On loan applications for 30-year fixed-rate conventional mortgages received in June 2016, the average loan size was $316,000, up from an average of $259,000 in June 2012, according to the Mortgage Bankers Association.
The after-mitigation defect rate on FHA mortgages increased from 5.5 percent in the fourth quarter of 2015 to 8.4 percent in the first quarter of 2016.
The new guidance includes a number of provisions, including a requirement for lenders to escrow PACE payments to protect the FHA from losing collateral in a tax sale.
Officials at Wells Fargo said that in the first month of offering the non-FHA yourFirstMortgage, applications for more than $1.0 billion in production were received.
Critics accused Castro of politicking at the expense of private investors. In the past, Castro has been mentioned as a possible vice presidential candidate for Hillary Clinton.