Ginnie remained the top agency in single-family business during the second quarter, though the GSE market posted a bigger gain. Purchase-mortgage volume accounted for most of the gain. Refi activity was also up. (Includes two data tables.)
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The rule would require mortgage servicers to only pursue foreclosure as a last resort and increase disclosure requirements. Loss-mitigation application requirements would also be streamlined.
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The Supreme Court’s decision, overturning a deference that courts have provided to regulators for 40 years, should be a relief for the mortgage industry, according to an attorney.
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The future looks somewhat positive for loan brokers, but not so for mortgage bankers. Not surprising given production trends, but a Fed rate cut in the fall could change the hiring equation.
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The MBA wants significant changes to the Federal Financing Bank risk-sharing program. Reforms are also needed in the multifamily accelerated processing program, according to the trade group.
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The creation of a U.S. sovereign wealth fund could grease the skids for an end to the conservatorships of Fannie Mae and Freddie Mac.
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