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Chris Ratcliffe/Bloomberg The Federal Reserve's preferred inflation index inched toward the central bank's 2% target last month, but lingering uncertainty means interest rates are likely to remain unchanged next week.Prices rose by 2.3% on an annualized basis in March, according to the Personal Consumption Expenditures report from the Bureau of Economic Analysis released Wednesday. Core PCE, which factors out food and energy prices, was up 2.6%.The report was released 90 minutes later than its usual time. It is also the third straight month in which year-over-year PCE inflation has been 2.5% or lower. President Donald Trump has argued that this trendline has given the Fed space to reduce interest rates."Groceries have come down. It's all coming down. The only thing that hasn't come down — but hasn't gone up much — are interest rates," Trump said last week during a White House event. "We think the Fed should lower the rate. We think that it's a perfect time to lower the rate and would like to see our chairman be early or on time as opposed to late. Late's not good."The president's call for more accommodative monetary policy comes as the economy shows signs of slowing. The BEA also released its quarterly gross domestic product report on Wednesday, showing a year-over-year decrease in economic activity of 0.3% — driven in large part by an increase in imports as companies sought to stock up on overseas goods ahead of rising tariff costs. Spending on imported goods reduces GDP.But Fed officials have been circumspect about adjusting their monetary policy stance in the face of widespread economic uncertainty, much of which is being driven by Trump's tariff proposals. "It's just too soon to say what the appropriate monetary policy response to these new policies will be," Fed Chair Jerome Powell said earlier this month. "Fast forward a year from now, the uncertainty will be much lower and the effects of the policies will be clear."Wednesday's report is unlikely to break the Fed out of its holding pattern. Even dovish — meaning inclined to cut rates — members of the Federal Open Market Committee have said they are unlikely to support a rate cut at next week's meeting. During an interview with Bloomberg TV last week, Fed Gov. Christopher Waller, who has said he is inclined to "look through" tariff-driven price growth, said he needs to see where trade policy settles later this year and how the economy responds before supporting a cut. "I don't think you're going to see enough happen in the real data in the next couple of months, until you get past July," Waller said. "When you get to the second half of the year, we'll start having better ideas of what's going to happen with the tariff world that the administration is considering, and by then you'll start seeing more in the form of tariff price pass through and also stuff on the real side."Other Fed officials have been skeptical about just how much the pricing picture has improved in recent months. In a speech last week, Gov. Adriana Kugler pointed to recent uptick in goods prices as a potential sign of creeping inflation. She also noted an increase in non-housing services inflation, which she said could be a signal about service costs writ large.In Wednesday's GDP report, the BEA said that quarter-to-quarter PCE inflation increased 3.6%, up from 2.4% during the fourth quarter of last year. While more prone to swings than annualized data, the quarterly inflation series is viewed by some as an early indication of rising inflationary pressures.These trends are particularly worrisome, Kugler has said, given the rising near- and medium-term expectations for inflation and the looming pricing impact of tariffs as well as other administrative policy changes."I am also monitoring any risks to the outlook, especially upside risks on inflation or downside risks to employment. Still, I think our monetary policy is well positioned for changes in the macroeconomic environment," she said. "Thus, I will support maintaining the current policy rate for as long as these upside risks to inflation continue, while economic activity and employment remain stable."

