The pause was ultimately rescinded following court injunctions. In the meantime, participants in government-insured mortgage programs faced uncertainty.
The Trump administration’s failure to name acting directors for key federal agencies leaves them either under the control of Biden appointees or without a presidentially appointed leader.
For hours, it was unclear whether a White House memo freezing federal funding would impact mortgage programs. In the meantime, government agencies announced that their single-family mortgage programs were unaffected by the planned funding pause.
A former GSE regulator said if the new administration isn’t willing to reduce FHA premiums, it should reset expectations for the capital ratio of the MMIF.
With a new federal administration in charge, the MBA renewed its calls for reductions to FHA premiums. However, the Trump administration is unlikely to cut premiums.
The new policies were established days before the end of the Biden administration and won’t take effect until February 2026. The policies won praise from industry trade groups.
Agency refis with primary MI skyrocketed in the fourth quarter of 2024 while purchase-mortgage business declined somewhat. Lenders tightened underwriting standards on refis as volume flowed. (Includes three data tables.)