“The shift of mortgage lending to nonbanks has undercut an important line of business for community banks,” said Treasury Secretary Scott Bessent.

HECM endorsements declined by 8.6% on an annual basis in 2024.

Most of the decline was in agency refinance business.

Among a series of sports analogies, Scott Turner, a former player in the NFL, said that HUD and the mortgage industry would need to “huddle” to solve the housing affordability crisis.

The Biden administration made a big push to encourage the creation of SPCPs but the Trump administration appears to have a dim view of the programs.

“We’re consolidating divisions to focus on building more homes and strengthening safety and soundness,” said FHFA Director Bill Pulte.

Calls to HUD field offices redirected to a national hotline. A HUD spokesperson said there were no closures.

Locks for mortgages increased by 17.1% on a monthly basis in March.

Meanwhile, investors aren’t necessarily fleeing into the safety of the government bond market.

ARDRI is the brainchild of Brian O’Shaughnessy, the former co-CEO of Rama Capital.