A credit-loss provision drove Fannie Mae's earnings to the low-end of the range they've been in for the past decade as the new leader of its regulator pledged to improve government-sponsored enterprise results with efficiency measures and other operational improvements.Fannie reported $3.7 billion for the first quarter, down from $4.1 billion in the fourth quarter of 2025, and $4.3 billion in the first three months of last year, when purchase volume was near a 24-year low at $62 billion.  A $24 billion single-family provision for credit losses linked to economic uncertainty and positive changes in actual and forecast home prices weighed down the GSE's earnings during the seasonally weak period. Loan acquisitions were up 3% from a year earlier at $64 billion."While assets are significant, there remains great opportunity to turn the business around, generate more earnings and do so all while ensuring safety and soundness," said Bill Pulte, the Federal Housing Finance Agency's director and Fannie's chairman of the board, on the earnings call.The enterprise's net worth rose to $98.3 billion from $94.7 billion at the end of the previous quarter, as a result of its ability to retain rather than return funds to the Treasury in order to prepare for an eventual exit from government conservatorship.Net revenues matched year-ago results at $7.1 billion and were down slightly from the previous fiscal period's $7.3 billion. The latest figure for net revenues was slightly lower than Standard & Poor's Capital IQ consensus estimates in the $7.6 billion range."Our results show a steady revenue stream, mainly driven by guarantee fee income," President and CEO Priscilla Almodovar said during the earnings call.She also noted that Fannie recognized $931 million in expenses during the period paid to the U.S. Treasury, the Department of Housing and Urban Development and FHFA for 2011's Temporary Payroll Tax Cut Continuation Act and affordable housing fundsIn addition, the enterprise provided $76 billion of liquidity to single- and multifamily mortgage lenders, helping 287,000 households buy, refinance or rent a home during the period to deliver on its mission, Almodovar said."We look forward to our continued partnership with the new administration as we work together to tackle housing affordability," she said.Fannie's quarterly single-family loan acquisitions, which are a mainstay of its business, totaled $64 billion in the first quarter of 2025, up from a year ago, but down from $85 billion in 2024's final fiscal period."Acquisitions continued to be muted due to the mortgage interest rate environment, housing affordability constraints and limited supply," said Chief Financial Officer Chryssa Halley, who noted that Fannie has now been profitable for 29 consecutive quarters despite such challenges.Purchase loans made up 78% of Fannie's first-quarter acquisitions, which had the following weighted average loan characteristics: a mark-to-market loan-to-value ratio of 50% and a credit score at origination of 753, Halley said."Our strong underwriting and servicing standards help to keep our single-family serious delinquency or SDQ rate low at 56 basis points as of the end of March, unchanged from December 2024," she added.Fannie tracks underwriting and loan performance closely for reasons that include ensuring circumstances that arose due to poor mortgage quality in the Great Financial Crisis don't recur. Fannie was forced into conservatorship during that period.Pulte has said in social media statements recently that he is heavily focused on fraud prevention to prevent such a circumstance from arising again.Fannie Mae's stock price was trading at levels between $6.21 and $6.48 on Wednesday morning and had alternately risen slightly and then fallen in the wake of the company's earnings call.

Here they are. The best of the best. National Mortgage News' listing of the 50 Top Producers in its 2025 survey.This year's survey includes one $1 billion originator, Shant Bonasian, the Waltham, Massachusetts-based recently promoted president of Rate.Mortgage originators had the opportunity to comment on a number of hot button topics that did and is likely to continue impacting their business.For example, the No. 3 overall originator, Brian Minkow, divisional vice president of CMG Home Loans in Westlake Village, California, responded to a question about the National Association of Realtors commission settlement and its potential impact on customers."If the buyer needs to pay Realtor commissions that has impacted their ability to purchase a home, [including] for borrowers with limited funds to also pay for [a] down payment, closing costs and then [the] Realtor commission," Minkow said.Meanwhile the rising cost of insurance has affected Shelby Weston's business at MLD Mortgage, which does business as the Money Store, in Oklahoma City. "Oklahoma has gone up over 30%, [an] increase causing housing payments to go up quite a bit."Nichol Downey, a loan originator at RMC Home Mortgage, Wexford, Pennsylvania, said she has used artificial intelligence in a limited fashion, primarily to search for loan guidelines, but ultimately, I have not yet found it to be extremely useful."I think we will be implementing more of this in the future, however," Downey commented.Check out the originators ranked 151-to-250 and those on the list between 51 and 150. Stay tuned for additional listings, including Top Producers by loan count, Top Women originators and Top Federal Housing Administration originators.

