Trump's first 100 days have torn the mortgage industry in two — some see booming potential, others are bracing for an affordability collapse
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Donald Trump’s first 100 days back in office have exposed a deep rift inside the mortgage industry. Rising rates, tightening credit, and fears over worsening affordability have split experts into two camps: those betting on the resilience of housing, and those warning of a looming crisis.
Some leaders see strong buyer demand and economic fundamentals as a reason for cautious optimism. Others argue that Trump’s early moves are already threatening to lock more Americans out of homeownership and destabilize lending markets. With key economic indicators flashing mixed signals, many believe the industry is standing at a critical crossroads.
Mortgage Professional America spoke with 15 top mortgage figures across the country to understand how Trump's policies are reshaping their outlook — and found a sharp divide between those embracing opportunity and those preparing for disruption.
Optimism runs high
For many lenders and brokers, optimism remains rooted in the fundamentals: persistent demand for homeownership, a resilient economy, and an industry accustomed to adapting to political shifts. Salvatore John Criscuolo Sr. sees strength in the basics.
“Regardless of political shifts, the long-term fundamentals — strong demand for homeownership, innovation in lending, and the resilience of the American economy — continue to drive opportunity,” Criscuolo says. “I believe the industry will adapt and thrive.”
Others echoed a similar sentiment, emphasizing continuity over disruption. Sherry Nguyen, Chief Operating Officer at Grayton Mortgage, noted that while rates have hovered between 6.75 and 7 percent, homebuyers remain committed, and lenders have continued to find ways to serve them. “No matter who is in office, my focus remains on helping borrowers navigate the market and secure the financing they need,” she says.
Some viewed the current environment not as a break from the past but as a normalization. Kevin Leibowitz, also of Grayton Mortgage, described today’s rates as a return to historical norms following what he called an era of “interest rate never-never land.”
Buyers, he argued, must adapt to the new conditions rather than wait for a perfect moment. “We’re returning to a more typical interest rate environment. Buyers need to buy irrespective of where the market is,” Leibowitz explains.
This longer-term perspective is echoed by others who view short-term fluctuations as less important than broader trends. “This is a long-term play, so any short-term losses or gains don’t scare me,” says Rey Reyes, a lender with WeLoanUSA. Jim Park of Park Place Lending expressed similar confidence that Trump's policies would ultimately push mortgage rates lower, offering relief to borrowers.
Some professionals pointed to the opportunities that often emerge in the aftermath of disruption. Sherizan Sonnek of Mortgage Link 1 suggested that rebuilding efforts would drive economic growth, while Cathy Jordan, widely known as "The VA Lady," simply described herself as “very optimistic” about the future. Mike Miklaus of Integrity Mortgage forecast that the administration’s efforts to curb inflation could eventually ease pressure on mortgage rates, further supporting housing activity.
Rising concerns and cautions
Yet for all the optimism, a significant contingent remains deeply cautious. Some voiced concerns that the policies of the new administration could worsen longstanding inequalities in lending practices and further strain affordability.
Jennifer Gormer, President and CEO of Integrity Home Lending, warned that gains in equitable access to credit were already being reversed. “One of my greatest concerns is the disproportionately high rate of predatory lending and loan denials affecting African American and Hispanic communities,” she says.
The rollback of Special Purpose Credit Programs, she added, represents a step backward. “Instead of progressing, we're seeing a regression in access and equity.”
Other critics focused on broader economic risks. Brett Baldwin of Revolution Mortgages said he believed Trump’s policies were inflationary and would prolong the period of elevated interest rates, exacerbating affordability challenges for buyers already struggling with high home prices.
Uncertainty itself emerged as a recurring theme. An industry professional who requested anonymity warned that volatility surrounding tariffs, immigration enforcement, and job security was already pushing up housing costs and straining lending markets. “Tariffs, mass deportations, and mass firings are leading to higher home prices, higher interest rates, and rising foreclosures,” the respondent said.
Another anonymous professional underscored the destabilizing effect of unpredictability, arguing that unclear economic signals had already begun driving up financial system costs. “The unpredictability of Trump’s economic policies drives up costs. Volatility is not good for the financial market,” they said.
Even among those who were more measured in their concerns, there was recognition that difficult months likely lie ahead. Andrew J. Leavitt of West Coast Mortgage Co. noted that while the presidency can influence sentiment, it is the Federal Reserve that holds greater sway over mortgage rates in the near term. “Trump’s election does not change my outlook,” he says. “My outlook is less optimistic.”
David Wechsler of Union Home Mortgage offered a nuanced view, supporting legislative efforts like the Homebuyer Protection Act, but warning that a rollback of first-time homebuyer benefits could undercut progress on affordability and fairness.
“Our business is centered on fairness and equal treatment,” Wechsler says. “Industry programs should reflect those same values.”
Even some optimists acknowledged that the path forward may be uneven. One industry veteran, speaking anonymously, predicted two years of higher rates, with potential relief only if the administration's more unconventional economic strategies — including rumored federal bitcoin reserve purchases — manage to tamp down inflation.
At a time when political volatility and economic fundamentals are pulling in opposite directions, many in the mortgage industry are finding themselves recalibrating — navigating not just a new administration, but an era where stability itself may prove elusive.
