Many of the top depository institutions reduced their production in the first quarter.

The rule has been in the works for 14 years.

Harris Trifon, a partner and portfolio manager at Lord Abbett, an investment management company, said non-QM delinquencies are not “raising alarm bells” for him.

Fannie economists now only expect one rate cut by the Fed this year, possibly in December.

The mortgage delinquency rate declined to 3.04% as of the end of May, down from 3.09% at the end of April, according to Intercontinental Exchange.

Freddie saw the bigger monthly increase in MBS output, up 9.4% from April. Business was up 6.3% at Fannie.

The spring homebuying season ended with a thud in 2024.

Sutherland and NOVAD formed a servicing operation in 2014 to service HECMs on behalf of HUD.

The groups noted that the availability of property insurance in California is declining and prices are rising.