Treasury office considers reforms for title insurance; FHFA sets tenant protections for GSE multifamily borrowers; Biden administration calls for rent control; two states slow on index change.

Some $77.98 billion of purchase mortgages without MI were included in agency MBS issued in the second quarter, a 35.1% increase compared with the first quarter.

“Mortgage rates dipped below 7.0% in June but that did little to spur purchase activity,” said Joel Kan, a vice president and deputy chief economist at the MBA.

Originations increased by 32.5% in the second quarter.

“This is ultimately giving each and every market participant a chance to see what the new score will look like, to see what the GSEs are proposing in terms of calculating a representative score,” said Anthony Hutchinson, a senior vice president of industry and government relations at VantageScore.

The increase in mortgage applications was driven by refis.

The share of loans with a credit score of 740 of above increased from 69.65% for deliveries to the GSEs in the first quarter of 2024 to 70.80% in the second quarter.

Both BofA and PNC increased production compared with the first quarter of 2024, though volume was down compared with the second quarter of 2023.

Two entities at JPMorgan Chase started marketing separate prime non-agency mortgage-backed securities Monday.

With the new securitization, Rocket's non-agency issuance of closed-end second liens will hit $2.19 billion for the year.