The actual impact of the EO "may be limited," according to Ian Katz, managing director at Capital Alpha Partners.

Insured purchase-mortgage volume in agency MBS fell 9% in the fourth quarter.

The boost in refi business contrasted with lackluster performance in purchase mortgages.

At press time, Fannie’s common was trading on the “pink sheets” for $7.20 a unit while Freddie’s was going for $6.44.

The order, reached following a scheduling conference, also prohibits the administration from deleting data held by the CFPB and from transferring money from the bureau’s reserve funds.

Private mortgage insurance companies lost nearly $6 billion of business on the purchase-mortgage side in the fourth quarter, but gained back almost all of it on the refinance side. (Includes two data tables.)

PennyMac Financial Services upsizes debt offering by $200 million; Freedom Mortgage is set to issue $500 million of senior unsecured notes; Beeline Labs raises capital for MagicBlocks; Rocktop Technologies and One Diligence launch an AI-enabled natural disaster risk evaluation solution; Usherpa launches a new workflow management tool.

Some market participants have raised concerns that the improved efficiency of DeepSeek’s artificial intelligence model could reduce demand for data centers that house hardware and energy resources.

The changes reflect the risk of collateral impairment and challenges in refinancing tied to climate-related issues.

Necessary functions continue at the CFPB; two new non-agency deals backed by GSE-eligible loans hit the market.