“As I understand it, large portions of the agency for much of 2025 were not working or were working in a very limited fashion, and the numbers are likely going to reflect that,” said Mike Silver, a partner at the law firm of Spencer Fane.
Investors will initially price for added risk due to uncertainty about the real-world viability of new trended data score models like FICO 10-T and VantageScore 4.0.
Using a single score or bi-merge increases the uncertainty in assessing borrower risk, with direct implications for loan pricing and underwriting decisions, according to a study by Andrew Davidson & Co.
Private MIs and the two major government programs provided primary coverage on $74.80 billion of refinance loans, more than double the volume in the third quarter.