There was a constant theme of increased production in September - but taking "increased production" at face value is something we want to keep in the past. Lenders in today's economy have become smarter and look to analyze the details of their loans. Looking at Conventional credit quality breakdown this month versus last, we can see that there has been a small shift away from lower FICO loans into 720+. Currently, 760-799 is the largest bucket by far in this breakdown, which leans towards a better borrower. In addition there has also been a shift into lower LTV's with 60.01%-80% being the largest bucket by about 10%. We are interested to see the trajectory of these buckets in future months.