Sales of existing homes declined by 1.9% on a monthly basis in April.

Several companies increased origination volume, posted stronger gain-on-sale margins and reported rising values for mortgage servicing rights.

The Mortgage Bankers Association and the National Association of Realtors applauded the news.

Pete Mills, a senior vice president of residential policy and strategic industry engagement at the MBA, wrote that the proposal has theoretical benefits but they’re impossible to assess given the limited details FHFA included in the request for comments.

Debt service coverage ratio mortgages qualify borrowers based on rental income rather than the traditional debt-to-income ratio metric used by the GSEs.

“Purchase activity continues to lag despite this recent decline in rates,” said Joel Kan, a vice president and deputy chief economist at the MBA.

The CFPB is considering rulemaking or guidance aimed at improving competition, choice and affordability.

Denial rates on purchase mortgages inched up in 2023 except for FHA loans, where the rate declined.

The proposed increases range between about 17% and 25%, depending on the fee.

The AU systems embedded in Fannie’s Desktop Underwriter and Freddie's Loan Product Advisor could be impacted...