An economist finds that, when community banks gain access to FHLB advances, competition in local markets increases significantly, with mortgage rates in the market falling by an average of 8 bps.

In its S-1 filing, Quicken (not surprisingly) said it’s powerless to modify the rules that govern its relationship with the GSEs.

The nonbank accounted for 7.7% of originations in the first quarter of 2020.