FHFA Director Bill Pulte cited massive price hikes on FICO scores in recent years as the reason for making VS4 widely available through the GSEs.

“Market sentiment was leaning toward a rate hike at the next Fed meeting, but this could give the Fed pause in hiking rates as they look to convene this month,” said Cody Echols, a capital markets technology advisor at Mortgage Capital Trading.

FHFA director Bill Pulte expressed frustration that the credit bureaus haven’t sufficiently engaged in reform talks with FHFA, accusing them of “cartel-like” behavior.

Although investors would own just one listed security, Fannie and Freddie “could maintain separate underwriting, pricing, credit and customer service decisions,” according to Jon Oksenholt, the eponymous founder of Oksenholt Capital Management.

Private MIs are fully prepared for the credit score transition at the GSEs, according to Seth Appleton, president of U.S. Mortgage Insurers.

After getting close to 4.80% Tuesday, the 10-year Treasury rate declined somewhat Wednesday.

The 60-basis-point discount on agency products is long term and available to all brokers.

Purchase-mortgage business is running ahead of the levels seen in the first half of 2025.

H.R. 10184, the Consumer Financial Protection Accountability and Reform Act, would bring the CFPB under the congressional appropriations process, require cost-benefit analyses for rulemakings and stipulate periodic reviews of major rules to ensure their benefits justify their costs.

Ishbia said it’s unlikely that changes to LLPAs will be “massive” or across the board.