The decline in issuance was driven by refinances, with refi volume off 16.8% on a monthly basis.

The agencies securitized $30.31 billion of rate-term refis in May, a 32.6% decline from April.

Rocket Mortgage has incorporated VS4 into both its direct-to-consumer and Rocket Pro sides of the business.

FHA published a request for information seeking ways to ease its minimum property requirements.

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.

The lender saves 5 basis points per loan on average using eNotes.

FHA expects to rescind a suite of policies next month as a continuation of its deregulatory approach to tackling affordability, said FHA Deputy Assistant Secretary for Single-Family Housing Matt Jones.

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

Some real estate agents are pushing clients away from offers supported by some government-backed mortgage products, industry members say.