Originations of home equity loans remain concentrated on HELOCs, which accounted for 80.5% of originations in the first half of this year.

James Hodge, FHFA’s acting principal deputy inspector general, said the OIG is likely going to have to reduce its staff by upwards of 80% due to the reduced funding and the OIG will cease criminal investigations.

“The rating downgrades reflect Wells Fargo’s continued reduction of its servicing portfolio and strategic shift toward government-sponsored enterprise and owned prime portfolios,” Fitch said.

The average interest rate on a 30-year fixed-rate mortgage hit 7.28% Thursday, according to Freddie Mac.

The retail channel accounted for 44.2% of conventional-conforming originations in the second quarter among a large group of survey participants, up from a 41.4% share in the first quarter and a share of 38.9% in the second quarter of 2025. (Includes two data tables.)

Interest rates on mortgages increased steadily throughout the second quarter, diminishing demand among non-agency MBS investors to some extent. (Includes data table.)

FHFA’s IG told members of Congress that the planned budget cuts would require the IG to wind down its operations and cut nearly its entire staff.

In recent weeks, Better has disputed shareholder share counts announced by Garg and accused him of violations of securities laws in his effort to remove directors at the company.

FICO launched a direct license program a year ago but adoption has been hindered by lack of approval from FHFA for use by the government-sponsored enterprises.

Home equity lending is being fueled by accumulation of equity and elevated interest rates, which have diminished demand for refis. (Includes three data tables.)