A new study found that using real estate agent-referred lenders not only increases borrowing costs for homebuyers but also shifts the burden of those costs disproportionately to the most vulnerable households.

Purchase mortgages and refinances in the highest loan-to-value ratio category accounted for a greater share of mortgages delivered to Fannie Mae and Freddie Mac in the first quarter of 2026. (Includes two data tables.)

Researchers at the FRB of Richmond demonstrate how banks that gain local market share by acquiring an existing bank are likely to decrease FHA lending even while increasing conventional lending.