Demand declined for both purchase mortgages and refinances last week.

Sage is building out its mortgage investment business and to this point has focused on acquisitions of mortgage servicing rights.

Home prices increased by 0.2% on a monthly basis in July, according to Redfin.

Lenders pinned the underwhelming growth on elevated interest rates and a limited inventory of homes for sale.

The seriously delinquent rate fell to 1.01% at the end of June.

The assets in the SPV include some type of service contracts, intellectual property, software and hardware.

Housing starts in the south were impacted by Hurricane Beryl though activity also declined modestly in some other regions in July.

UBS disclosed that it’s set to sell Select Portfolio Servicing, a major servicer of loans in non-agency MBS, to an unidentified buyer.

Sen. Jack Reed, D-RI, warned that credit-risk transfer issuance by banks could prompt a financial crisis. He asked the Fed to place limits on bank CRT activity.

A bank sought approval from the OCC to have a special purpose vehicle treated as a securitization for capital requirement purposes. The OCC demurred, noting that just because the transaction was an SPV didn’t make it an ABS.