GSE securitization of investment-property mortgages fell by 33% on a sequential basis in the second quarter, while overall single-family GSE activity was down only 5%.

The issuance is the first of the year from Goldman with GSE-eligible mortgages for investment properties.

Production of jumbos and expanded-credit mortgages spiked while agency lending deflated.

Freddie's issuance fell by more than 50% from the first quarter and Fannie remained inactive.

Due to the similarities between the structures of the FHFA and the CFPB, some firms facing enforcement actions from the CFPB are hoping to have courts invalidate the actions.

JMP said it sounds like “these actions” by the GSEs “primarily targeted nonbank wholesale channel lenders, of which UWM [United Wholesale Mortgage] and HMPT are among the largest.”

Fannie CEO Hugh Frater described the change to DU as “one important step in correcting the housing inequities of the past,” adding that it will create a more inclusive mortgage credit evaluation process.

CHOICEReno eXPress, on the other hand, is targeted toward borrowers who need to finance relatively minor renovations. In designated Duty to Serve high-needs areas, the total cost of the rehab can’t exceed 15% of the appraised home value. Otherwise, the limit is 10% of the home price.

The two GSEs securitized $98.14 billion of refi loans in July, the lowest monthly volume since March of last year, when the Federal Reserve sparked a massive refi market by pushing interest rates to record lows.