FHFA Director Bill Pulte didn't participate in Freddie's first-quarter earnings call, as he did for Fannie's on Wednesday, but his presence was felt.

The share of refis with low loan-to-value ratios delivered to the GSEs increased in the first quarter of 2025.

FHFA's new director made an appearance at Fannie Mae's first-quarter earnings call.

Pulte reiterated that movements in interest rates on mortgages will help to guide GSE reform.

There was also a slight year-over-year decline in Fannie servicing.

The researchers said, "Despite these large effects, we find no evidence of an offsetting increase in lending for primary residences.”

Committee members want the OIG to determine whether Pulte has violated federal laws and regulations.

Since he was appointed by President Trump as FHFA’s leader, Pulte has revamped board membership at the GSEs and fired Freddie’s CEO.

Because they’re currently in conservatorship, S&P still rates GSE senior debt as if it were the sovereign credit of the U.S., at AA+.

It’s the third year in a row that delinquencies declined in the first quarter following an increase the previous quarter.