Banks reported a 10% drop in retail originations through their mortgage banking operations in the second quarter. Loan sales also declined and likely continued to in the third quarter. (Includes two data charts.)
Veteran loan broker Michael Foote called it, “Good marketing more than anything, but they’ll just stack the loans and then sell them as soon as the new loans can be delivered…
The Fed added $135.87 billion to its agency MBS holdings during the second quarter. That accounted for just over half of the growth in agency MBS outstanding during that period.
Chopra’s installation at the CFPB is expected to jumpstart rulemaking and enforcement efforts by the regulator. At his confirmation hearing in March, Chopra said his priorities include scrutiny of how mortgage servicers work with distressed borrowers.
The mortgage industry is under increasing pressure to enhance disclosures related to climate change but is facing challenges in determining common measurements and risk models, according to a new report.
The mortgage industry has welcomed the National Defense Authorization Act recently passed by the House for including provisions for minimum federal standards on the use of remote online notarization in mortgage closings.
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