Complaints regarding mortgage applications increased 25.7% in the second quarter...

However, despite the bad news on late payments and set-asides, MGIC wrote new insurance on $28.2 billion of residential product, an impressive sequential gain of 55.5%.

The nation's second largest home lender, Wells Fargo reported a 34.3% decline in residential mortgage banking income...

The 1-for-15 reverse split is scheduled for August 13.

While the refinance market continued to go bonkers, agency securitization of purchase loans showed a bigger relative gain from June.

In a statement, MBA Chief Economist Mike Fratantoni said, “The job market has cooled somewhat over the past few weeks, with layoffs increasing and other indications that the economic rebound may be losing some steam because of the rising COVID-19 cases throughout the country. It is therefore not surprising to see this situation first impact the Ginnie Mae segment of the market.”

Fun fact: Among the nation’s top 20 residential servicers in 2Q20, just six were depositories...

An MBS that yields 1.5%? Hard to fathom.

The lower readings might suggest a lack of interest in FHA/VA lending but that’s hardly the case given the continued strong production numbers…

The Ginnie Mae market was hit particularly hard, with bulk transfers crashing 81.0% to just $11.63 billion.