This week’s top legislative and policy news from the Mortgage Bankers Association.

In May, MBA Research released the first quarter results of its Quarterly Mortgage Bankers Performance Report (QPR). Total loan production expenses – commissions, compensation, occupancy, equipment, and other production expenses and corporate allocations – increased to a study-high of $13,171 per loan in the first quarter.

Black Knight, Jacksonville, Fla., reported overall rate lock volumes were down 1% month-over-month in June, with conforming loans gaining share mainly at the expense of non-conforming loan products.