Spec pools accounted for more than half of GSE single-family MBS issuance in early 2025.

There are more questions than answers on how the Trump administration will end the conservatorships of the GSEs.

Private MI volume in GSE MBS issuance in the first quarter of 2025 was down 20.4% from the previous quarter.

Recent comments by the FHFA director suggest the Trump administration has no immediate plans to release Fannie and Freddie from conservatorship. Rather, FHFA will continue to focus on fraud and abuse at the enterprises.

“We do believe that tariffs overall will be finalized... and I actually think interest rates will go down because of it,” said Mat Ishbia, chairman and CEO of United Wholesale Mortgage.

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.