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Intermediary automation has increased the immediate availability of product, pricing and eligibility information to both sides of the mortgage business.

Loans for hotels and motels, except those that have casinos, account for 19.43% of the pool balance, the largest portion.

President Donald Trump asked the Supreme Court to reverse a lower court ruling allowing Federal Reserve Gov. Lisa Cook to remain in office pending the outcome of her lawsuit challenging Trump's move to fire her late last month.

The pressure from President Donald Trump and his allies on the Fed to slash interest rates underscores the need to retain credibility on fighting inflation, the former Treasury chief added.

Acting CFPB Director Russ Vought has managed to neuter the Consumer Financial Protection Bureau through a series of actions. Senate Banking Committee Chairman Tim Scott, R-S.C., played a major role by cutting funding in half.

The Federal Open Market Committee's decision to reduce interest rates for the first time in nine months lifted bank stocks Wednesday. The 25-basis-point reduction could lead to net interest income headwinds now, but loan growth later, analysts said.

Most lenders said they had already priced in the widely-anticipated decision to cut short-term rates for 30-year home loans but other products will benefit.

The anticipation of lower rates has helped drive yields lower, with the 30 year's falling as much as three basis points to 4.62% on Wednesday, the lowest level since April 30.

Some 63.8% of the assets in the pool are modified loans, and for 92.6% of those loans, the modifications happened more than two years ago.

New-home loan activity rose 1% in August year over year, but applications fell 6% from July.