In January of 2023, $38B of new FNMA loans were originated. This is down $80B from May of 2021. While each of the three loan purpose categories is down, the no cash-out refi was affected the most (down 97%). PMMs are down "only" 26%. Additionally average LTVs are up a bit (68 to72%); DTI's inched up (35 to 36); and FICOs dropped (759 to 747). Hopefully, this is not the beginning of a trend towards originating lower credit loans.