Smaller lenders, with comparatively smaller declines in volume, saw their market share rise in the first quarter at the expense of large banks and large nonbanks. (Includes two data tables.)

By focusing on refis, FHFA will be able to assess the ability of its title insurance waiver pilot to reduce closing costs with a smaller group of lower-risk loans.

Freddie’s head of single-family acquisitions said programs, such as DPA One, BorrowSmart and HeritageOne, have helped the GSE lower closing costs and expand access to mortgage credit.

Critics argue that the new title insurance waiver pilot would only apply to wealthy homeowners. However, one tech title company said it could lower closing costs for most buyers under 120% AMI.

Lenders argue that the cumulative cost of verification of income and employment, especially the electronic kind, is unreasonable and should be scrutinized by FHFA.

The Foreclosure Abuse Prevention Act, signed into law in 2022, blocks lenders from avoiding New York’s six-year statute of limitations on foreclosures by simply canceling the foreclosure. New language in Fannie’s loan modification agreement may negate FAPA’s block.

The last-minute decision by the Trump administration to reduce GSE purchases of speculative and riskier loans had some unintended consequences.

Appraisers have dramatically reduced the use of prohibited words in their valuations, a sign Fannie has made strides in limiting bias against protected classes.

Fannie Mae and Freddie Mac accounted for 44.1% of all mortgage originations in 2023, compared with 48.6% in 2022 and more than 58% in both 2021 and 2020.

Mortgage industry stakeholders said Freddie Mac’s pilot program to alleviate repurchase requests is a better option than Fannie Mae’s new notice of potential defect.