“Incoming data showed that inflation dropped in June, but with oil prices spiking again, that improvement seems unlikely to continue in July data, and mortgage rates are likely to remain higher as a result,” said Mike Fratantoni, a senior vice president and chief economist at the Mortgage Bankers Association.

The nonbank increased its Ginnie servicing portfolio by $15.70 billion during the quarter, including $14.35 billion in FHA servicing.

FHA proposed an alternative structure for its partial claims in pursuit of making the program easier for program participants and the Department of Housing and Urban Development's servicer to manage.

Nonbanks held the rights to service 68.6% of outstanding servicing tied to agency MBS as of the end of June.

Truist Financial, Fifth Third Bank and Regions Financial all increased residential mortgage originations on a sequential basis in the second quarter but mortgage earnings didn't follow the same trajectory.

In late April, Ginnie announced that it would exclude FHA mortgages on trial payment plans when calculating servicers’ delinquency ratios for compliance purposes.

M&T Bank says it has been adding capacity to its subservicing operations in anticipation of increasing volume.

Aaron Kofsky, the acting deputy director of FHFA’s division of housing mission and goals, represented FHFA at a meeting of the Financial Stability Oversight Council Wednesday.

PNC's loan sale margin for residential mortgages fell from 2.25% in the first quarter to 2.01% in the second quarter.

A small increase in mortgage rates drove existing home sales down in June.