The new policy includes the implementation of a waterfall of loan modifications designed to reduce borrowers' monthly mortgage payment by at least 20%.

Applications in late May hit the lowest level seen since March.

Lenders took an average pre-tax loss of $645 per loan originated in the first quarter compared with an average loss of $2,109 per loan in the previous quarter.

The 30+ day delinquency rate stood at 3.09% at the end of April.

“The dynamics with the [CFPB] will now start to resemble those of most federal agencies: there will be legal challenges to specific regulations and enforcement actions … but those will be focused, targeted challenges, not existential ones,” according to Adam Levitin, a Georgetown University law school professor.

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

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

The allowable fee lenders/servicers can charge for assumptions of FHA mortgages is now $1,800.

The five largest banks in terms of servicing for others all reduced their portfolios in the first quarter.

MSR values are shaped by interest rates, asset desirability, hedging techniques and more...