Soaring property and tax rates are major contributors to rising FHA delinquencies.

In the purchase-mortgage market, private MIs lost some share compared with the fourth quarter of 2024. Though the private MI share was up compared with the first quarter of 2024. (Includes two data tables.)

“Conventional delinquencies remain near historical lows, but FHA and VA delinquencies are increasing at a faster pace,” MBA noted.

In a seasonal trend seen each of the past five years, the delinquency rate declined on securitized government-sponsored enterprise loans, FHA mortgages and Department of Veterans Affairs home loans. (Includes data table.)

The top three issuers of Ginnie MBS in 1Q25: PennyMac, UWM and Freedom Mortgage.

A rise in interest rates around the beginning of the year suppressed refi volume to some extent. PennyMac was the top Ginnie issuer of both FHA and VA mortgages in the first quarter. (Includes four data tables.)

HECM lending increased by 5.3% on a quarterly basis in the fourth quarter of 2024. But for the full year, endorsements declined, with a downturn in production in four major states. (Includes three data tables.)

Production estimates were required for December because HUD, under the new Trump administration, has yet to publish FHA endorsement figures.

FHA-to-FHA refis increased by nearly 70% in the fourth quarter while purchase mortgage volume slid 12.4%. United Wholesale Mortgage remained the largest FHA lender in 2024.

Sharp staff cuts at FHA, VA and Ginnie Mae could lead to major problems for mortgage lenders and borrowers, according to analysts. But for now it appears to be business as usual for originations and servicing.