It is a pleasure to join you again this year for the American Bankers Association Community Bankers Conference. As a former community banker, I always enjoy taking time to learn from your experience to inform my work at the Federal Reserve.1 Today, I would like to discuss a concerning trend in our financial system that has significant implications for the banking industry, the stability of the mortgage market, and consumers. Whether due to a conscious decision in response to the regulatory environment or other factors, we have seen a significant migration of mortgage origination and servicing out of the banking ... (full story)