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

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

It’s the third year in a row that delinquencies declined in the first quarter following an increase the previous quarter.

Joseph Gormley is the new executive vice president and chief operating officer at Ginnie Mae.

Mortgages with interest rates above 6.0% accounted for 18.2% of the agency servicing market as of the end of March.

Most of the decline was in agency refinance business.

Calls to HUD field offices redirected to a national hotline. A HUD spokesperson said there were no closures.

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

Issuance in the first quarter of 2025 declined compared with the fourth quarter of 2024. However, issuance was above the level seen in the first quarter of 2024.

"This change is necessary because VA is not set up or intended to be a mortgage loan restructuring service," said a VA spokesperson.