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.

“If [the GSEs] are going to distribute them into securities,” said Bose George, a managing director of Keefe, Bruyette & Woods, “I assume there’ll be some sort of pay-up for these loans, because people don’t know the performance yet.”

Mike Weinbach was most recently president of Mr. Cooper Group, leaving the company shortly after it was acquired by Rocket Companies.

“There’s still work to be done and we are committed to continuing to work with the White House and our colleagues in the House on a housing bill that can pass the Senate and get to the president’s desk,” said Sens. Tim Scott, R-SC, and Elizabeth Warren, D-MA.

Rate sent $18.58 billion of mortgages to unaffiliated buyers in 2025, according to an Inside Mortgage Trends analysis of HMDA data.