentary MBS Live Day Ahead: Is a New Trend Taking Shape? 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 confirme... (read more) Housing News Homeowner Vacancy Rate Lowest Since 1981 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... (read more) Housing News Refi Boom Helps to Slow Application Fraud 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 secon... (read more) Mortgage Rate Watch Big Week Ahead For Mortgage Rates 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... (read more) Mortgage Rates 30 Yr. Fixed Rate 6.81% +0.02% Rate Change Points Mortgage News Daily 30 Yr. Fixed 6.81% +0.02 0.00 15 Yr. Fixed 6.02% +0.03 0.00 30 Yr. FHA 6.34% +0.05 0.00 30 Yr. Jumbo 6.90% +0.01 0.00 7/6 SOFR ARM 6.45% +0.10 0.00 30 Yr. VA 6.35% +0.05 0.00 Updates Daily - Last Update: 7/8 15 Yr. Fixed Rate 6.02% +0.03% 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 99.46 +0.01 Price / Yield Change MBS UMBS 5.5 99.45 0.00 UMBS 6.0 101.33 0.00 GNMA 5.5 99.62 +0.00 GNMA 6.0 101.24 -0.01 Pricing as of: 7/9 4:35AM EST 10 Year US Treasury 4.3963 -0.0099 Price / Yield Change US Treasury 2 YR Treasury 3.893 -0.002 5 YR Treasury 3.974 +0.004 7 YR Treasury 4.171 -0.003 10 YR Treasury 4.400 -0.006 30 YR Treasury 4.921 -0.007 Pricing as of: 7/9 4:35AM EST Latest Video January new home sales drop nearly 7% Bank of America CEO: Loan demand showing consistent growth UK parliament votes on options to delay Brexit January new home sales fall short of expectations, down 6.9 percent Around the Web CNBC The Fed is about to cut rates to protect the economy, even though most signs are strong CNBC Southern California home sales see weakest June in 5 years, as prices hit new record Bloomberg Amazon Partnership Targets Home Buyers Bloomberg ECB Survey Sees Long-Term Inflation Outlook at Record Low CNBC This is the 'fastest growing trend' in the housing industry, and investors are rushing in Calculated Risk Blog Real GDP Annual and Quarterly CNBC Strong consumer spending vs. weak business investment: What really matters for the US economy Reuters Trump's ambitious Fannie, Freddie overhaul faces hurdles CNBC US GDP up 2.1% in second-quarter, vs 2% growth expected builderonline.com Zero-Down Loans Making a Comeback Bloomberg The Central Bank Punishing Lenders That Won't Lend CNBC US Treasury yields rise ahead of GDP data Bloomberg For Traders, Draghi Wasn't Dovish Enough as Rate Cut Priced In

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