TheMReport

TH E M R EP O RT | 9 FROM THE SOURCE MONTH IN REVIEW The Top Get an At-a-Glance Look at the Market's Highs and Lows Over the Past Month 1 In July, the CFPB offered clarifications and technical corrections to the existing TRID rule, which went into effect on October 3, 2015. The rule created a streamlined series of forms that aims to help consumers better understand their mortgage loans and avoid surprise costs and fees come closing time. 2 A new study recently released by Bank of America shows more than 36 percent of first-time homebuyers reported that they wouldn't open a HELOC because of a lack of understanding as to how one works. 3 According to NAR's quarterly Housing Opportunities and Market Experience (HOME) survey, 71 percent of U.S. homeowners think it's a good time to sell. 4 Fannie Mae reported in its June 2017 Economic and Housing Outlook that consumer spending growth is expected to return as the biggest contributor to economic growth, picking up to 3.1 percent in Q2 from 0.6 percent in Q1. 5 According to recent data from Black Knight Financial Services, prepayments, which normally are a good indicator of refinance activity, jumped 23 percent month-over-month in May—the highest point so far in 2017. This is likely due to softening interest rates. These levels are still more than 18 percent below where they were this time last year. SHARE THIS: "MORE THAN HALF OF MILLENNIALS ARE VICTIMS OF FINANCIAL ABUSE OR INFIDELITY" CentSai.com, Millennials and Financial Abuse A recent survey by CentSai found that almost 60 percent of millennials reported that a romantic partner had finan- cially abused them, or they have experienced financial infidelity. Financial abuse or infidelity is a tactic used by a romantic partner to gain power or control in the rela- tionship and usually means limiting a partner's access to their finances. Financial abusers will manipulate or gain power and control in a relationship, just as many said a romantic partner had either lied about money, or hid money or debt from them. The findings have doubled since last year's study. View the full article at CentSai.com. WATCH THIS: CFPB VIDEO @ YOUTUBE.COM The Consumer Financial Protection Bureau announced a new rule last month prohib- iting companies from using mandatory arbitration clauses to keep consumers from fil- ing class-action lawsuits. In doing so, the CFPB is giving consumers another potential remedy. Learn more about the CFPB's new arbitration rule in an informative short video the Bureau posted on YouTube titled "CFPB's New Arbitration Rule: Take Action Together." TWEET THIS: @AMDCOUNCIL The American Mortgage Diversity Council (AMDC) is an organization focused on shaping the diversity agenda in the mortgage industry, while advancing solutions that support a broad range of di- versity initiatives from supply- chain diversity, to addressing the challenges faced by minority and women-owned businesses. AMDC takes on today's issues with a refresh- ing perspective and meaning- ful insight. Now, you can follow the AMDC on Twitter, including new member alerts, data on diversity in business, and much more. READ THIS: GRIT: THE POWER OF PASSION AND PERSEVERANCE By Angela Duckworth Personal, insightful, and even life changing, Grit is a book about what goes through your head when you fall down, and how that—not talent or luck—makes all the difference. Drawing on her own story as the daughter of a scientist who frequently noted her lack of "genius," Duckworth describes her early eye-opening stints in teaching, business consulting, and neuroscience, which led to the hypothesis that what really drives success is not "genius" but a combination of passion and long-term perseverance.

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