The Trump administration moved swiftly to deliver its deregulatory agenda to the mortgage industry in the president's first 100 days. Some of those many changes could lead to lower housing costs, following President Trump's day one executive order to address the constrained housing market. Other rollbacks of Biden-era initiatives and politically motivated actions however will have a murkier impact on lenders, servicers and home loan borrowers.Additionally, the administration has slashed an untold number of jobs and vendor contracts at federal housing regulators. Those moves have purportedly gotten rid of fraud, waste and abuse at the overseers, but have also raised concerns that the government is dismissing its statutory duties and ability to protect consumers. Trump's uncertain tariff strategy meanwhile has put pressure on home builders and kept mortgage rates elevated amid greater economic uncertainty. The average 30-year fixed-rate mortgage was 7.02% the week Trump took office, according to the Mortgage Bankers Association. Nearly 100 days later, they were still on the cusp of 7%.Read on for a walkthrough of the Trump administration's changes affecting the industry at-large.No more CFPB?The Trump administration is defanging the financial regulator despite a federal judge's efforts to slow the dismantling. U.S. District Court Judge Amy Berman Jackson has sided with the CFPB employees' union so far, recently halting Acting Director Russell Vought's attempt to fire more than 1,400 employees. Amid the chaos, the bureau has wound down some of its enforcement activity but kept up some statutory duties like distributing Home Mortgage Disclosure Act data. It notably dropped lawsuits against financial institutions including lenders Rocket Cos. and Vanderbilt Mortgage.Borrower rules rolled backThe Federal Housing Administration in March reversed the Biden-era implementation of a reconsideration of value process, an initiative the prior administration made in response to appraisal bias. The rescission, made to reduce unnecessary regulatory burden, was in line with the Trump administration's removal of references to a Biden administration appraisal bias task force.Consumers could also continue to receive unwelcome telemarketing correspondences, following the Federal Communications Commission immediately postponing the implementation of its one-to-one rule. The order would've banned the use of auto-dialers to contact consumers via call or text. A new-look Consumer Financial Protection Bureau also halted several consumer protections, including banning the appearance of medical debt on credit scores. Lawmakers are seeking to repeal the rule.New lending restrictions on FHA and USDA loansThe government will no longer sponsor FHA or U.S. Department of Agriculture loans to non-citizens. HUD will stop offering FHA loans on May 25 for borrowers who are in the U.S. on work visas, have asylum status, or are Deferred Action for Childhood Arrival, or DACA, recipients.The USDA in March rolled back a waiver that allowed some non-U.S. citizens, including those with valid Social Security numbers and work authorizations, to apply for rural housing-related mortgages.The FHFA also ended Fannie Mae and Freddie Mac's participation in special purpose credit programs, which allow creditors to consider race, ethnicity or geographic location when assessing credit eligibility. Pulte's order however didn't apply to the Federal Home Loan Banks.Loss mitigation changes for VA loansThe Department of Veterans Affairs is ending its loss mitigation option for its borrowers, with new VA leadership suggesting the protection lacked congressional authority. The Veterans Affairs Servicing Purchase Program, or VASP, will expire May 1, and the government currently has no loss mit alternative for distressed veteran borrowers. The FHA is also squeezing relief for delinquent borrowers, moving to end a temporary loan-modification program Sept. 30 and making permanent loss mitigation more scarce. Lenders so far have reacted warmly to the changes dictated in HUD's recent 251-page update to serving changes.Lender oversight evolvesAmid a flurry of actions, Federal Housing Finance Agency Director Bill Pulte rescinded renter requirements for multifamily mortgages and pulled back his agency's regulation of unfair and deceptive acts or practices. The UDAP action leaves enforcement to the Federal Trade Commission and avoids duplicative regulation, the director said.The CFPB in April also said it's considering eliminating a nonbank registry of repeat corporate offenders, which industry stakeholders have characterized as redundant. While the moves should reduce strain on mortgage businesses, the FHFA is emphasizing its focus on bad actors. Pulte has hinted at ratcheting up the FHFA's Suspended Counterparties program, a rare continuation of a Biden administration effort. The director has also followed the fraud, waste and abuse mantra closely, rolling out a a mortgage fraud tip