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Inside Mortgage Finance

July 13, 2023

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Agency Market Posts Solid Gain in 2Q23, Refi Ripple

Secondary-market sales of purchase mortgages rose smartly in the second quarter and there was even a modest boost in the refi market. But at midyear, agency single-family business was well off last year’s mark. Read More

An Improving Outlook for Mortgage Jobs in May

The mortgage layoff streak has ended, thanks in part to improving originations in the second quarter. But don’t look for a V-shaped recovery in the numbers. The Federal Reserve still controls the table. Read More

Usage of Treasury Assistance Program Is Growing

A $9.9 billion fund established by the federal government to help borrowers avoid foreclosure is seeing growing use. Some $1.2 billion in funds from the Homeowner Assistance Fund were distributed in the first quarter. Read More

FHFA Proposes Tougher Suspended Counterparty Rules

FHFA wants the authority to suspend counterparties that have been sanctioned by other federal or state regulators. The agency argues that the outcomes of certain civil actions are analogous to criminal convictions. Read More

Movement Mortgage, DOJ Settle False Claims Case

Two former Movement employees triggered the investigation against the lender when they filed a whistleblower civil action in 2018. Read More

Subdued Expectations for 2Q23 MSR ‘Marks’

When rates rise, holders of MSRs can benefit by increasing the value of this esoteric asset. Now that the second quarter has ended, the biggest beneficiaries will be shops that took it easy when it came to hedging. Read More

What Happens to CFPB Rules if the Regulator Is Unconstitutional?

The Consumer Financial Protection Bureau’s funding structure is unconstitutional, a bevy of new amicus briefs argue. But they part ways on how to remedy the problem. Read More

Rate Lock Volume Continues to Search for Bottom in 2Q

Rate lock volume continues to tumble in 2023, with the biggest declines coming from locks on rate-term refinance loans. Read More

Grapevine: FHLBank Advances in Play?; Better Loses More Money

FHFA could limit usage of FHLBank advances; losses narrow at Better in first quarter; home price appreciation slowing; the impact of higher interest rates on potential borrowers. Read More

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