TPO Today

Thursday, October 1, 2026

What's happening in the mortgage industry that wholesale loan officers and brokers should know. Every item links to its source.

What's Changed

UAD 3.6 starts November 2, with a one-time exception for some lenders

Fannie Mae and Freddie Mac kept the November 2 date for UAD 3.6 appraisal reports. Lenders approved for a one-time exception can keep delivering UAD 2.6 reports through May 19, 2027; from March 1, 2027, those reports get a placeholder risk score and no appraised-value rep and warranty relief. Lenders that buy from brokers must have their TPOs on UAD 3.6 or request the exception.

Affects: Conventional · Appraisal

Source: Fannie Mae and Freddie Mac, joint announcement (Fannie Mae LL-2026-08) · Published: September 30, 2026 · Effective: November 2, 2026

One credit fee grid for Classic FICO and VantageScore 4.0

Freddie Mac and Fannie Mae now charge the same credit fees whether a loan is delivered with Classic FICO or VantageScore 4.0, replacing the separate VantageScore grids. Every borrower on a loan must still use the same score model, and manually underwritten loans still need Classic FICO. Fannie Mae's change applies to loans it buys on or after October 1.

Affects: Conventional · Credit · Pricing

Source: Freddie Mac, Bulletin 2026-K (with Fannie Mae LL-2026-06) · Published: September 30, 2026

UWM drops its 20-point VantageScore adjustment

United Wholesale Mortgage removed the 20-point adjustment it applied to VantageScore credit scores, for new locks from September 30.

Affects: Conventional · Credit · Locks

Source: UWM · Published: September 30, 2026 · Effective: September 30, 2026 (new locks)

Freddie Mac's 30-year fixed average: 7.28%

The 30-year fixed average in Freddie Mac's weekly survey rose to 7.28% from 7.03% a week earlier; a year ago it was 6.34%. The 15-year fixed average rose to 6.60% from 6.42%.

Affects: Rates

Source: Freddie Mac, Primary Mortgage Market Survey · Published: October 1, 2026

Mortgage applications fell 6% in the week ending September 25

Refinance applications fell 9% and purchase applications 4%. MBA's 30-year conforming rate rose for a sixth straight week, to 7.3%, its highest since November 2023. Adjustable-rate loans were 10.3% of applications and FHA 16.7%.

Affects: Rates · Purchase · Refinance

Source: MBA, Weekly Applications Survey · Published: September 30, 2026

Eleven Mortgage leaves wholesale and correspondent lending

Eleven Mortgage, an affiliate of Benchmark Mortgage (Ark-La-Tex Financial Services), is leaving wholesale and correspondent lending to focus on retail. It affects brokers with loans in its wholesale pipeline.

Affects: Wholesale

Source: National Mortgage Professional · Published: September 28, 2026

Federal funding and flood insurance extended to December 11

Congress passed a stopgap funding bill that keeps federal agencies funded and the National Flood Insurance Program authorized through December 11, 2026.

Affects: Flood Insurance · FHA · VA · USDA

Source: NAHB · Published: September 4, 2026 · Effective: Through December 11, 2026

Fannie Mae's updated price adjustment matrix

The Loan-Level Price Adjustment Matrix dated September 30, 2026, with the separate VantageScore 4.0 grids removed.

Affects: Conventional · Pricing · Credit

Source: Fannie Mae, Loan-Level Price Adjustment Matrix · Published: September 30, 2026 · Effective: October 1, 2026

The UAD 3.6 timeline on one page

Fannie Mae and Freddie Mac's one-page timeline: the November 2 mandate, the exception period, the March 1, 2027 reduced-functionality date and UAD 2.6's retirement on June 28, 2027.

Affects: Appraisal · Conventional

Source: Freddie Mac and Fannie Mae, UAD Redesign Timeline

Kits: taxes, insurance and dues in dollars or percent

Payment and PITI, and DTI and Maximum Loan, now take property tax, home insurance, mortgage insurance and HOA dues in dollars or as a percent, by the month or the year. Loan Comparison and Refinance Break-Even do the same for mortgage insurance. Switching converts the number, so the result stays put.

Affects: Kits

Source: Kits by TPO Stack · Published: October 1, 2026

TPO Today summarizes; the source governs. Compiled October 1, 2026 from the source pages, read that day.