Origination

The Mortgage Bankers Association (MBA) reported another weekly drop in applications to start July.

Federal regulators announced a proposal Tuesday to double the standard Basel III leverage ratio for the "largest, most systemically significant" banks. The proposal would also require covered bank holding companies to maintain a tier 1 capital leverage buffer of at least 2 percent above the minimum supplementary leverage ratio requirement of 3 percent, for a total of 5 percent, the regulators stated. Currently, the proposed rule would apply to eight banks.

Mortgage lending standards loosened slightly in June, according to the Mortgage Bankers Association's (MBA) Mortgage Credit Availability Index (MCAI). The index, which analyzes data from AllRegs Market Clarity, increased to 109.8, a gain "primarily driven by a small uptick in the number of products which offer a cash-out feature. There were also small increases in the number of jumbo, investor, and higher LTV [loan-to-value ratio] offerings," the association said in a release.

Total Mortgage Services, LLC, a leading mortgage lender, took the next step in its expansion with the purchase of a new headquarters building in Milford, Connecticut.

Americans polled by Consumer Reports indicated they are facing significantly more financial troubles than in June, according to the group's latest index. According to Consumer Reports, the Trouble Tracker Index climbed more than five points to 39.2 in July, "an increase that was entirely fueled by an epic 23.3-point jump among those households earning $100,000 or more," the organization said. The spike in difficulties reported both upper-income households was reflected in the report's consumer sentiment measures.

In Florida, Mortgage Contracting Services (MCS) announced the promotion of Elspeth Spransy to VP of vendor management.

In a commentary released Tuesday, analysts at FBR Capital Markets pointed to market trends and recent events as evidence that origination volumes should remain elevated.

The number of job openings edged up in May, increasing for the for the first time since February as hirings continued to improve, on a pace to exceed 2012, the Bureau of Labor Statistics reported Tuesday in its monthly Job Openings and Labor Turnover Survey.

Fannie Mae and Freddie Mac reported a combined 107,000 refinances in April through the Home Affordable Refinance Program (HARP), according to data from the Federal Housing Finance Agency (FHFA).

SunTrust Mortgage, Inc., announced it will now offer a $500 credit toward lender closing costs for clients who qualify for a new mortgage or refinance provided through the company.