Wells Fargo, for instance, reported $675.0 million in residential mortgage banking income for the second quarter, up just 2.1% from the previous period.

According to calculations made by Inside Mortgage Finance, the patch currently accounts for as much as 30% of single-family mortgages purchased by Fannie Mae and Freddie Mac. 

To ensure lenders are not adversely impacted by the outage, FHA will make adjustments to response due dates.

Across the board, lenders are reporting stellar origination growth from the first to second quarters of the year, but the last two application surveys from the Mortgage Bankers Association showed weekly declines of 1.9% and 1.1%, respectively…

Acting Ginnie Mae President Maren Kasper: “The RFI enables the agency to incorporate the views of a wide variety of stakeholders as we continue to refine the model, implement policy and evaluate potential risk to the U.S. housing finance system.”

Veterans are charged a funding fee at origination to cover the cost of administering a VA-guaranteed loan. However, certain veterans are exempt from the fee…

Although it was a relatively strong quarter for the company, the depository disclosed a $30 million “partial” charge tied to the failure of Live Well Financial, a Richmond, VA-based reverse mortgage lender that closed its doors in early May.

As for who bought the roughly $30.0 billion, that’s a different matter. Wells declined to provide any color on the situation.

The figures are not adjusted for seasonal factors, and FHA/VA default rates often trend lower in the first quarter. FHA home equity conversion mortgages are not included in the data.

Back in early June, the share price of Fannie/Freddie common was rallying, reaching $3.16 (for the former) and $3.07 for the latter. If you had bought in at those prices, today you’d be looking at losses of 23.1% and 24.7%, respectively.