The lawsuit covers the Consumer Financial Protection Bureau and the Department of Housing and Urban Development, among other agencies.

The change applies to borrowers such as those with work visas.

The volume of single-family mortgage servicing tied to Ginnie Mae rose 7.3% on an annual basis to $2.541 trillion as of the end of 2024.

The policies established during the Biden administration aimed at addressing bias in appraisal practices.

“Much of that is seasonality,” said David Spector, chairman and CEO of PennyMac Financial Services.

FHA activity fell 16.8% while VA production was down 15.1% from January.

“The government’s being run by great people, they’re going to do great things going forward,” said Mat Ishbia, chairman and CEO of United Wholesale Mortgage.

Borrower payoffs reflect heavy refinance activity in the Ginnie program.

Late on Jan. 27, the Trump administration ordered a pause for federal loan and grant activity, but the vague wording of the order prompted uncertainty for the mortgage market.

FHA servicing volume increased by 2.5% on a quarterly basis, hitting $1.39 trillion at the end of the fourth quarter of 2024.