European bond yields surged higher on Friday in response to political uncertainty in the U.K., among other things (ongoing global reaction to Fed day and U.S./Iran peace deal status, etc). Treasury yields were set to open higher in the overnight session as a result. All of the above is logical and fairly boring. What’s interesting is that Treasuries haven’t taken the opportunity to recover. European yields certainly have and oil prices have steadily dropped back toward Thursday’s lows. Additionally, the fact that 10yr and 2yr yields are up by the same amount suggests there’s not an active Fed trade going on. That doesn’t leave many compelling scapegoats. The only two that jump to mind are asset allocation trading (selling bonds, buying stocks), and perhaps some concessionary selling ahead of the Treasury auction cycle. On a more speculative note, the market could also be bracing for various Fed speeches this week, but we’d expect to see 2yr TSYs doing worse than 10s in that case. 

Pennymac has released the latest edition of its Pennymac Policy Pulse, a newsletter tracking key federal policy developments shaping the housing market and broader U.S. economy. When national or state-level organizations engage in advocacy, they don’t visit the NAR or home builders or large title companies. They visit state legislators, Congress, or federal regulators. It has become impossible to separate politics from residential lending. Lenders are confronted with regulators, people moving states due to politics, expensive property taxes from local governments, state-specific lender and servicer restrictions, policies and procedures and document sets that come from Agencies under government conservatorship, and lastly interest rates that are higher than they should be due to due to oil price-induced inflation. If you can be successful in this business by ignoring all of that, congratulations. (Today’s podcast can be found here and this week’s ‘casts are sponsored by Equifax. With Equifax’s suite of mortgage solutions, mortgage lenders can use trusted, independently verified consumer and financial data and analytics to reduce manual processes, accelerate loan decisions, improve accuracy, manage risk, and enhance the borrower experience from initial application through ongoing loan servicing. Today’s has an interview with Class Valuation’s Mark Walser on UAD 3.6: stages of panic versus planning, and what lenders can expect in the fall.) Broker and Correspondent Loan Products

The D.C. Circuit Court of Appeals halted the Trump administration’s attempt to fire nearly two-thirds of the Consumer Financial Protection Bureau’s workforce, upholding a March 2025 injunction.

The industry association said total multifamily mortgage debt alone increased by $23 billion, or 1% in Q1, representing a $2.32 trillion increase from Q4 2025.

Anthropic’s head of banking told New York Banking Summit attendees that the future is agents that operate autonomously alongside employees.

Chair Travis Hill said SVB showed banks can’t always sell securities fast enough to cover deposit outflows, but acknowledged the “stigma problem” with discount window borrowing remains unsolved.

United Wholesale Mortgage allows the financing to be extended to borrowers with certain medical degrees with low down payments or potentially even none at all.

Economic uncertainty and higher rates in May contributed to the second decline in applications for new homes on an annual basis, reversing March gains

The merger will bolster existing safeguards against AI threats, while providing a tool that should appeal to young homebuyers, leaders of the companies said.

A potential deletion from a long-standing regulatory definition has banks questioning how to classify vast swaths of their lending books.