Organization Root Tag

But its mortgage business remains a money loser, and it wasn't a great period for the acquisition target either.

BofA is the first large Wall Street bank to officially reverse its call amid growing optimism about the economic outlook.

The company, whose core business is helping real estate agents connect with homebuyers, said it's projecting third-quarter revenue of $458 million to $486 million.

The move was "not being driven by fundamental credit, capital or liquidity deterioration at the firms," the firm said.

Volumes were driven down largely by slowing conventional purchase activity resulting from ongoing interest rate and affordability challenges, the Mortgage Bankers Association said.

The Federal Reserve is leading the push for broader, more standardized risk-capital rules, yet some of its board members, other regulators and industry groups are uncomfortable with the proposal.

But the government-sponsored enterprise is still concerned about the fiscal health of its lender counterparties as volumes are down considerably from last year.

The decision from the Federal Housing Finance Agency to allow lenders to review only two credit reports for mortgage applicants will harm homebuyers with less than perfect credit, writes the founder and CEO of Financial Services Innovation Coalition and a certified general appraiser at the Dawson Valuation Group.

The Federal Reserve said that banks reported tighter standards and continued weak demand for loans in the second quarter, extending a trend that began before recent stresses in the banking sector emerged.

The Department of Housing and Urban Development would permanently allow servicers to use online and remote communications to establish borrower contact, as they did during the pandemic.