line. Construction burdens ease via HUD and FHFADepartment of Housing and Urban Development Secretary Scott Turner has pledged to cut 20% to 25% of single-family home- related regulations in an effort to spur homebuilding.The FHA in February waived an elevation requirement for developers, a Biden-era rule intended to mitigate flood risk. A week later, HUD postponed compliance dates for energy-efficient standards for FHA-insured single-family and multifamily loans, which an industry stakeholder suggested would have added tens of thousands of dollars to the cost of new construction.The FHFA also directed Fannie Mae to end its "Repair All" policy for real-estate owned properties, claiming the policy led to longer processing times and increased vendor costs. HUD also axed the on-again, off-again Affirmately Furthering Fair Housing Rule, which Turner said would cut red tape and shift control from feds to state and local governments.What's on the horizonThe Trump administration teased further changes to the mortgage industry that didn't come to fruition by the new government's 100th day. Democrats on Capitol Hill in April sought clarity on the future of the Community Development Financial Institutions Fund, a bipartisan-supported initiative which supports 1,440 lenders nationwide. Trump targeted the CDFI Fund in a March executive order, but the U.S. Treasury Department subsequently assured the government that the programs were required by law.The FHFA hasn't yet hinted at widely desired plans to free the government-sponsored enterprises from conservatorship. Pulte in frequent social media updates has rather shared messages pledging to make the GSEs "great again," including mulling a way for the regulator to "recall loans."

Private mortgage market use of Vantagescore surged in the past year while direct government-related utilization has dwindled due to the end of a testing period for an initiative in 2023.Use in the industry was up 166% in 2024, according to a report the score provider issued with Charles River Associates, which noted the increase in private utilization by individual originators was more than offset by the unspecified decline in public sector-linked use of large datasets."What we did see is significant growth in the use of this outside of those batch pulls," said Anthony Hutchinson, executive vice president and head of public affairs at Vantagescore.Whether this continues remains to be seen. Private activity was driven by catalysts such as the authorization of Vantagescore 4.0 use for collateral at some Federal Home Loan Banks and planned adoption by government-related investors Fannie Mae and Freddie Mac. Just prior to President Trump's inauguration, an oversight agency changed a 2025 implementation date for Fannie and Freddie's adoption and made it open ended to give the incoming regulator a chance to confirm or change the timeline.Fannie and Freddie hadn't made any apparent, subsequent updates to the plans for the legislatively mandated credit modernization at deadline. Hutchinson said the signals he's gotten to date suggest all government-sponsored enterprises remain interested in score use."On the Fannie Mae and Freddie Mac side we still see them initiating this 4Q 2025," he said.Hutchinson said conversations Vantagescore officials have had with FHFA employees suggest "they're going to be able to give definitive answers about what the industry needs in short order, and that they are going to implement as the initial timeline."He declined to address an aspect of the planned implementation outside the legislative mandate that would potentially allow a less-expensive two credit-report option rather than the current trimerge for loans submitted into Fannie/Freddie underwriting.That option, aimed at reducing or helping offset what have been soaring costs for some credit metrics, has been opposed by the three credit bureaus that collaboratively formed Vantagescore. Hutchinson deferred to them for comment.Some studies like Standard & Poor's have found that there aren't significant differences between a two- or three-bureau credit pull.But others, such as one done by credit bureau Transunion, suggest a bimerge could have some negative effects on some borrowers.Metrics from Vantagescore have not traditionally been used in the mortgage market, which instead has used an older FICO credit measure.Under plans that have been in place for score modernization in the mortgage industry, an advanced FICO measure also would be adopted. FICO also has reported more private mortgage market use recently.Other industries work with Vantagescore more consistently than the mortgage market does.Adoption of Vantagescore by private mortgage companies in the past year outpaced an average 55% increase across industries, a 142% surge in credit cards, and 104% across financial services. Credit card issuers accounted for 58.5% of Vantagescore users in 2024. Mortgage users represented just 1.2% of Vantagescore's market last year.

