Although high interest rates have cut into GSE acquisitions, depriving PMIs of new business, they have also prevented homeowners from selling, allowing insurers to hold on to the business they have.

Even with the implementation of new asset haircuts and other restrictions into the private mortgage insurance eligibility requirements framework, GSE-approved insurers say they will still have large available asset buffers.

Stakeholders say the GSEs’ proposed definition of “first-generation homebuyer” in their equitable housing-finance plans unfairly excludes many of the people the enterprises and the FHFA want to help.