Repurchases

How often loans come back to the lender, by agency and vintage.

Fannie Mae · cumulative repurchase rate by vintage

2022 and 2023 loans are being repurchased at 1.6 to 2.1 times the rate of 2020–21 loans at the same age

At 24 months: 0.24% for 2022 and 0.23% for 2023, against 0.12% and 0.14% for 2020 and 2021.

Table view

Fannie Mae · cumulative repurchase rate by vintage
Vintage	6 mo	12 mo	18 mo	24 mo	30 mo	36 mo	42 mo	48 mo	54 mo	60 mo
2019	0.00%	0.07%	0.12%	0.13%	0.14%	0.17%	0.19%	0.20%	0.21%	0.24%
2020	0.02%	0.07%	0.11%	0.12%	0.12%	0.13%	0.13%	0.13%	0.14%	0.15%
2021	0.01%	0.08%	0.14%	0.14%	0.15%	0.15%	0.16%	0.16%	–	–
2022	0.01%	0.16%	0.23%	0.24%	0.26%	0.27%	–	–	–	–
2023	0.03%	0.18%	0.21%	0.23%	–	–	–	–	–	–
2024	0.02%	0.12%	–	–	–	–	–	–	–	–

Source: Fannie Mae Single-Family Loan Performance data. Each vintage is shown only to the age it has reached. Data through Sep 2025.Method for Fannie Mae · cumulative repurchase rate by vintage

Ginnie Mae · buyouts as a share of liquidations

Buyouts rose from about 2% of liquidations in early 2024 to 9% over the last three months

8.9% in February 2026. Ginnie buyouts are mostly delinquency-driven, so this tracks FHA and VA credit stress more than origination defects.

Table view

Ginnie Mae · buyouts as a share of liquidations
Month	Buyouts	Liquidations	Share
Mar 2024	1,883	69,720	2.70%
Apr 2024	1,501	74,264	2.02%
May 2024	1,550	79,553	1.95%
Jun 2024	1,787	73,486	2.43%
Jul 2024	1,839	83,185	2.21%
Aug 2024	2,185	91,271	2.39%
Sep 2024	4,321	95,512	4.52%
Oct 2024	3,312	110,410	3.00%
Nov 2024	2,989	85,805	3.48%
Dec 2024	3,526	81,396	4.33%
Jan 2025	2,957	75,159	3.93%
Feb 2025	3,560	71,091	5.01%
Mar 2025	4,000	90,310	4.43%
Apr 2025	4,395	102,409	4.29%
May 2025	4,304	99,586	4.32%
Jun 2025	3,818	89,689	4.26%
Jul 2025	3,255	93,012	3.50%
Aug 2025	6,639	96,836	6.86%
Sep 2025	4,936	105,782	4.67%
Oct 2025	4,672	126,384	3.70%
Nov 2025	6,510	103,733	6.28%
Dec 2025	10,021	112,596	8.90%
Jan 2026	9,954	96,345	10.33%
Feb 2026	9,284	104,712	8.87%

Source: Ginnie Mae monthly pool-level disclosures, FHA, VA and USDA pools. Data through Feb 2026.Method for Ginnie Mae · buyouts as a share of liquidations

Defects

What post-closing QC is finding across the industry.

Critical defect rate · post-closing QC

1.71% of reviewed loans had a critical defect in Q1 2026

Within its 1.16%–2.47% range since Q4 2021; 1.38% in Q4 2025.

Table view

Critical defect rate · post-closing QC
Quarter	Critical defect rate
Q4 2021	1.95%
Q1 2022	1.93%
Q2 2022	2.05%
Q3 2022	2.47%
Q4 2022	1.84%
Q1 2023	1.78%
Q2 2023	1.72%
Q3 2023	1.67%
Q4 2023	1.53%
Q1 2024	1.58%
Q2 2024	1.81%
Q3 2024	1.51%
Q4 2024	1.16%
Q1 2025	1.31%
Q2 2025	1.51%
Q3 2025	1.79%
Q4 2025	1.38%
Q1 2026	1.71%

Source: ACES Mortgage QC Industry Trends reports. Data through Q1 2026.Method for Critical defect rate · post-closing QC

Share of critical defects by category

Compliance went from 4% to 26% of critical defects

Income and employment is no longer the largest category. Shares of all critical defects found, Q4 2021 against Q1 2026.

Table view

Share of critical defects by category
Category	Q4 2021	Q1 2026
Compliance	3.5%	26.0%
Income and employment	26.6%	20.1%
Liabilities	10.1%	10.8%
Assets	16.1%	10.4%
Loan documentation	14.6%	8.6%
Credit	9.1%	5.2%
Collateral and appraisal	7.0%	3.4%

Source: ACES Mortgage QC Industry Trends reports; Fannie Mae defect taxonomy. Data through Q1 2026.Method for Share of critical defects by category

FHA lender performance

Early defaults and claims by lender, relative to their area.

HUD Neighborhood Watch · compare ratios, as of Aug 31, 2026

128 of 876 active FHA lenders are above a 150 compare ratio; 54 are above 200

Median 92. Lenders above 200 can face Credit Watch termination of FHA origination approval.

Lenders by compare ratio

Volume against compare ratio, 876 lenders

Below 150150–199200 and above

Table view

FHA lenders by compare ratio
Compare ratio	Lenders
0 to 49	148
50 to 74	154
75 to 99	195
100 to 124	167
125 to 149	81
150 to 174	51
175 to 199	26
200 to 249	25
250 to 299	14
300 to 399	11
400 to 499	3
500 and above	1

Source: HUD FHA Neighborhood Watch, active lenders with 10 or more endorsements in the period. As of Aug 31, 2026.Method for HUD Neighborhood Watch · compare ratios, as of Aug 31, 2026

Enforcement

Federal actions against lenders and servicers, by agency and violation type.

