The California-based mortgage servicer also exited correspondent lending.

Commercial banks and savings institutions reported significant declines in secondary market mortgage activity during the second quarter. Home loans held for sale on banks’ books also saw a severe drop. (Includes two data charts.)

Mortgage applications increased, affordability improved and defects are down; lenders expand outreach to Hispanic borrowers; Amrock offers cell phone e-close option; Rocket program temporarily reduces interest rates; study on flood risk disclosures; automated fraud detection.

Home prices depreciated in July; foreclosure starts near pre-pandemic levels in August; mortgage rate locks continued downward trend in August; applications for mortgages on second homes fall to pre-pandemic levels; Experian allowing renters to boost their credit scores.

Reali to close and hopes to sell its mortgage origination business; Sun West Mortgage launches cash-offer product with NFT component; delinquencies increase in July; Blend offers home-equity lending product; Fitch confident home prices won’t crash like in 2008; Staircase offers new origination tech.

A bill brought by Democrats that would allow consumers to require the consideration of alternative data such as rent and utility payments in underwriting their mortgage recently cleared the House Financial Services Committee.

loanDepot cites faults in wholesale channel; rate locks decline in July; foreclosure activity also down; MISMO seeking comments on various initiatives.

Purchase-mortgage business with primary mortgage insurance held up well in the second quarter while refi activity dropped, according to an analysis of agency MBS issuance. (Includes two data charts.)

Mortgage originations down at big banks in second quarter; Better does worse in first quarter; loanDepot downsizing; foreclosure activity ramping up; MISMO remains busy.

A Fed economist outlines why the COVID-19-related economic crisis turned out so differently from the 2008 global financial crisis.