It's been two weeks since an expanded-credit MBS hit the market...

More than 10 years after a mandate in the Dodd-Frank Act, the CFPB proposed data collection requirements for small business lending. The proposal could impact around 5,000 lenders.

Consumer advocates are largely pleased with the proposal while lenders sounded alarms. The CFPB acknowledged that the data collection will prompt significant costs.

Chopra’s CFPB appointment gets closer; John Coleman joins private sector; OCC officially proposes rescinding its 2020 CRA rule; CFPB releases filing instructions for 2022 HMDA data collections.

The most prominent participants in the EC market are nonbanks. However, the top two lenders in the second quarter were depository institutions.

The expanded-credit sector is finally bouncing back from the disruptions faced for much of 2020. Originations in the second quarter of 2021 were close to pre-pandemic levels. (Includes data chart.)

MISMO and SFA are leading separate efforts to update and modernize the dataset used by various non-agency MBS participants.

A rise in interest rates near the end of March helped lift ARM originations in the second quarter. Still, the product’s market share remained well below pre-pandemic levels. (Includes data chart.)

For investors willing to shift from the agency MBS market into non-agency deals, the flow of GSE-eligible mortgages in non-agency MBS looks like a good proposition. Lenders, meanwhile, are taking a hit on pricing.

Among a group of 15 servicers tracked by this publication, nonprime servicing balances were essentially unchanged between March and June. At the servicer level, there were some fluctuations. (Includes data chart.)