Most of the decline was in agency refinance business.

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

The top three issuers of Ginnie MBS in 1Q25: PennyMac, UWM and Freedom Mortgage.

Issuance in the first quarter of 2025 declined compared with the fourth quarter of 2024. However, issuance was above the level seen in the first quarter of 2024.

"This change is necessary because VA is not set up or intended to be a mortgage loan restructuring service," said a VA spokesperson.

A district court issued a summary judgment in favor of Ginnie Mae in a lawsuit brought by Texas Capital Bank against the agency.

It will be the 11th issuance of its type by loanDepot.

Terminated federal probationary employees will soon be offered their jobs back if they live or work in Washington, DC or one of the 19 states that sued the Trump administration.

Rocket’s long-term issuer default rating could be downgraded due to elevated corporate leverage.

Correspondent production made up 46.1% of the group’s government-insured volume in the fourth quarter.