“Tariffs and labor concerns contribute to our forecasts for flat to declining housing starts and completions in 2025 relative to 2024,” Fitch said.

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

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.