An appeals court ruling this month against Bank of America regarding compliance with a state law on escrow accounts has broad implications for banks that rely on federal preemption of state laws, according to industry attorneys.

Housing and Urban Development Secretary Ben Carson told Congress it would cost approximately $500 million upfront to convert FHA’s archaic information technology systems to a modern technology platform.

Consumers who take part in homebuyer education and counseling classes are more satisfied with the mortgage process, according to a joint report by the Consumer Financial Protection Bureau and Federal Housing Finance Agency. The classes also help spur homebuyers to better examine mortgage loan offers.

GSE buyback volume fell 11.6 percent from the 2016 total, including an 11.4 percent drop from the third to the fourth quarter of last year.

Some 1,348 loans will be included in the issuance, divided nearly evenly between jumbo mortgages and loans eligible for sale to the government-sponsored enterprises.

“On previous occasions when the bureau has issued guidance, its value has been negated by disclaimers making the guidance non-binding on the bureau,” the Mortgage Bankers Association said.

"If mortgage rates doubled overnight, our model indicates a decline of just 300,000 sales, a mere 5 percent decrease,” said Mark Fleming, chief economist at First American.

The decline in mortgage applications was driven by applications for refinances, as requests for purchase mortgages increased slightly.

The 4,710 small mortgage lenders wouldn’t have to report new data points sought by the Consumer Financial Protection Bureau for originations in 2018 and beyond, according to an analysis by Inside the CFPB.

The planned $327.16 million issuance is largely stocked with current mortgages that haven’t been modified.