The proposal was prompted by a request from Pennymac, which noted differences in MSR valuations among public companies.

Representatives from Rocket, Pennymac and the Mortgage Bankers Association called for further streamlining between federal mortgage programs and the government-sponsored enterprises.

There will soon be five separate credit scores applicable to mortgages, with varied ranges and outputs. (Includes data table.)

Economists at both Fannie Mae and the MBA project that mortgage rates will average 6.8% in the fourth quarter. Rates started the quarter well above that level with no indications that they’re coming down.

Lawrence Yun, chief economist of the National Association of Realtors, pegs 7% interest rate as “the new normal.”

Lenders expect confusion if the GSEs haven’t implemented FICO 10T before FHA allows for use of the score in January.

Rising interest rates and a slowdown in originations this year have led to a number of layoffs in the mortgage sector.

Congress is going to face a serious reckoning on the federal budget if it wants to stop rising interest rates from crippling its spending capabilities, according to political insiders.

Industry attorneys outlined compliance scenarios tied to joint ventures, marketing service agreements and employee arrangements.

Homebuilders are continuing to turn to incentives, such as buydowns, to attract more buyers in a competitive real estate market.