Non-agency industry participants are speculating how the non-qualified mortgage market would react if the government-sponsored enterprises go private.

Fannie’s CAS and CIRT volumes fell sharply in the third quarter. Freddie STACR issuance was up from a weak second quarter, but ACIS volume was down 56.2%. (Includes data table.)

A letter last week from Senate Republicans bolstered the Structured Finance Association’s push for banking regulators to reassess the punitive weighting of the p-factor in securitization as part of a planned re-proposal of the Basel Endgame rule.

In the third quarter of 2025, Ellington Financial was active with non-qualified mortgage securitizations.

Vista Index Services plans to release an index next month that will give investors an opportunity to hedge against delinquency risks in Ginnie MBS, rather than selling securities if there’s a downturn.

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.

The fourth-largest credit bureau could help reduce the cost of credit report pulls for mortgage lenders.