In a 12-page fact sheet on the announcement, the regulator notes the final rule is “similar in key respects to the proposed rule, with certain enhancements and other changes made in response to comments.”
The estimated $822 billion of conventional-conforming lending set a quarterly record and represented 72.1% of the huge third-quarter wave of mortgage originations.
Fitch also revealed that Provident received a $20 million equity infusion from an affiliated entity in March. Craig Pica, Provident’s CEO, and members of his family, own a majority stake in the lender.