Title page 1

Contents 3

Summary 2

Introduction 4

Mortgage Pricing Fundamentals 6

The Influence of Disclosure and Reporting Requirements on Mortgage APRs 11

TILA-RESPA Integrated Disclosures (TRID) 11

The Home Mortgage Disclosure Act (HMDA) 12

Introduction of the HMDA Rate Spread and 2008 Modifications 13

HMDA Reporting Requirements and Recent Modifications 14

Discouraging High-Cost Mortgage Offerings 17

The Home Ownership Equity and Protection Act 17

The Ability-to-Repay Requirement and Qualified Mortgage Rule 20

The Initial 43% Debt-to-Income Requirement for QM Status 21

Revisiting and Expansion of the QM Definitions 22

Author Information 24

Disclaimer 24

Tables 3

Table 1. Simplified Single-Family Mortgage Pricing Example 9

Figures 3

Figure 1. The Treasury Yield Curve 7