The company has been hit with $5 million in fines and redress, and must change its practices to be compliant with the CFPB's orders or face additional consequences.
Fannie Mae and Freddie Mac issued a combined $2.34 billion in CRT securities, excluding reinsurance deals, in the second quarter. That was down 18.0% from the first quarter.
New construction will play a larger role in the purchase market over the next few years, according to Michael Fratantoni, chief economist and senior vice president of research and industry technology at the Mortgage Bankers Association.
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