The end of a moratorium on foreclosures for Veterans Affairs-guaranteed mortgages helped drive property auction activity to its highest point in six quarters, Auction.com reported.Foreclosure activity rebounds as VA moratorium endsCompleted foreclosure auction volume increased by 4% annually in the first quarter and by 20% compared with the fourth quarter of 2024. This is the most since the second quarter of 2023.January's activity spiked to a 21-month high. Volume did decline between January and February, but picked back up with a 5% annual gain in March, the Q1 2025 Auction Market Dispatch report stated.VA foreclosures spike but still a small slice of the marketBut even with the 104% annual increase in VA foreclosure auctions, they were just 6% of the completed sales during the quarter, Auction.com noted. In addition to the moratorium's expiration, the Trump Administration is terminating the Veterans Affairs Servicing Purchase program.GSE and FHA loans dominate auction salesThe largest share of auction sales was for loans sold to the government-sponsored enterprises, at 34%; and Federal Housing Administration-insured mortgages at 32%. The annual change in volume was an 8% gain for the GSE mortgages and 5% for FHA.Private-label mortgages were flat compared with the first quarter of 2024 and had an 18% share of sales this year.Meanwhile, the U.S. Department of Agriculture-guarantee program was the only one with less activity compared with one year ago, down 12%, and had the second smallest share of Q1 2025 volume with 8%.Foreclosure pipeline swells, but buyer appetite lags"Scheduled foreclosure auctions rose 14% from the previous quarter to a five-quarter high — a potential harbinger of continued elevated completions into [the second quarter]," Auction.com said. "Despite the gains, total completed auction volume remains at just 49% of its pre-pandemic level," which it defined as the first quarter of 2020.When it comes to demand from property purchasers, "signals were less decisive," the report declared."Although activity started strong in January, it softened notably in February and March, keeping the overall Q1 sales rate essentially flat quarter-over-quarter and down from a year earlier. Meanwhile, buyer pricing behavior weakened — a trend more pronounced as the quarter progressed, especially among foreclosure auction participants."Investor confidence falters amid market uncertaintyA separate report released earlier this month, the RCN Capital/CJ Patrick Company Investor Sentiment Index, found real estate investors, many of whom are active at foreclosure auctions, were more concerned about the state of the market than in past periods.The index was down by 9 points compared with the fourth quarter and 12 points from one year prior to 88 for Spring 2025, the lowest in the brief history of this index that was started in Fall of 2023. The highest point was just two periods ago, at 124."Investor sentiment is trending along the same lines as homebuilder sentiment and consumer sentiment, which recently recorded its second-lowest score in over 50 years," said RCN Capital CEO Jeffrey Tesch in a press release. "Our survey results suggest that enthusiasm among both rental property and fix-and-flip investors is being challenged by economic uncertainty, rising home prices and insurance prices, and high finance costs."Tesch is hoping market conditions will become more favorable for investors in the next few months.Auction prices slide as Q1 progressesPrice demand, the amount buyers are willing to pay during an auction relative to a property's estimated value after repairs, flattened in the first quarter, falling 2% annually in January, by 4% for February and by 6% in March, the Auction.com report added."Real estate owned price demand followed a similar arc — rising 3% quarterly and 1% annually to 57.9% — but with monthly softening," the report said. "After starting strong with an 8% year-over-year jump in January, gains flattened in February and turned to a 4% decline in March."

