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Mortgage Daily News

CoreLogic Estimates the Loan Volume Enabled by GSE Patch

Posted To: MND NewsWire

The so-called GSE Patch for the Consumer Financial Protection Bureau's (CFPB) 2013 Ability-to-Repay (ATR) and Qualified Mortgage (QM) rule (Rule) is scheduled to expire in January 2021 (earlier if the government sponsored enterprises (GSEs) are released from conservatorship.) The Patch created a temporary category under the ATR and QM rule under which loans eligible for purchase or guarantee by the GSEs can qualify as QM loans. The ATR and QM rules require lenders to make a reasonable, good-faith determination of a consumer's ability to repay a mortgage loan based on verified borrower financial information. These include consumer protection features generally associated with responsible mortgage lending practices. In most cases, meeting QM requirements provides lenders with a safe harbor from...(read more)

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MBS Day Ahead: Here's How 'Priced-In' Rate Cuts Are

Posted To: MBS Commentary

In the day just passed, bonds did an admirable job shaking off the ill effects of a significantly stronger Philadelphia Fed Manufacturing Business Outlook Survey (aka "Philly Fed"). This report is a solid and fairly consistent market mover. It beat its forecast by the largest amount since 2009. Those facts alone are pretty scary for bonds, but there were nuances that helped mitigate the damage (we discussed them in detail yesterday in the Huddle and the Recap ). Chief among these was a speech by San Fran Fed Pres. Williams which markets took as a potential indication of a 50bp rate cut in July. He's since given an interview saying that wasn't his intention. In the day ahead, nothing really matters because yesterday--and indeed the past several months in general--have shown...(read more)

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Credit, Broker, Accounting Products; Events and Training; Cap. Mkts. Dollar Roll Primer

Posted To: Pipeline Press

Some people pray for ice cream, and their prayers will be answered as this Sunday is National Ice Cream Day. An MLO prayer? “Dear Lord, just give me one more refi boom. I promise to save my money this time.” At the lender level there is plenty of maneuvering going on. Lenders are busy re-hiring ops staff laid off in the past, setting up contract underwriting with private mortgage insurance companies to handle the overflow, or interviewing competitor’s ops staff. Some are hiring with the caveat of not hiring anyone requiring desk space in the office. Vets know that full pipelines in July don’t necessarily mean full pipelines in October. Lender Products and Services Have you converted your leases to the new accounting standard? The requirement kicks in effective January...(read more)

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Our Office
1582 Route 9
Moreau, NY 12828
(518) 743-1414
(518) 824-1132 Fax

Michael Pugh, Licensed Real Estate Broker
Email: mpugh@betterwayrealty.com

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