Mortgage insurers took a hit Friday afternoon but several are roaring back now that the market has had time to absorb the impact of the Federal Housing Finance Agency’s changes to private mortgage insurance requirements and its tweaking of g-fees.

The FHFA announced on Friday that it is leaving g-fees largely alone but it is revising requirements for private mortgage insurance companies that insure mortgage loans either owned or guaranteed by Fannie Mae and Freddie Mac.

The final version of the Private Mortgage Insurer Eligibility Requirements does not give credit for any future premium income, which is something the big insurers wanted.

The other initial disappointment was that g-fees would be kept, for the most part, at current levels rather than cut.

In early Monday trading, mortgage insurers are seeing a surge.

MGIC Investment Corporation (MTG) saw the biggest early gains, up just shy of 5%. Radian Group (RDN) was up almost 4.7%.

Old Republic (ORI) up almost 1.5%, while NMI Holdings (NMIH) was up 1.8%.

Genworth (GNW) and Essent Group (ESNT) were down almost 1%.

The revised eligibility requirements set financial and operational standards that private mortgage insurers must meet to receive approved insurer status with Fannie Mae or Freddie Mac and are designed to reduce risk to the GSEs. The new mortgage insurance requirements are effective December 31, 2015.

FHFA said it finds no compelling economic reason to change the general level of fees. FHFA, however, is making certain minor and targeted fee adjustments. The effect will be to slightly lower fees for riskier borrowers, the FHFA said when pressed in a conference call, though they said it is revenue neutral and will therefore be “a wash.” The g-fee changes are effective September 1, 2015.

The industry has been relatively welcoming of the changes despite not getting everything it wanted. 

United Guaranty said it recognizes the importance of the Private Mortgage Insurance Eligibility Requirements that were released on Friday, April 17, 2015. The company said tha this is a critical and necessary step that will allow the entire mortgage insurance industry to move forward by incorporating lessons learned during the financial crisis.  

“As the highest-rated, GSE-approved insurer, United Guaranty is well positioned to meet these requirements,” said United Guaranty President and CEO Donna DeMaio. “We will be fully compliant with the eligibility standards on the effective date, December 31, 2015.”