"But there is further work Fannie Mae can undertake — including exploring a similar pilot program to Freddie Mac 's — to improve the loan repurchase process and substantially reduce or eliminate repurchases on performing loans," Broeksmit said. Broeksmit's reference is to a fee-based repurchase program for performing loans announced in November 2023 by Freddie Mac. The goal of the alternative pilot program is to improve the quality of performing loans through a potential replacement of its current repurchase policy by defective performing loans. Olson said the GSEs' steps represent "real progress" in addressing the repurchase issue. "These developments represent a more constructive approach to the dual objectives of maintaining GSE loan quality while not disincentivizing loans for underserved borrowers or eliminating borrower loss mitigation rights under repurchase demands," Olson said.