Mortgage-banking income declined by 6.1% on an annual basis in the first half of the year. At Chase, the largest bank in the mortgage market, a drop in servicing revenue more than offset an increase in production revenue. (Includes one data table.)
GSE officials suggested that a robust governance framework can help firms responsibly scale use of AI. Industry participants are also facing increasing risks from the technology.
Repurchases and indemnifications by banks and thrifts increased by 16.5% from the first quarter to the second. Repurchase reserves declined by 3.9% during that time. (Includes one data table.)
The National Association of Insurance Commissioners is considering limiting its definition of residential mortgages and potentially requiring reporting of the characteristics of residential mortgages held by insurance companies.
A group of 13 publicly traded nonbank lenders reported a combined $2.20 billion in mortgage-banking income for the second quarter, down 32.3% from the first quarter. (Includes data table.)