MBA is largely happy with changes made so far by the Trump administration. Bob Broeksmit, president and CEO of the MBA, said the administration is creating certainty, clarity and stability for mortgage companies.

Investors are showing a greater interest in ABS this month, following a rocky April. The recent softer tone taken by President Trump on tariffs seems like the reason.

The Trump administration last week nominated Jonathan McKernan — who was awaiting Senate confirmation as CFPB director — as undersecretary of domestic finance at the Department of the Treasury.

The CFPB preserved several mortgage-related policy documents, as it undergoes a review of all previously issued guidance items under new leadership.

President Trump plans to nominate Jonathan McKernan as undersecretary of domestic finance at the Department of the Treasury. The news comes as a surprise as McKernan was slated to be the next director of the CFPB.

The appeals court later this month will consider the separation of powers and other arguments raised by the parties involved.

Moving forward, the bureau will issue guidance only when necessary and if compliance burdens will be reduced.

At one point, the bureau appeared to consider firing only around 648 employees, which would leave the agency with more than 900 employees, according to newly filed internal emails.

The move continues a recent pattern of withdrawing the bureau from lawsuits under new leadership at the CFPB.

While the bureau seems to be stepping away from an enforcement focus within the ABS market, industry attorneys note that a Third Circuit decision is still binding.