“There’s a tremendous economic incentive to adopt VantageScore, it’s just gonna take some time to work it through,” said Chris Cartwright, CEO of TransUnion.

Closed-end second securitization was up on a quarterly basis while activity involving home equity lines of credit declined.

In late February, just before interest rates started rising, the refi share of applications was close to 60%.

The re-proposal would improve banks’ return on capital, said John Sim, a managing director at JPMorgan Chase.

Homesellers are refusing to offer steep discounts.

Overall, refinance business was down compared with the fourth quarter of 2025, though FHA refi volume increased by 6.1% due to FHA-to-FHA refi activity.

“Get comfortable with reading the guidelines and understand what you want to be,” said Audrie Gregory, vice president of correspondent lending at Verus Mortgage Capital, a non-agency conduit.

Robert Johnson, head of originations at Newrez, said the process went much more smoothly than he expected.

The delinquency rate held steady on a monthly basis, at 3.35% as of the end of April, according to Intercontinental Exchange.

In all of 2025, refis accounted for 30.1% of originations.