Actions by agency and category · last 24 months

574 actions since October 2024; the OCC and the FDIC account for 307 of them

Categories come from an automated classifier, and UDAAP may be over-assigned: it is the category on 434 of these 574 actions. Treat the category split as approximate.

See every action on the Enforcement page →

Table view

Actions by agency and category · last 24 months
agency	UDAAP	Origination	BSA/AML	Safety & Soundness	Fair Lending	TRID/RESPA	Data/Privacy	Other	total
OCC	128	0	14	9	0	4	0	0	155
FDIC	152	0	0	0	0	0	0	0	152
FHFA	0	90	0	0	0	0	0	0	90
FED	86	0	0	0	1	0	0	0	87
NCUA	51	0	0	0	0	0	0	0	51
CFPB	14	3	0	0	0	0	3	2	22
HUD	3	0	0	0	7	0	0	0	10
FinCEN	0	0	7	0	0	0	0	0	7
Total	434	93	21	9	8	4	3	2	574

Source: Enforcement records from OCC, FDIC, FHFA, Federal Reserve, NCUA, CFPB, HUD and FinCEN. Actions through Oct 15, 2026.Method for Actions by agency and category · last 24 months

Actions per month

About 19 actions a month over the past year

The busiest month was January 2025, with 76. October 2026 is month to date.

Browse the actions →

Table view

Actions per month
Month	Actions
Oct 2024	40
Nov 2024	30
Dec 2024	39
Jan 2025	76
Feb 2025	6
Mar 2025	16
Apr 2025	29
May 2025	19
Jun 2025	19
Jul 2025	19
Aug 2025	19
Sep 2025	21
Oct 2025	22
Nov 2025	11
Dec 2025	21
Jan 2026	17
Feb 2026	17
Mar 2026	24
Apr 2026	15
May 2026	11
Jun 2026	12
Jul 2026	29
Aug 2026	28
Sep 2026	22
Oct 2026 (to date)	12

Source: Same source and scope as the matrix. Actions through Oct 15, 2026.Method for Actions per month

Method

How each figure is computed. Every chart is rebuilt from its source on each release.

Fannie Mae · cumulative repurchase rate by vintage: Share of each origination year's loans repurchased by the seller, cumulative by months since origination. A vintage can only have reached about (data-through date minus mid-year of origination) months, so each curve stops there: the source file carries the last value forward, which would look like a flat, final rate. Vintages with under 12 months of performance (2025) are left out because their rates are mostly reporting lag. Freddie Mac is left out until its near-zero rates before month 24 are explained. Source: Fannie Mae Single-Family Loan Performance data. Each vintage is shown only to the age it has reached. Data through Sep 2025.
Ginnie Mae · buyouts as a share of liquidations: Loans bought out of Ginnie Mae pools in the month as a percent of all loans that left pools (payoffs, buyouts, foreclosures and loss mitigation). Issuers buy out loans that are seriously delinquent, so this is a credit measure, not a count of defect repurchases. The first figure in the headline averages the first six months shown; the second averages the latest three. Source: Ginnie Mae monthly pool-level disclosures, FHA, VA and USDA pools. Data through Feb 2026.
Critical defect rate · post-closing QC: Share of loans reviewed in post-closing QC that had at least one critical defect, as published each quarter in the ACES Mortgage QC Industry Trends report. Source: ACES Mortgage QC Industry Trends reports. Data through Q1 2026.
Share of critical defects by category: Each category's share of all critical defects found in the quarter, Q4 2021 against Q1 2026. Only categories the report broke out in both quarters are shown, so shares do not sum to 100%. Source: ACES Mortgage QC Industry Trends reports; Fannie Mae defect taxonomy. Data through Q1 2026.
HUD Neighborhood Watch · compare ratios, as of Aug 31, 2026: A lender's compare ratio is its early default and claim rate divided by the rate for its area, times 100, so 100 is the national baseline. HUD can terminate the origination approval of a lender whose compare ratio is above 200. Only active lenders with 10 or more endorsements in the period are counted; "above" means strictly greater than. The scatter clips compare ratios at 500. Source: HUD FHA Neighborhood Watch, active lenders with 10 or more endorsements in the period. As of Aug 31, 2026.
Actions by agency and category · last 24 months: Accepted federal enforcement actions against lenders and servicers dated from Oct 1, 2024, counted once each by agency and by the single category the AWACS classifier assigned. The 7 most frequent categories have their own column; the rest, and actions with no category, are under Other. Row and column totals both add up to the grand total. Source: Enforcement records from OCC, FDIC, FHFA, Federal Reserve, NCUA, CFPB, HUD and FinCEN. Actions through Oct 15, 2026.
Actions per month: The same actions as the matrix, counted by the month of the action date. "About N a month" is the median of the last 12 complete months. The current month is drawn lighter because it is not over. Source: Same source and scope as the matrix. Actions through Oct 15, 2026.

Insights

Repurchases

2022 and 2023 loans are being repurchased at 1.6 to 2.1 times the rate of 2020–21 loans at the same age

Buyouts rose from about 2% of liquidations in early 2024 to 9% over the last three months

Defects

1.71% of reviewed loans had a critical defect in Q1 2026

Compliance went from 4% to 26% of critical defects

FHA lender performance

128 of 876 active FHA lenders are above a 150 compare ratio; 54 are above 200

Enforcement

574 actions since October 2024; the OCC and the FDIC account for 307 of them

About 19 actions a month over the past year

Method