Mr. Cooper's servicing portfolio will hit an unpaid principal balance of $1.56 trillion following its acquisition of servicing from Flagstar Bank.

Some proposals that were planned for the spring or summer are now not expected until December.

Bank trade groups raised concerns that a recent request for input from FHFA “appears to contemplate significant regulatory action not undertaken at Congress’ direction.”

The guidance will help assist financial institutions in risk mitigation for deficient appraisals.

Bright suggested reducing the loan limits that apply to deliveries to the government-sponsored enterprises.

“Sellers are increasingly cutting prices to entice buyers struggling with affordability,” said Skylar Olsen, chief economist at Zillow.

A week after the CFPB released proposed updates to Regulation X servicing standards, mortgage industry groups are seeking more comment time on the proposal.

The proposal, published by Andrew Davidson, seeks to create a platform where regulators, investors, mortgage servicers and more would share their own data and receive access to the broader pool of data, in an effort that could decrease costs and improve attempts to aggregate mortgage data.

“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.

The increase in mortgage applications was driven by refis.