Early interest in the VantageScore 4.0 pilot has been strong, but participants note that the new score can be up to 100 points different from Classic FICO.

The refi share of originations hit 46.7% in the first quarter, thanks to low interest rates in January and February. Purchase-mortgage volume was up 3.7% compared to the first quarter of 2025. (Includes four data tables.)

Versions of the 21st Century ROAD to Housing Act have passed both the House and Senate with broad bipartisan support. However, differences persist.

Federal bank regulators are looking to reduce the capital requirements that apply to mortgage servicing rights and to mortgages held in portfolio. A March proposal is seen as making mortgage lending and servicing somewhat more attractive for banks.

FICO and VantageScore disagree on how lenders in a GSE pilot are using VantageScore. FICO’s CEO claims there are LTV ratio limitations and a haircut with VantageScore. VantageScore said that’s not the case.

High interest rates are prompting some lenders to reduce their guidance for returns on equity this year. Meanwhile, margins are holding firm at some big lenders.

Downpayment assistance programs are no longer just for first-time homebuyers with limited income.

Glass half full: Originations surged on an annual basis in the first quarter. Glass half empty: Lending declined on a quarterly basis as interest rates jumped in March.

Borrowers pulled back in March as interest rates on mortgages increased, but demand improved after rates fell at the end of March.

Stakeholders are speculating on the next steps for bringing the new credit scores to market without complete transparency.