Some $54.47 billion of FHA purchase mortgages were included in Ginnie Mae mortgage-backed securities issued in the second quarter, up 28.9% from the previous quarter.

“Gravity is being tested,” said Mark Garland, a managing director at SitusAMC.

"The work on this has picked up significantly in recent weeks," according to Bob Broeksmit, president and CEO of the MBA.

Lakeview, the largest servicer of FHA loans in Ginnie MBS, had 3.5% of these mortgages in the 90-plus-day category.

MBA's Megan Booth said the updated code would lead to fewer FHA- and USDA-backed properties.

Loans one payment past due increased 19 basis points during the second quarter, after declining during the first quarter.

Among other differences, Congress doesn’t appear to be budgeting for a reduction in force at HUD.

The Center for Responsible Lending said loss-mitigation offerings need to reduce monthly payments to avoid foreclosures.

One housing market that seems to be doing well is Rochester, NY.

Refi activity was up 27.1% from the first quarter and purchase volume rose 19.1%.