Five different nonbank lenders were asked by Inside Mortgage Finance to name the slowest states in terms of approval times. All cited New York as being among the worst.

Rep. Carolyn Maloney, D-NY, countered that a purely non-agency mortgage market would be “a disaster to our economy.”

The Inspector General of HUD plans to expand audits of FHA servicers later this year.

The M&A rumor mill continues to spit out names. An offering book is circulating on CashCall and at least one other shop, IMF has learned.

The latest Bexil American Mortgage officer to leave is Jay Fuller, who held the title of national sales manager.

One banker said her institution might opt to do only non-Qualified Mortgage lending, just for simplicity’s sake.

Roughly $148 billion of single-family agency MBS were issued last month, down almost 3 percent from April’s level. May was the slowest month for agency MBS issuance so far in 2013.

Among the many allegations, the plaintiffs charge that the seizure of Fannie and Freddie was “unlawful and unwarranted” and represents an unconstitutional violation of due process which cost investors billions of dollars.

At press time, CashCall founder and president Paul Reddam could not be reached for comment.

Testifying before a Senate panel earlier this year, HUD Secretary Shaun Donovan warned that sequestration would limit the FHA’s ability to provide information and services in a wide range of areas.