FHFA Announces GSE Credit Risk Transfer Update – NMP Skip to main content

FHFA Announces GSE Credit Risk Transfer Update

Jul 26, 2017
Fannie Mae and Freddie transferred $5.5 billion of credit risk on mortgages with an unpaid principal balance (UPB) of $174 billion through capital markets

Fannie Mae and Freddie transferred $5.5 billion of credit risk on mortgages with an unpaid principal balance (UPB) of $174 billion through capital markets, reinsurance, and front-end reinsurance transactions during the first quarter of this year, according to new data from the Federal Housing Finance Agency (FHFA). 
 
The FHFA also reported that Fannie Mae and Freddie Mac modified the first loss structure of their debt issuances to, in general, retain the first 50 basis points of losses, mostly expected credit losses, during the course of this year. As a result, the government-sponsored enterprises (GSEs) are selling most of the credit losses between 50 to 100 basis points.
 
Since 2013, the GSEs have transferred more than $54 billion of credit risk on $1.6 trillion UPB. 

 
About the author
Published
Jul 26, 2017
Strong Jobs Report Threatens Mortgage Rate Rally

October hiring more than doubled expectations, pushing Treasury yields higher

Nov 06, 2026
Fed Holds Rates, But Pricing Pressures Persist

Rising Treasury yields and fresh inflation data complicate rate locks, borrower qualification, and lender margins as markets anticipate another hike in December

Oct 29, 2026
Zippy Adds Capital For Manufactured-Home Lending Push

The $20 million investment from Saluda Grade will support expansion beyond 27 states and new loan products across wholesale, retail, and community channels

Oct 16, 2026
Inflation Hits 3.7%, Putting Mortgage Rate Relief At Risk

September’s inflation pickup puts recent rate improvements at risk, potentially eroding affordability gains from lower home prices and seller concessions

Oct 14, 2026
PLACE Acquires Ardley, Expanding Push To Turn Existing Borrowers Into New Loans

The latest deal connects borrower retention technology with Maxwell's origination platform and PLACE's real estate network, creating new opportunities for lenders

Oct 09, 2026
Equifax, TransUnion Launch New Tools To Cut Credit Report Costs

Both bureaus introduce ways to purchase credit scores separately from reports, while Equifax reports growing VantageScore adoption and extends $1 pricing through 2028

Oct 09, 2026