Declining interest rates lifted refi lending in the third quarter but couldn’t help the seasonal slowdown in purchase-mortgage originations. Nine months into the year, refi business was up nearly 50% on an annual basis. (Includes five data tables.)

Refi activity at United Wholesale Mortgage and Rocket Mortgage in the third quarter overshadowed any competing lenders.

FHFA Director Bill Pulte touted possibility of a 50-year fixed-rate mortgage. Also under consideration: transferable and portable mortgages.

Lenders urged the regulator to spell out the GSEs’ conservatorship-era obligations that could apply even if Fannie and Freddie are released.

FICO is confident the mortgage market will continue to use its credit scores even as FHFA and credit bureaus push the adoption of VantageScore.

Leaders at Equifax and TransUnion are optimistic that the GSEs’ adoption of VantageScore will lead to revenue moving from FICO to credit bureaus. The officials also defended the tri-merge score process at the GSEs.

Increased home purchase contract cancellations and declining pull-through rates are driving up costs for mortgage lenders.

Lending to nonbanks is under scrutiny due to some recent performance issues outside of the residential mortgage market.

Originations of first-lien mortgages declined by 2.0% on a quarterly basis to an estimated $485.0 billion in the third quarter. Nine months into the year, lending was up 10.8% on an annual basis.

Purchase-mortgage lending in the coming years will be helped by an expected increase in the supply of homes for sale, according to projections by the MBA.