While Republicans continue to work toward decreasing the CFPB’s powers, former CFPB enforcement attorney Jennifer Lee suggests that with a divided Congress, the most significant power over the CFPB could be in courts.

Black Knight Financial Services reported net earnings for the second quarter of 2016 of $11.40 million compared with net earnings of $0.30 million in the previous quarter.

The after-mitigation defect rate on FHA mortgages increased from 5.5 percent in the fourth quarter of 2015 to 8.4 percent in the first quarter of 2016.

Analysts at Morningstar Credit Ratings suggest that most non-agency MBS backed by new mortgages will be subject to full reviews due to uncertainty regarding the TILA-RESPA Integrated Disclosure rule.

Some 109 lenders contributed to the $344.89 million jumbo MBS issued by Redwood Trust during the quarter, according to Moody’s Investors Service.

Applications for refinances decreased slightly last week compared with the week prior, according to the Mortgage Bankers Association, as average interest rates on mortgages increased during the week.

Fanie Mae made changes to its HomeReady program and Freddie Mac adjusted its Home Possible program.

The new guidance includes a number of provisions, including a requirement for lenders to escrow PACE payments to protect the FHA from losing collateral in a tax sale.

“[The GSEs’] corrupt business model lets shareholders and executives reap huge profits while the taxpayers cover all losses,” according to the Republican platform.

The changes follow looser underwriting standards implemented by Redwood outside of the MPF Direct product.