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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
Housing News
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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)
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Rob Chrisman
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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)
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MBS Commentary
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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)
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Housing News
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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)
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Housing News
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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)
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Mortgage Rate Watch
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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)
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