ICE launched a fraud detection tool for underwriters, Newrez partnered with Matic and Rate announced a free home equity monitoring tool this month.

The national delinquency rate rose 15 basis points to 3.5% last month due to a calendar anomaly, marking a 4.5% month-over-month incline and 9.4% annual change.

KBW now rates UWM as outperform, and BTIG calls the stock a buy, but both cite high leverage levels and industry macro trends depressing its stock price.

Nearly one-third of states now have official nonbank standards for liquidity, capital and corporate governance that firms over a certain threshold must meet.

If approved, the deal can provide relief for the approximately 662,000 individuals affected by an incident at the mortgage vendor last November.

Early Gains. Flat Afternoon. MBS Underperform

Friday ended up offering a boring conclusion to a week that had at least some measure of excitement on Wednesday. Bonds started a hair stronger, lost ground modestly and then rallied to the day’s best levels by noon. From there, 10yr yields went perfectly sideways in an ultra narrow range. MBS managed to hang on to just barely positive levels but gave up about an eighth of a point during the time Treasuries were holding steady. Technically, this is underperformance in a vacuum, but in the bigger picture, MBS have been doing just fine in relative terms. As a reminder, next week is 3.5 days thanks to Independence Day observance, and the jobs report will be on Thursday morning. 

Market Movement Recap

09:04 AM Stronger overnight, but bouncing back a bit now. 10yr up 0.3bps and MBS unchanged.

12:04 PM Near strongest levels. MBS up an eighth and 10yr down 1.8bps at 4.373

04:29 PM Off strongest levels in MBS, now up only 2 ticks (.06). 10yr down 1.9bps at 4.372

The Federal Deposit Insurance Corp. issued proposals Thursday that would reduce planning requirements for big banks and slash deposit insurance prices, citing the financial health of the Deposit Insurance Fund.

Median purchase loan payments hit $2,198 in May, up 2.1% from April, as rising rates and home prices threaten to dampen origination volume, MBA reports.

Christopher Phelan, President Donald Trump’s nominee to chair the Council of Economic Advisers, declined to directly answer questions about recent inflation data and the effects of tariffs on consumers during a Senate confirmation hearing Thursday.

Disclosures from the housing-finance giants show their duration gaps — a measure of how closely assets, liabilities and hedges offset one another — have widened sharply in recent months, leaving their holdings more exposed to rate swings.