February 2014

TheMReport — News and strategies for the evolving mortgage marketplace.

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64 | Th e M Rep o RT Final ThoughTs Final Thoughts Now that the new rules have taken effect and everyone has adjusted, see what else has been the topic of discussion for industry insiders. "This definitely affects the lower-income borrower, by far." Janet GaGlione, president of the Charlotte Regional Mortgage Lenders Association, on the immediate effects of the new rules. "The overall weight of regulation poses a threat to the future of the community bank model..." elizabeth a Duke, Federal Reserve governor, in a 2012 speech that still holds true today. "Housing is really in the mud right now, and home construction is really in the mud right now." Mark Vitner, economist for Wells Fargo. "U.S. homebuilders' confidence bounced back strongly this month, a sign that construction and industry hiring may pick up in coming months." An AP report on the 2014 housing outlook. "We continue to believe that the U.S. housing market will absorb the upward move in mortgage rates and push higher in 2014." robert kaVcic, an economist at BMO Capital Markets, on the prospects that Detroit's recovery will lead the industry in 2014. "I felt it was important to announce my intentions now because of the prospect that some lenders could start to price the announced changes into the market well before the effective dates." FHFA director Mel Watt on his decision to get in front of his delay of guarantee fees (g-fees).

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