Secondary

Critical defects fell as well, but the percentage that are related to income or employment concerns set a new record, surpassing the one set in the second quarter of last year.

Fitch Ratings’ second quarter numbers suggest even those facing some of the highest repayment hurdles may have been motivated enough by economic improvement to exit before many expirations were due.

The move suggests the government bond insurer doesn’t expect to see loan performance return to normal levels until next summer.

The technology could help firms that have had less access to automation and generally have conducted trades used to hedge loan pipelines by phone.

While overall volume was down in August, it remained historically strong, particularly in the securitized market for home equity withdrawal loans made to borrowers age 62 and up.

But refinance volume was constrained in recent weeks and many of the new offerings are aimed at low income borrowers, the Mortgage Bankers Association said.

The loan origination system provider, which launched an IPO on July 28, reported that its second quarter revenue and income grew 38% year-over-year.

The Loan Syndications and Trading Association alerts market participants to the challenges of term-SOFR transition before year-end.

The government-sponsored enterprises and their regulator are building on broader efforts by the Biden administration to close racial gaps in homeownership rates.

The government bond insurer allowed lenders to become “eIssuers” a little over a year ago, and the move contributed to a large surge in electronic notes this year.