“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.

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

“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.”

Even officials at Experian aren’t sure how many lenders are participating in the pilot.

The GSEs have differing loan level price adjustments for classic FICO and VantageScore 4.0, according to VantageScore.

The GSEs issued CRT deals in March even with economic volatility tied to the war with Iran.

Both VantageScore and FICO claim their scoring models allow lenders to approve more mortgage applicants.

Pools of loans secured by property in Florida were the most popular “story” in the first quarter.

April issuance was the highest monthly total since June 2022, when the market was coming down from the euphoria of the COVID-19 rally.

At Freddie, net interest income has increased slightly in every quarter but one over the past three years.