A business-friendly CFPB, higher insurance premiums for FHA borrowers and an exit from conservatorship for the GSEs are all possibilities.

Ginnie initially planned on implementing the capital requirements at the end of 2023, along with other reforms.

Sam Valverde, acting president of Ginnie Mae, noted that Ginnie and the Department of Veterans Affairs have policies in place to prevent refis that don’t benefit borrowers and they will continue to watch for “abnormal” refi activity.

FHA delinquencies haven't been this high since the early days of COVID.

Karan Kaul, a senior policy advisor at Ginnie Mae, said Ginnie and others need to analyze the various reform proposals that have been released in recent years.

The increase in the use of primary MI during the third quarter was sharpest in refinances.

“If we had a major economic downturn, I don’t know what kind of havoc we would have right now, because there’s no stability,” said Ted Tozer, a former president of Ginnie Mae.

VA issued a temporary variance to allow borrowers to pay buyer-broker charges so they could compete in the real estate market.

Ginnie Mae Acting President Sam Valverde said loan-level securitization could help liquidity.

Ginnie issuers securitized $15.61 billion of refis through the Department of Veterans Affairs home loan program in the third quarter, a 68.5% increase from the prior period.