National lender Rate Cos. unveiled a new product strategy this week aimed to serve entrepreneurs and other self-employed individuals with nontraditional forms of income as it looks to build on 2024's momentum.The company, which rebranded last summer from Guaranteed Rate, announced the rollout of Rate Portfolio, comprising loan products for qualified borrowers "whose financial profiles don't align with conventional standards," the lender said. Among the customers the company is tailoring the suite for are small-business owners, freelancers and real estate investors. "We've listened to the market and built Rate Portfolio to serve the real-world needs of modern borrowers," said Kate Amor, head of enterprise products, in a press release. "From property investors and sole proprietors, to entrepreneurs and gig workers or borrowers with significant assets, Rate Portfolio unlocks common-sense financing options that weren't previously accessible to hardworking Americans through traditional lending channels," she added. Rate Portfolio features four different products. The Rate Portfolio Self-Employed offering will help qualify a borrower through cash flow based on examination of income documents.The Rate Portfolio Assets product looks at a customer's financial holdings either entirely or as a supplement to other income to qualify for a mortgage.Meanwhile, Rate Portfolio Investor for real estate entrepreneurs is based on a property's expected revenue from rental income. Also included in Rate Portfolio is a buy-before-you-sell option to allow for a new home purchase before the homeowner has moved out of their previous residence. "At Rate, we think that homeownership should be accessible to well-qualified borrowers, regardless of how their income is structured," Rate President Shant Banosian said. "Rate Portfolio lets us serve entrepreneurial borrowers with lending solutions tailored to their unique financial situations."Rate's announcement comes as more companies look to adapt to changing income streams and ease the borrowing process for entrepreneurs through customized offerings. Last week, Better partnered with financing firm Biz2Credit to introduce a home equity line of credit specifically for small-business owners.The launch of the new portfolio of products follows a year that Rate described as its best ever, with over $2.8 billion in production in 2024. Much of its growth came from nonconventional lending, with $1.3 billion worth of originations coming through its Edge non-QM product suite launched in January last year.While many of the products included in Rate's announcement might fall under the non-QM category, the new portfolio "is not limited to these features and focuses on our suite of non-agency lending solutions," Amor said.The non-QM segment saw growth accelerate at the end of 2024 with the highest quarterly volume for the year in the final three months, according to recent secondary market data from Morningstar DBRS. Transaction closing data came in at approximately $11.1 billion in the fourth quarter, much of it thanks to "a persistently supportive macroeconomic environment," Morningstar said.

The real estate industry is at the forefront of a lobbying blitz to sway Congress to preserve the carried interest tax break that President Donald Trump wants to abolish in a giant tax bill pending in Congress.The real estate industry — representing affordable housing and construction jobs as economic anxiety mounts — presents a more sympathetic case to lawmakers than the other main beneficiaries of carried interest: private equity and venture capital.RELATED: Builders hint at price hikes as market pressures mount"When you have a development that a member of Congress can see or can imagine in their district, that resonates," said Greg Brown of the National Apartment Association, who oversaw an 800-member lobbying event in March to press Congress on carried interest and other issues important to his group. "The president himself having talked about carried interest, you have to take it seriously," he said.Putting real estate at the center of the influence campaign is a key prong of the strategy that greatly boosts the effort to fend off changes to the valuable tax break, those focused on the lobbying effort say. The industry has emphasized that the housing sector is comprised of many mom-and-pop ventures, not large financial firms.But the lines between the real estate sector and billionaire buyout executives have blurred in recent years. The biggest alternative asset managers — including Blackstone Inc. to KKR & Co. Inc. — run both private equity and real estate funds. Big Wall Street-backed landlords have drawn the ire of Democrats for buying up swathes of single family homes, sparking debates about housing affordability.The White House has listed carried interest — a tax break that allows certain industries to pay the lower 20% capital gains rate on portions of their income — as well as ending unspecified tax breaks for sports team owners as ways to raise some revenue to offset portions of a multi-trillion-dollar tax bill. Republicans have also considered a tax increase on millionaires, a concept Trump said he loves, but isn't inclined to pursue because of potential political ramifications.The relatively short list of potential tax offsets, and a long tally of new priorities to jam into a bill where they have to abide by strict limitations on the total cost, puts carried interest in a precarious position."We have heard from interest groups from around the country and we want to do right by them," House Speaker Mike Johnson told reporters on Tuesday, adding that he wouldn't discuss the details before the House Ways and Means Committee releases their plan. "All boats are going to rise."Lobbyists are trying to front-run any