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The application process was regarded more positively, which suggests originators have been successful at improving in this area.

The move comes amid dwindling advances and a growing concern that the Home Loan banks are participating in riskier investments.

Purchases have dropped in the last eight out of the last nine MBA weekly surveys, but decreased competition is leading to a pickup in the share of FHA originations.

Although housing costs are still far higher than levels from a year ago, monthly data showed prices declined across five U.S. regions in June, and a separate survey indicated almost one-third of sellers had recently slashed prices.

BofA has launched two programs, one focused on increasing homeownership for Black and Hispanic Americans, and the other on small businesses owned by women and minorities that buy commercial real estate in federal opportunity zones.

FHA loan borrowers' bids may have a better chance of acceptance and these consumers could eventually benefit from student debt forgiveness, but affordability, inventory and performance remain concerns.

Dana L. Wilson is the founder and CEO of CHIP (Changing How Individuals Prosper), a financial services marketplace connecting individuals and small businesses to financial professionals of color.

Zachary Conway is the founder and CEO of NYC-based Seeds Investor, a software platform for financial advisors to assess and understand investors' values and needs and automatically deliver personalized portfolios and reporting.

The lender gave a $1.3 million mortgage refinance loan to a borrower based off overstated, fraudulent debt, prosecutors said.