“Everyone has a role in risk management. Revenue is not as important as having sound practices in place.” ----Cheryl Feltgen, Executive Vice President and Chief Risk Officer with Arch Mortgage Insurance Co., Greensboro, N.C.

The Mortgage Bankers Association and other industry trade groups urged the National Economic Council to support a reduction of the annual mortgage insurance premium for borrowers with FHA-insured loans.

ACES Quality Management, Denver, said the overall critical defect rate declined for the second straight quarter despite a more challenging mortgage lending environment.

Redfin, Seattle, reported nearly one-third (31.4%) of U.S. home purchases were paid for with all cash in July, near the eight-year high reached in February and up from 27.5% a year earlier. In a separate report, Redfin said higher interest rates have given home buyers the upper hand after several years of a “sellers’ market.”