“Mortgage rates dipped below 7.0% in June but that did little to spur purchase activity,” said Joel Kan, a vice president and deputy chief economist at the MBA.

The top five GSE sellers saw their market share jump from 33.5% in the first quarter to 36.7% in the second.

Originations increased by 32.5% in the second quarter.

“This is ultimately giving each and every market participant a chance to see what the new score will look like, to see what the GSEs are proposing in terms of calculating a representative score,” said Anthony Hutchinson, a senior vice president of industry and government relations at VantageScore.

What’s surprised Dan Libby, a senior vice president at Mortgage Industry Advisory Corp., is that hedging inquiries from MSR owners have not come sooner.

The increase in mortgage applications was driven by refis.

The share of loans with a credit score of 740 of above increased from 69.65% for deliveries to the GSEs in the first quarter of 2024 to 70.80% in the second quarter.

Both BofA and PNC increased production compared with the first quarter of 2024, though volume was down compared with the second quarter of 2023.

HUD charged Rocket Mortgage and other entities with appraisal bias.

The Supreme Court's ruling striking down Chevron deference could prompt legal challenges to the CFPB's rules and alter the CFPB's rulemaking going forward.