Multifamily lenders that work with Fannie Mae are reportedly worried about business continuity after the government-sponsored enterprise eliminated roughly a dozen staff last week.

The staffing reductions included executives who dealt with multifamily loans and low-income housing tax credit investments, along with finance, regulatory and communications officials, The Wall Street Journal reported Friday. 

News of the departures has rattled some executives across the mortgage industry who worry they could impact Fannie Mae’s ability to provide price stability in the mortgage market, the WSJ reported. 

Fannie Mae is overseen by the Federal Housing Finance Agency, which is led by Bill Pulte, a longtime ally and booster of President Donald Trump who has worked to put his stamp on the GSEs, including Freddie Mac. A person familiar with the staffing moves said they were related to new technology solutions and increased efficiency inside the agency. 

“These positions have been planned to be transitioned out as part of redundant efforts as part of ongoing efficiencies,” the person said. “We have no concerns about continuity of operations.”

The FHFA declined a request for comment on the layoffs.

Some of the officials who were let go were notified Wednesday that their positions had been eliminated. 

“Technology is improving and providing opportunities for us to remove unnecessary processes and unfortunately at times personnel,” Pulte posted to X after the WSJ story first published. 

Senior staff turnover has been high since Pulte took the helm at the FHFA. 

Less than a week after the Senate confirmed Pulte to the post, eight Fannie Mae board members left and were replaced by four Pulte appointees, with six departing Freddie Mac and being replaced by three new appointees. Pulte made himself chair of both boards in a move that Politico described at the time as highly unusual. 

One of those board members, an ally of Elon Musk and engineer at SpaceX named Christopher Stanley, resigned after less than two days on the job.

Fannie Mae also swapped CEOs in October, when Priscilla Almodovar, who had been in the role since 2022, resigned and was replaced by then-Chief Operating Officer Peter Akwaboah.

The senior staffing shake-ups have disproportionately affected women, who went from holding two-thirds of senior roles to less than half.

In April, Pulte also ousted more than 100 staffers he accused of engaging in unethical conduct, most of whom were of Indian descent. In October, roughly a dozen of Fannie Mae’s ethics staffers were fired without explanation.

A group of 41 of employees ousted in April is suing the agency’s CEO and the FHFA for defamation, alleging the employees were being improperly smeared.