efforts by House Republicans to eliminate the provision by convincing lawmakers that economic development in their districts will suffer without the break."It would especially be felt in projects involving cleaning up contaminated land, building in low-income or neglected neighborhoods and other projects that have more risk but more potential upside," said Ryan McCormick of The Real Estate Roundtable, an industry trade group.An April study circulated on Capitol Hill by the industry predicted that a nearly 4% long-run contraction in the real estate industry if the tax break goes away."That is something we have heard a lot about from people in opposition. The real estate industry, venture capitalists are concerned about the carried interest proposal," New York Republican Nicole Malliotakis told Bloomberg Television. McCormick said that real estate investors take the same type of risks in their projects as long-term equity investors and their "sweat equity" should be taxed at the 20% capital gains rate, rather than at income rates that top out at 37%.He said that lawmakers he's talked to understand arguments that small real estate entrepreneurs take on significant risk when developing low-income areas."Housing will become significantly more expensive without this provision," said Matthew Berger of the National Multifamily Housing Council. "Basically, it is a tool real estate partners use to make sure the economics of the deal work."Two-decade battleThe battle over carried interest has been fought for close to two decades, but the finance and real estate industries has largely succeeded in fending off any significant threats to the break. It was scaled back in Trump's 2017 tax package to require a three year holding period, up from one year, in order to qualify for the lower tax rate.Under former President Joe Biden, a provision eliminating the tax break was scrapped at the last minutes from the Democrats' signature climate and tax law at the behest of Arizona Senator Kyrsten Sinema, who was seen as being a lone ally of the venture capital and private equity industry in her party.Lobbying firms advocating on both sides of the carried interest issue reported spending $8.7 million in the first quarter of 2025, according to federal lobbying disclosures. That's up from $7.7 million in the same quarter last year. Key players outside the real estate industry include the American Investment Council and National Venture Capital Association. Proponents of changing the carried interest provision say wealthy investors are just trying to create a distraction to keep the benefit."All the defenders of the carried interest loophole are saying is that if you don't let us get richer, we will not serve low-income communities, which is not an argument so much as it is extortion," said Caroline Nagy, a housing policy specialist at Americans for Financial Reform.David Kass of Americans for Tax Fairness, who advocates ending the carried interest, said increasing low-income housing credits are a more efficient way to spur construction for affordable homes.He said that trying to make the issue about real estate is a sophisticated ploy by well-paid lobbyists. "These folks are incredibly wealthy and they have an army of lobbyists running around for them," Kass said. "It is always an uphill battle."

Amerant Mortgage, a subsidiary of Florida-based Amerant Bank, trimmed its workforce in mid-April. Over four dozen employees, 58 workers, were let go, according to a WARN notice filed by the company on April 24.The move was made following the firm's decision to limit its national footprint and focus on the Florida market. Amerant noted it is "executing on a plan to reduce the size and scope of our mortgage business, transitioning from being a national mortgage originator to focusing on in-footprint mortgage lending to support Amerant's retail and private banking customer base," in its first quarter earnings.Prior to the restructuring, Amerant had 78 mortgage-related personnel, which were "progressively reduced" to a mere 20 employees. Its blueprint to downsize shows it will pull out of offering mortgage services in 30 states. The firm expects the restructuring to result in lower vendor-related operating costs and personnel costs, amounting to a drop in non-interest expenses of approximately $2.5 million per quarter starting in the third quarter of this year, it said.Amerant originated a total of $418.4 million in single-family residential and construction loans, amounting to $6.9 million in mortgage-banking income. The bank did not immediately respond to a request for comment Tuesday.Other banks have also moved to shrink their footprint in mortgage lending in recent years, spurred on by volatility in the market. WaFd Inc., the parent company of Washington Federal Bank, announced in January it is exiting mortgage lending, citing impacts from the business' commoditization and technology, as well as the regulatory burden, in its decision.For the period that ended Dec. 31, 2024, WaFd originated $156.1 million of residential mortgages. This compared with $138.2 million for the fourth fiscal quarter of 2024; for the full fiscal year, which ended on Sept. 30, 2024, it was $430.3 million.Ally Financial also announced its decision to get out of residential mortgage lending in January.But the steady trickle of banks exiting mortgage lending following the Great Recession may come to a halt, as the Trump administration has expressed interest in loosening regulations that govern originations and land use. In recent weeks, heads of JPMorgan Chase, Wells Fargo and Bank of America made statements calling for more favorable regulations pertaining to loan origination, servicing and securitization. All have argued that doing so will lower the cost for borrowers to own a home.

