Is the White House being less than forthcoming about job cuts at HUD and DOGE finding “misplaced” funds at the agency? You decide. But mortgage bankers are getting nervous.

For hours, it was unclear whether a White House memo freezing federal funding would impact mortgage programs. In the meantime, government agencies announced that their single-family mortgage programs were unaffected by the planned funding pause.

The Trump administration will likely take starkly different positions on housing and the mortgage market compared with the Biden administration. Expect changes at the GSEs, while a reduction to FHA mortgage insurance premiums looks unlikely.