“Sellers are increasingly cutting prices to entice buyers struggling with affordability,” said Skylar Olsen, chief economist at Zillow.

Some $77.98 billion of purchase mortgages without MI were included in agency MBS issued in the second quarter, a 35.1% increase compared with the first quarter.

A week after the CFPB released proposed updates to Regulation X servicing standards, mortgage industry groups are seeking more comment time on the proposal.

An affiliate of Ares Management started marketing a $358.24 million non-QM mortgage-backed security.

The proposal, published by Andrew Davidson, seeks to create a platform where regulators, investors, mortgage servicers and more would share their own data and receive access to the broader pool of data, in an effort that could decrease costs and improve attempts to aggregate mortgage data.

“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.