Current mortgage rates at the nation’s top lenders for this Wednesday morning are mixed with rates going both up and down from yesterday’s report. The national average for the 30 year fixed mortgage rate is 4.03% and the 15-year mortgage is 3.29%. (more…)
Mortgage applications were on the rise by 6.3% from one week earlier, according to the latest weekly report from the Mortgage Bankers Association (MBA) for the week ending July 14, 2017. The report includes an adjustment for the Fourth of July holiday. (more…)
Current mortgage rates at the nation’s top lenders for this Monday morning unchanged from our last report on Friday. The 30 year fixed mortgage national average is 4.03% and the 15-year mortgage is 3.29%. (more…)
First mortgage performance continued to improve during the first quarter of 2017 compared with the first quarter 2016, according to latest report from the Office of the Comptroller of the Currency’s (OCC). (more…)
Mortgage rates were on the rise for the second straight week, according to the latest report from Freddie Mac for the week ending July 13 2017. (more…)
As expected during the Fourth of July holiday, mortgage applications had dropped considerably from the previous week, according to the Mortgage Bankers Association’s (MBA) latest survey for the week ending July 7, 2017. (more…)
Current mortgage rates for this Tuesday morning are unchanged from our last report. The national average for the 30 year fixed mortgage average is 3.96% and the 15-year mortgage is 3.21%. (more…)
Mortgage delinquencies across the nation were on the way down year over year, according to the latest report from CoreLogic®.
The percentage of loans in some stage of delinquency was at 4.8%, which represents a 0.5% point decrease in the overall delinquency rate compared with April 2016 when it was 5.3%. (more…)
Current mortgage rates at the nation’s top lenders for this Monday morning are mostly on the way down. The average for the 30 year fixed mortgage is 3.96% and the 15-year mortgage is 3.21%. (more…)
CNBC’ Rick Santelli discusses the Realtors call for a mortgage liquidity fund with Peter Wallison, Former Treasury General Counsel.
The Consumer Financial Protection Bureau (CFPB) announced last Friday that it updated its “Know Before You Owe” mortgage disclosure with new amendments to provide further clarity to the rule
The October 2015 Know Before You Owe mortgage disclosure rule was created to streamline the process when consumers apply and close a mortgage by replacing the original four disclosure forms with two new ones, the Loan Estimate and the Closing Disclosure.
The CFPB is providing additional clarifications and technical corrections with the following amendments:
Tolerances for the total of payments:
Before the Know Before You Owe mortgage disclosure rule, the total of payments disclosure was determined using the finance charge as part of the calculation. The Know Before You Owe mortgage disclosure rule changed the total of payments calculation so that it did not make specific use of the finance charge. The Bureau is now finalizing updates to include tolerance provisions for the total of payments that parallel the tolerances for the finance charge and disclosures affected by the finance charge.
Housing assistance lending:
The Know Before You Owe mortgage disclosure rule gave a partial exemption from disclosure requirements to certain housing assistance loans, which are originated primarily by housing finance agencies. The Bureau’s update, as finalized, promotes housing assistance lending by clarifying that recording fees and transfer taxes may be charged in connection with those transactions without losing eligibility for the partial exemption. The update also excludes recording fees and transfer taxes from the exemption’s limits on costs. Through the update, more housing assistance loans will qualify for the partial exemption, which should encourage these loans.
The Bureau is finalizing updates to extend the rule’s coverage to include all cooperative units. Currently, the rule only covers transactions secured by real property, as defined under state law. Cooperatives are sometimes treated as personal property under state law and sometimes as real property. By including all cooperatives in the rule, the Bureau is simplifying compliance and ensuring that more consumers benefit from the rule.
Privacy and sharing of information:
The Know Before You Owe mortgage disclosure rule requires creditors to provide certain mortgage disclosures to the consumer. The Bureau has received many questions about sharing the disclosures provided to consumers with third parties to the transaction, including the seller and real estate brokers. The Bureau understands that it is usual, accepted, and appropriate for creditors and settlement agents to provide a Closing Disclosure to consumers, sellers, and their real estate brokers or other agents. The Bureau is finalizing additional commentary to clarify how a creditor may provide separate disclosure forms to the consumer and the seller.
Richard Cordray, the CFPB Director had issued this statement on the amendments:
“A mortgage is one of the largest financial decisions a consumer will ever make, and CFPB’s rules help ensure consumers have the easy-to-understand information they need before making a decision that will significantly impact their financial lives. Our updates will clarify parts of our mortgage disclosure rule to make for a smoother implementation process for lenders and consumers.”
David H. Stevens, President & CEO Mortgage Bankers Association (MBA), released the following statement:
“MBA appreciates the CFPB’s efforts in amending the Know Before You Owe rule to address several significant questions that have been raised for some time by our industry. This is an extensive rule and we intend to review it closely with our members. We note that CFPB has proposed a new rule to deal with issues concerning needed revisions to the Closing Disclosure during the mortgage process that we will carefully review and comment on as well.
“MBA looks forward to continuing to work with the CFPB on rules and guidance to provide greater clarity to better protect consumers.”
The finalized amendments are available at: http://files.consumerfinance.gov/f/documents/201707_cfpb_Final-Rule_Amendments-to-Federal-Mortgage-Disclosure-Requirements_TILA.pdf
In addition to the final rule, the CFPB is issuing a proposal addressing when a creditor may use a Closing Disclosure, instead of a Loan Estimate, to determine if an estimated closing cost was disclosed in good faith and within tolerance. Comments are due 60 days after the proposal’s publication in the Federal Register and will be weighed carefully before a final regulation is issued.
30 year fixed mortgage rates were on the rise from one week earlier, according to the latest report from Freddie Mac for the week ending July 6, 2017. (more…)
A new report by the American Banker’s Association (ABA) shows that consumer delinquencies in closed-end loans were on the rise in the first quarter 2017. The ABA said the increase was mainly caused by more consumers becoming late on their auto loans and the fact that delinquencies rose in 7 of the 11 individual consumer loan categories.
Delinquencies are measured by any loan that where the borrower is 30 days or more late on payments. (more…)
Mortgage applications were on the rise for the week ending March 5, 2017, according to the latest weekly report from the Mortgage Bankers Association (MBA). The total number of applications saw a slight increase of 1.4% on an adjusted basis and 1% on an unadjusted bais from one week earlier. (more…)
Today’s mortgage rates at some of the nation’s top lenders are unchanged from yesterday’s report. The national average for the 30 year fixed mortgage is 3.94% and the 15-year mortgage is 3.19%. (more…)