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The Detroit-based shop will cover the remaining 2% needed to reach the required threshold for conventional loans.

Starting June 7, the enterprise's platform will be able to analyze pay stub information.

But the country is still likely heading towards a recession and it could be deeper than previously thought, Mortgage Bankers Association Chief Economist Mike Fratantoni said.

JPMorgan bought First Republic Bank earlier this month after it became the second-largest bank failure in U.S. history and the fourth regional-bank collapse this year.

The bank said it agreed to sell a $2.6 billion portfolio of 74 real estate construction loans as part of its plan to shore up liquidity.

The company's recent expansion into commercial servicing is part of a broader effort to build a diversified business model, according to President and CEO Mike Dubeck.

Also, Polly appoints two new chief officers, Supreme Lending adds marketing leader and Regions Bank welcomes affordable housing finance expert.

The Community Home Lenders of America is asking Fannie Mae and Freddie Mac's regulator to consider automatic indemnification on performing loans with flaws.

The Trump administration official announced that she will step into the role of senior adviser to the House Financial Services Committee.

Federal Reserve Bank of New York President John Williams says there is no evidence that the COVID-19 pandemic has ended the era of very low interest rates experienced before the crisis, although growth may be slower in the long run.