Mortgage brokers and their wholesale funders gained some share in the FHA/VA market during the first quarter of 2018, according to a new Inside FHA/VA Lending analysis. Survey data collected by Inside Mortgage Finance show that all three production channels took big hits in FHA/VA volume in early 2018. The $49.11 billion in government-insured lending reported by participating lenders was down 20.7 percent from the previous quarter and 10.8 percent below the volume the group generated in the first three months of 2017. Correspondent production remained the biggest source of FHA/VA loans, accounting for 53.5 percent of the survey sample in the first quarter. But production through this channel was down 22.2 percent from the previous three-month period, a slightly larger decline than seen overall. Four of the top five lenders in the group have strong correspondent platforms, especially ... [Chart]

Seventy-one percent of lenders said borrowers with gig-economy income have applied for a mortgage within the past year...

The interim chief of the Consumer Financial Protection Bureau said at an industry meeting in Washington, DC, this week that he is paying close attention to what the agency cannot do.

The consolidation tidal wave approaches ... or maybe not...

Mulvaney signaled his intention to send more CFPB guidance to elected officials for congressional review.

Candidates for the job have included Kevin Shavers, Robert Broeksmit and others…

Acting CFPB Director Mick Mulvaney said last week that the bureau will reexamine Obama-era regulations that protect consumers from discrimination in credit transactions. Mulvaney released a statement praising efforts by Congress and the White House to repeal bureau guidance that suggests indirect auto lenders are subject to liability under the Equal Credit Opportunity Act. He then said the bureau will reexamine the requirements of the ECOA ...

Congress has sealed the deal on Dodd-Frank reform with a 258-159 vote last week in the House. Thirty-three House Democrats voted in favor of the reg relief bill, which President Trump promptly signed into law. The Economic Growth, Regulatory Relief, and Consumer Protection Act passed the Senate in March on a bipartisan 67-31 vote. The House approved S. 2155 last week without making any amendments. …

The nation’s 12th largest servicer of home mortgages is in danger of getting booted off the NYSE.

The FHFA argues: "In contrast, other federal safety and soundness regulators have statutory authority to examine companies that provide services to depository institutions..."