Interest rates nearly took center stage in this banking testimony as Chair Yellen noted that the domestic economy is “pretty strong” and the “gradual rise in rates should not derail the housing market. Employment is going up, income is going up, and If the labor market improves, inflation will move up. December sounds incrementally more likely, but hinges on jobs reports.”

A district judge refused to revive the case in September 2013 based on allegations by the DOJ, saying that the outcome of the case would not have been changed by new information brought up about representations made by S&P to investors.

Watt said in a statement in July that the purpose of the pay raises was to "promote CEO retention, allow reliable succession planning, and ensure the continuity, efficiency and stability" at Fannie Mae and Freddie Mac. Watt's predecessor, Ed DeMarco, capped the GSE CEO pay at $600,000 a year more than three years ago after four years of conservatorship.

In his new role, Ciulla will be responsible for developing strategic client relationships, alliances, and partnerships across a wide array of industries including mortgage, appraisal, financial services, and real estate brokerages.

Clayton Holdings LLC, a provider of loan due diligence, surveillance, REO management, and consulting services to the mortgage industry, recently welcomed Andrew Pollock as senior managing director of Clayton Consulting Services.

While waiting for the Fed to raise rates, banks will likely place "additional focus on cost controls to improve operating efficiencies and extend balance sheet duration" to reduce margin compression, according to a recent report from Fitch Ratings. Bank margins have fallen to 3.02 percent as of the first quarter of 2015, the lowest average since 1984, the Federal Deposit Insurance Corporation said.

On the downside, government officials saw net exports fall soft, job gains slow, and the unemployment rate held steady. In addition, inflation remains under the Committee's objective of 2 percent, reflecting falling energy prices and prices of non-energy imports.

According to Smoke, 32 percent of millennials were homebuyers this year, while 18 percent were sellers. On the one other hand, 40 percent of millennials own a home, while 60 percent rent.

On a national level, several economic conditions influence today’s market such as home price growth outpacing rent growth since 2012 (favoring the rent side of the equation) and interest rates returning to historic lows after reaching 4 percent of higher in 2013 and 2014.

"Buoyed by strong employment growth, housing supply is struggling to keep pace with demand, which is driving house prices higher," Kiefer said. "Fortunately, low mortgage interest rates are helping to keep homebuying affordable for some prospective homebuyers."