Big changes in the mortgage biz – G Fees, Loan Max, Fed Tapering and QM

Some very important mortgage news has come about since we flipped the calendar to January. Check out the finer points:

A few weeks ago we heard about changes Fannie Mae and Freddie Mac were making to Loan Level pricing adjustments. Potential home owners without a big down payment and perfect credit would be paying quite a bit more on conventional loans. It’s now official: Mel Watt, the new FHFA Director, has now directed the GSEs (Fannie/Freddie) to delay implementation of the G fee and Loan Level Price Adjustments (LLPAs) changes. A review is pending to determine the effect on availability of credit. Without the delay, rates would have gone up 0.5% – 0.75% for most borrowers as a result.

FHA lowered the max loan amounts in some areas, but for those in Dallas, Tarrant, Collin, and Denton Counties, max amounts have gone up! It’s now $287,500, so you can be looking for homes up to $298,000. Minimum down payments on FHA loans is 3.5% of the sales price and can be gifted from a family member.
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Tapering has Begun. Every month, our government has been putting 85 billion dollars into mortgage backed securities and bonds to artificially keep interest rates low along with the hope of improving the housing market. Now that it’s looking better, the tapering of that amount has started, with the first step being 10 billion less per month, which will gradually go down over time. Soon the artificial influence of keeping interest rates down will, of course, taper. Interest rates will go up as a result.

QM (Qualified Mortgage), QRM (Qualified Residential Mortgage) and ATR (Ability To Repay) goes into effect at midnight on the 10th of January. You can expect an all-new underwriting framework for residential mortgage lending. Investors may end up suddenly adjusting based on these new rules. How it will turn out is up in the air. Be very aware of possible sudden changes coming VERY SOON!

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Fannie, Freddie loan limits to remain unchanged

The maximum conforming loan limits for mortgages acquired by Fannie Mae and Freddie Mac is staying the same, at least for the moment.

The Federal Housing Finance Agency announced today that the maximum loan limits for Fannie and Freddie will remain at $417,000 for most areas of the country and up to $625,500 in more expensive markets. The announcement comes after months of industry protest over Acting FHFA Director Edward DeMarco’s announcement that he would lower the loan limits.

FHFA could still lower the loan limits in the middle of next year. DeMarco said last month that any change in the loan limits wouldn’t come until spring of 2014 at the earliest, and that the agency would give at least six months’ notice before making any changes.

But many mortgage professioanls don’t want to see the limits lowered at all. More than a dozen mortgage and housing industry groups have gone on record opposing the plan, and several sent an Oct. 8 joint letter to DeMarco urging him to abandon the idea.

“We believe such changes at this time would have a very disruptive impact on the availability of affordable housing credit, on our housing recovery and our economy as a whole. Not only is lowering loan limits bad for housing, we question to what extent FHFA’s authority would allow for such a change,” the letter stated.

Members of Congress aren’t so hot about the idea, either. Sixty-six House members signed an Oct. 10 letter to DeMarco slamming the plan.
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“Such action by a single regulator would serve only to further tighten credit availability and thereby erode progress in our fragile housing recovery,” the letter stated. “Currently, homeownership rates are at an historic 18-year low. Mortgage credit is virtually nonexistent for middle class Americans with less than stellar credit. Unless borrowers have a credit score of 760, conventional mortgage financing will simply be out of reach.”

Members of Congress also questioned DeMarco’s authority to lower the limits in the first place, but DeMarco has remained adamant that he has the authority and intends to exercise it.

All that could change, however, if Rep. Mel Watt (D-N.C.), President Obama’s nominee to head the FHFA, is confirmed. Many observers think Watt would focus the agency more on helping struggling homeowners, and would be less inclined to lower conforming loan limits than DeMarco.

Watt’s confirmation was initially blocked by Senate Republicans, but a recent rule change means he now requires only 51 votes to be confirmed.

http://www.mpamag.com/mortgage/fannie-freddie-loan-limits-to-stay-the-same–for-now-16294.aspx

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Home Sales Steady in October as Prices Keep Climbing

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Young and smart, but Millennials face homebuying hurdles – Oct. 31, 2013

High debt levels and weak job prospects have made it hard for many young, educated Americans to buy homes, and that could be a drag on the housing market for years to come.
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