The shift in credit scores was driven by refinance activity.

Issuers of non-agency MBS are in the market with expanded-credit, prime and closed-end second offerings.

The directive will make the GSEs "noneconomic" buyers of agency MBS.

Some $8.65 billion of single-family rental securitizations were issued in 2025.

Locks for purchase mortgages and rate-term refinances declined at a similar pace.

United Wholesale Mortgage issued $145.24 billion of agency MBS in 2025.

GSE refi business jumped and shifted toward borrowers with higher credit scores during the fourth quarter. With purchase mortgages, lenders also put a greater emphasis on LTV ratios below 81%.

In the agency MBS market, refi volume with primary MI was up sharply at both the government-sponsored enterprises and the Department of Veterans Affairs, while FHA volume lagged to some extent.

FHFA Director Pulte frustrated by credit bureaus; mortgage locks decline in December; Mr. Cooper plans layoffs in California.

President Trump this week said he plans to ban large institutional investors from acquiring single-family homes. SFR securitization volume hit $8.65 billion last year.