The bank share of agency servicing fell to 34.5% as of the end of June.

The guidance will help assist financial institutions in risk mitigation for deficient appraisals.

The bank’s gain-on-sale margin from mortgage production declined slightly.

Bright suggested reducing the loan limits that apply to deliveries to the government-sponsored enterprises.

“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.