"While refi activity is up significantly over the last couple weeks, most borrowers would need mortgage rates to move much lower before they’re incentivized to refinance," said Mark Palim, deputy chief economist at Fannie Mae.
Select Portfolio Servicing handled servicing on mortgages with an unpaid principal balance of $166.70 billion as of the end of June, according to estimates by Inside Mortgage Finance.
Loose IT security controls could have made it possible for a malicious employee, or an external party with access to that employee's account, to gain full control of the FHFA network.
Any regulatory action resulting from the CFPB’s recent request for information must be grounded in the bureau’s statutory authority, the Mortgage Bankers Association said.