It’s been a pretty solid week or two for mortgage rates.The 30-year fixed, which unexpectedly breached the key 7% psychological threshold in mid-April, is back closer to 6.75%.It’s still a lot closer to 7% than 6%, but after the worsening trade war sent rates flying, they’ve since calmed down a bit.The problem is when you zoom out, the good days haven’t offset the bad days.We’re in a worse place than where we started, similar to the stock market, which recovered some but not all of its losses.Mortgage Rates Are Higher Than They Used to BeOne of the core “problems” with mortgage rates is that they go up faster than they go down.The old adage is elevator up, stairs down. Lenders are happy to raise them for any given reason (or no reason at all), but hesitant to lower them, even if a good reason exists.For stocks, it’s the opposite. Stairs up, elevator down. In other words, your portfolio value can plummet in a day, but take weeks to climb back up.Such is life I suppose, but it’s pretty relevant today with what we’ve seen of mortgage rates lately.While things have calmed down lately, the 30-year fixed is still higher than it used to be as recently as March.For much of that month, the 30-year fixed was in the 6.70% range. For much of April, it has been hovering near 7% (or above).Now we’re slowly (keyword) moving back to those lower levels, which is the point I’m trying to make.Our so-called progress is merely a return to the very recent past, when things were better.A tidy way to sum it up is one step forward, two steps back.Bessent Says Mortgage Rates Are LowerDuring a press briefing today at the White House, Treasury Secretary Scott Bessent spoke about President Trump’s first 100 days in offer.He touched on prices and progress, saying, “Since January 20th, uh, interest rates, mortgage rates, are down.”And added that, “We’re expecting the, uh, further decreases.”He’s correct in that assertion, though if we’re honest, the 30-year fixed has only improved by about 0.25% since that time.On a $400,000 loan, that’s a difference of roughly $67 per month. Hardly a lot to get excited about.In addition, one could make the argument (I already did) that mortgage rates were lower before Trump entered office.Look, it’s no secret that both Bessent and Trump have been focused on getting mortgage rates down.Trump campaigned on it, and once Bessent came into the picture, he too has echoed that stance.But lower mortgage rates have proved elusive, perhaps because of tariffs and a larger trade war, which have fueled uncertainty and big market selloffs, including bond selloffs.There’s even been fears of foreign countries selling our mortgage-backed securities (MBS), which would lead to increased supply and higher rates.But yes, this past week has been a nice reprieve, and perhaps things could get even better.Unfortunately, the way these things tend to go, it might be yet another head fake, and another two steps back sometime soon.So if you’re mortgage rate shopping, be ready for it. And don’t be surprised if/when it happens.Mortgage Rates Went Up 37 Basis Points, Then Down 26 Basis PointsA simple way to look at it is by checking out this chart from Mortgage New Daily.In March, the 30-year fixed was 6.70%. It had been steadily falling since the inauguration in late January, albeit by a relatively small amount.Then the trade war rhetoric ratcheted up and rates went up with it. As noted, things seemed to cool down and rates came back down.But all told, rates went up more than they went down. So we wound up in a worse place than where we started.If you want to get even more critical, you could argue we are well above levels seen pre-election.The green arrow last September was when mortgage rates were nearing 6%. Then they jumped on a strong jobs report in October, the orange arrow.Then they kept climbing once Trump became the frontrunner to win the election, as many expected his policies to be inflationary in nature.So sure, rates are lower today than the inauguration, but not by much. About a quarter of a percent.And if you zoom out, they’re higher than they were pre-election. Unclear how much progress we’ve really made here.Perhaps the one silver lining is they’re about 0.625% lower than they were a year ago, which arguably should boost home sales this spring.But with all the uncertainty, that remains to be seen.(photo: Quinn Comendant) Before creating this site, I worked as an account executive for a wholesale mortgage lender in Los Angeles. My hands-on experience in the early 2000s inspired me to begin writing about mortgages 19 years ago to help prospective (and existing) home buyers better navigate the home loan process. Follow me on X for hot takes.Latest posts by Colin Robertson (see all)