Some 4,998 mortgage-related complaints were received by the bureau in the second quarter, an 11.5% decline from the prior period.

Sarah Brundage, president and CEO of the National Association of Affordable Housing Lenders, noted that the Biden administration has given greater attention to the nation’s housing challenges than any recent administration, including initiatives to boost housing supply, provide relief for homeowners during the pandemic and tackle appraisal bias.

Prices were flat nationally in May, though they declined in four of nine regions across the country.

Mr. Cooper's servicing portfolio will hit an unpaid principal balance of $1.56 trillion following its acquisition of servicing from Flagstar Bank.

Some proposals that were planned for the spring or summer are now not expected until December.

Bank trade groups raised concerns that a recent request for input from FHFA “appears to contemplate significant regulatory action not undertaken at Congress’ direction.”

The guidance will help assist financial institutions in risk mitigation for deficient appraisals.

Bright suggested reducing the loan limits that apply to deliveries to the government-sponsored enterprises.

“Sellers are increasingly cutting prices to entice buyers struggling with affordability,” said Skylar Olsen, chief economist at Zillow.

A week after the CFPB released proposed updates to Regulation X servicing standards, mortgage industry groups are seeking more comment time on the proposal.