Fannie Mae has announced changes in underwriting for loans submitted to its Desktop Underwriter (DU), Version 10.1. The new DU version will be implemented on or after the weekend of July 29 . The changes are outlined in release notes issued on Tuesday and will apply to new loan casefiles submitted to DU on or after the weekend of July 29, 2017. Loan casefiles created in DU Version 10.0 and resubmitted after the weekend of July 29 will continue to be underwritten through DU Version 10.0. Among the more significant changes accompanying the new version are the following. The maximum allowable debt-to-income (DTI) ratio that can be submitted in DU will be 50% . For DTIs between 45 and 50 percent, certain additional compensating factors will no longer be required. Cases exceeding a 50 percent DTI

May 31, 2017 Download our Mobile App: Download our Mobile App: Housing News New DU Version Eases DTI Requirements Fannie Mae has announced changes in underwriting for loans submitted to its Desktop Underwriter (DU), Version 10.1. The new DU version will be implemented on or after the weekend of July 29 . The changes are outlined in release notes issued on Tuesda... (read more) Housing News Selling a Home Costs Money Too Several entities that wonder about such things have commented recently on the apparent reluctance of homeowners to sell their homes. Historically Americans have tended to buy their first home at a certain age, and move up into a newer, larger, better... (read more) Housing News Pending Home Sales Fall Below 2016 Levels Pending home sales had been expected to rise slightly in April after declining 0.8 percent in March. Instead, the National Association of Realtors'® (NAR's) Pending Home Sale Index (PHSI) slumped for the second straight month , dropping 1.3 perce... (read more) Rob Chrisman Upcoming Events; Vendor Updates - OB to Buy Comergence; Freddie Credit Risk Transfer It has been interesting talking to residential lending folks around the nation about their mix of business and how it has changed - if at all. It turns out that 49 percent of people who have refinanced their home in the first quarter of the year did ... (read more) Housing News Refinance Volume Retreats from Previous Strong Showing The volume of applications for mortgages tumbled during the week ended May 26. Purchase applications were down for the third straight week and refinancing didn't sustain the strong bounce it had the week before. The Mortgage Bankers Association (MBA)... (read more) MBS Commentary MBS Live Day Ahead: Hoping to Build on Recent Strength With Uncertain Month-End Boost In one of yesterday's updates (THIS ONE, to be specific), we discussed the role that month-end bond buying was likely playing behind the scenes.  Long story short, when we see bond market strength at the end of the month that doesn't line up w... (read more) Mortgage Rates 30 Yr. Fixed Rate 7.02% +0.01% Rate Change Points Mortgage News Daily 30 Yr. Fixed 7.02% +0.01 0.00 15 Yr. Fixed 6.37% 0.00 0.00 30 Yr. FHA 6.30% -0.02 0.00 30 Yr. Jumbo 7.20% 0.00 0.00 7/6 SOFR ARM 6.99% +0.04 0.00 30 Yr. VA 6.32% -0.02 0.00 Updates Daily - Last Update: 11/14 15 Yr. Fixed Rate 6.37% +0.00% Rate Change Points Freddie Mac 30 Yr. Fixed 6.78% -0.01 0.00 15 Yr. Fixed 5.99% -0.01 0.00 Updates Weekly - Last Update: 11/14 Rate Change Points Mortgage Bankers Assoc. 30 Yr. Fixed 6.73% +0.21 0.69 15 Yr. Fixed 6.27% +0.29 0.77 30 Yr. Jumbo 6.77% +0.04 0.49 Updates Weekly - Last Update: 10/30 MBS / Treasuries UMBS 30YR 5.5 98.85 -0.07 Price / Yield Change MBS UMBS 5.5 98.85 -0.08 UMBS 6.0 100.51 -0.06 GNMA 5.5 99.48 -0.08 GNMA 6.0 100.64 -0.07 Pricing as of: 11/14 11:09PM EST 10 Year US Treasury 4.4552 +0.0164 Price / Yield Change US Treasury 2 YR Treasury 4.353 +0.003 5 YR Treasury 4.339 +0.013 7 YR Treasury 4.401 +0.014 10 YR Treasury 4.458 +0.019 30 YR Treasury 4.609 +0.026 Pricing as of: 11/14 11:09PM EST Latest Video Fed: Slower growth, less optimism in some regions Is apolitical Fed sending White House subtle signals? PIMCO: Caution is warranted for markets in 3 to 5 years Around the Web CNBC A region-by-region breakdown of where the Fed sees the economy now FDIC Financial Institution Regulatory Agencies Issue Advisory on Appraiser Availability Calculated Risk Blog Fannie Mae: Mortgage Serious Delinquency rate declined in April, Lowest since January 2008 Bloomberg Fed's Kaplan Sticks to Rate Forecast Despite Inflation Weakness - Bloomberg Reuters U.S. economy ambles on but few signs of inflation pressures: Fed CNBC Pending home sales drop 1.3% in April as spring housing market shows weakness CNBC Here's how long it will take millennials to afford to buy a home nationwide builderonline.com NY Real Estate Developer Pleads Guilty to Interfering in Local Election CNBC US Treasurys lower as bond investors eye Fed news, data Gallup US Economic Confidence Index Stable at +3 Reuters Brainard sees U.S. rate hikes but eyeing soft inflation Reuters Atlanta Fed raises U.S. second-quarter GDP growth view to 3.8 percent Bloomberg As Fed Readies Rate Rise, Inflation Slips Further From Its Goal - Bloomberg

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