The foreclosure inventory rate has now declined year-over-year for 44 consecutive months, including June. The 1.2 percent foreclosure inventory rate represented about 472,000 homes, down from 664,000 in June 2014. Although the national foreclosure inventory rate is back to pre-recession levels, the rate remains high in select areas hit hardest by the crisis, such as Florida and New Jersey.

Warren sent a letter to the heads of the Consumer Financial Protection Bureau (CFPB), Commodity Futures Trading Commission (CFTC), Department of Justice (DOJ), Federal Deposit Insurance Corporation (FDIC), Financial Industry Regulatory Authority (FINRA), and Securities and Exchange Commission (SEC).

With many smaller banks either failing or struggling to continue operations due to increased costs of doing business, Comptroller of the Currency Thomas Curry recently spoke at the Federal Home Loan Bank of Chicago about some of the latest innovations brought about to help community banks get back in the lending game.

Meanwhile, median home price inflation expectations fell from 3.5 percent in June to 3.2 percent in July, continuing a downward trend. It is the second lowest monthly total for the SCE since it began in June 2013.

With no fundamental changes to the origination process in decades, the lost efficiency, increasing costs and decreasing profits, combined with ever-merging regulatory hurdles, have left a gap in the mortgage industry to be filled by "disruptors," who are innovators creating new business models to better serve the industry.

Following his introduction of the Consumer Reporting Fairness Act last month, Senator Sherrod Brown (D-Ohio) this week urged federal government agencies to more closely monitor the selling of so-called "zombie debt" by financial institutions to debt collector.

Bank of America is offering five pools of residential mortgage loans for sale totaling $1.2 billion that range in status from current to modified to non-performing.

Also of note, job gains for May and June were revised upward for a combined total of 14,000 more jobs than were originally reported, according to the BLS. Smoke said the job growth in the last year, which has been consistently strong in the last nine months, has been a key reason for stronger housing demand this year.

Fannie Mae and Freddie Mac have combined to help approximately 121,000 homeowners avoid foreclosure through a variety of both retention and non-retention solutions through the first six months of 2015.

New York Attorney General Eric Schneiderman, along with housing advocates and local lawmakers, on Thursday highlighted the success of three programs his office has created in the last three years in order to help families avoid foreclosure and keep their homes.