FHA has archived nearly 600 mortgagee letters that it determined had expired or been fully superseded by the current FHA handbook or other policies, to help improve the accuracy of web searches.

Critics say capital is not necessarily the main impediment to ending the conservatorship. A bigger problem is the lack of planning on what the GSEs should look like after they exit.

Fannie and Freddie MBS issuance with private MI declined 20.4% on a sequential basis during the first quarter of 2025. Leaders of private MIs attributed the first-quarter slowdown to affordability issues. (Includes three data tables.)

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.)