The flow of refis into agency MBS nearly halved during the third quarter. Purchase-mortgage volume was up 12.5% on a sequential basis; but over the first nine months, it was up only 1.3% year over year. (Includes two data tables.)

Industry participants are split on the pros and cons of allowing lenders to pull scores from just two credit reporting agencies.

Large lenders are flocking to deploy VantageScore 4.0, but others are being more cautious due to shifting GSE guidelines. There’s also uncertainty for investors in MBS and MSRs.

The sharp decline in home price appreciation makes it possible that lenders’ early-bird loan limits for 2027 will come in above the 2026 conforming loan limits.

Critics argue that applying the same LLPA pricing grids to VS4 and Classic FICO will camouflage, but not eliminate, the added credit risk associated with the typically higher VS4 score.

There will soon be five separate credit scores applicable to mortgages, with varied ranges and outputs. (Includes data table.)

Lenders expect confusion if the GSEs haven’t implemented FICO 10T before FHA allows for use of the score in January.

The FHFA director’s predilection for conducting official business on X provides housing-finance advocates a unique opportunity to lobby him directly.

VantageScore 4.0 is now available to all Fannie Mae and Freddie Mac sellers. And FHFA Director Bill Pulte is pondering ending the tri-merge standard.

Fannie Mae has reportedly fired 10 senior executives, including senior vice presidents Mark Palim and Devang Doshi.