Most of the decline was in agency refinance business.

“We’re consolidating divisions to focus on building more homes and strengthening safety and soundness,” said FHFA Director Bill Pulte.

The FHFA director announced regulatory cuts but no specifics were provided.

A number of Democrats in the Senate demanded that Pulte appoint qualified independent board members to bring the GSEs back into compliance with the law.

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.

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

Among other requests, the coalition of lender trade groups wants FHFA to conduct a cost/benefit analysis of the initiative.

Reperforming loans sold by Fannie had an unpaid principal balance of $558.7 million.

Don Layton noted that administrative reform of the GSEs will inherently retain most of the structures and obligations in the GSE charters.

For the full year, seller repurchases and indemnifications totaled $2.41 billion.