HECM lending hasn't been this low since before the COVID-19 pandemic...

Keefe, Bruyette & Woods analyst Bose George said, "Given the modest scale of the announced pilot program, there should be no meaningful impact on the mortgage market."

Many of the top depository institutions reduced their production in the first quarter.

The rule has been in the works for 14 years.

Fannie economists now only expect one rate cut by the Fed this year, possibly in December.

The mortgage delinquency rate declined to 3.04% as of the end of May, down from 3.09% at the end of April, according to Intercontinental Exchange.

Freddie saw the bigger monthly increase in MBS output, up 9.4% from April. Business was up 6.3% at Fannie.

The spring homebuying season ended with a thud in 2024.

The groups noted that the availability of property insurance in California is declining and prices are rising.

The CFPB issued a proposed order that would require Freedom Mortgage to pay a $3.95 million penalty for submitting “error-riddled” data under HMDA.