Three of the top-five GSE issuers posted declines in volume last month. Meanwhile, Fannie’s share of total residential MBS issuance fell to a decade-plus low of 24.0% in the fourth quarter of 2025. (Includes two data tables.)

Fannie Mae and Freddie Mac assured lenders that mortgages will not become ineligible for delivery solely because of the shutdown, temporarily relaxing employment verification and available reserve requirements for impacted borrowers.

The income assessment portion of Fannie’s Selling Guide has been significantly restructured, moving and rephrasing many sections, changing some policies and introducing new ones.