The collateral was originated by Flagstar and has seasoned for roughly two months.

A slowdown in refinance activity was responsible for the May swoon.

In the first quarter of 2021, expanded-credit mortgages accounted for 0.7% of total first-lien production compared to 2.2% for all of 2019.

The origination slowdown is finally here, but for now it's not so bad...

The switch to the new standards created some complications for single-closing construction-to-permanent loans and other products...

With mortgage rates climbing for most of the year, a pullback in refinance activity was expected.

Acting Director Uejio: "For example, women- and minority-owned small businesses faced more severe economic consequences than their White counterparts, and Black and Hispanic homeowners were less likely to receive mortgage relief and forbearance.”

Most expanded-credit deals issued this year have been stocked with pre-pandemic loans...

First-timer loans with private mortgage insurance slipped to 38.6% in the first quarter, down 9 basis points, while the share of FTHB loans with no MI was basically unchanged.