More than two-thirds of the largest GSE sellers saw a sequential decline in deliveries in May, with refi business slowing. But overall volume for the first five months of the year was up 35.7%. (Includes two data tables.)

A 50% cap on debt-to-income ratio within Fannie Mae’s Desktop Underwriter acts as an extra-regulatory limit on credit availability, according to researchers at the Federal Reserve Bank of St. Louis.

Implementation of UAD 3.6 has proceeded steadily during broad production, with mandatory implementation still set for Nov. 2. UAD 2.6 appraisals submitted on or after that date will fail, even if the appraisal was conducted prior to the mandate.