The rate of appraisals in high minority census tracts that were below the final contract price has fallen post the creation of the PAVE task force.

Volume was off 10.4% in July compared with June.

Freddie Mac stated that the borrower’s debt-payment-to-income ratio must be calculated based on the payment plan established with the IRS.

GSE MBS issuance involving purchase mortgages (and refis) crested in June. Issuance volume declined by 10.4% on a monthly basis in July, though activity at the lender level was far from uniform. (Includes two data charts.)

Rising home prices allowed Fannie and Freddie to drive up second-quarter profits by reducing their loan loss allowances. (Includes data chart.)

Industry groups, even those that support FHFA’s plan to revamp how credit scores work in the mortgage space, urge the agency to take more time with implementation.

The controversial proposed capital rule for large banks sets a 75% loss given default rate for GSE debt issued but not guaranteed by the GSEs. For the debt guaranteed by the GSEs, the LGD rate will be 25%.

Freddie set new standards for borrowers facing tax liens. And the GSEs implemented changes to appraiser independence requirements.

A new capability in Loan Product Advisor’s asset and income modeler allows lenders to directly access a borrower’s Schedule C income via IRS tax transcripts.

The downgrade by Fitch Ratings is mostly symbolic and not expected to impact debt issuance by Fannie Mae or Freddie Mac.