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

The proposal, published by Andrew Davidson, seeks to create a platform where regulators, investors, mortgage servicers and more would share their own data and receive access to the broader pool of data, in an effort that could decrease costs and improve attempts to aggregate mortgage data.

“Mortgage rates dipped below 7.0% in June but that did little to spur purchase activity,” said Joel Kan, a vice president and deputy chief economist at the MBA.

The increase in mortgage applications was driven by refis.

HUD charged Rocket Mortgage and other entities with appraisal bias.

The Supreme Court's ruling striking down Chevron deference could prompt legal challenges to the CFPB's rules and alter the CFPB's rulemaking going forward.

As soon as July, FHFA plans to issue a proposed rule that would establish standards for the GSEs related to returns on capital for new single-family mortgage acquisitions.

The case is still pending a final decision, after an appeals court overturned a district court's dismissal of the lawsuit.

The proposal has some positives and some negatives for servicers.

The proposal includes six defect areas through the servicing life cycle and remedies for each defect area.