FHA also lowered restrictions on building in areas with flood risk.

The largest servicing gains in the past year were in servicing for Ginnie Mae, whole loans at nonbanks and in non-agency mortgage-backed securities.

A&D recently acquired the unit from Mr. Cooper Group.

Ted Tozer, a fellow at the Urban Institute and former Ginnie president, said he expects the volume of buydowns in custom single-family pools to explode as lenders take advantage of the rule change.

Beginning June 16, custom single-family pools in the Ginnie II program won’t be subject to the 10% concentration limit on mortgages with buydowns.

Lenders turned down 24.5% of VA refi applications in 2024, compared with 37.3% in the previous year.

Delinquencies on FHA mortgages have crept higher since recovering from the pandemic.

“Fannie Mae and Freddie Mac acting more private but still being in conservatorship might be the best of both worlds,” said Mat Ishbia, president and CEO of United Wholesale Mortgage.

ARMs accounted for less than 1% of total FHA originations in 2024.

"Individual investor appetites wax and wane over time," but Ginnie isn't seeing a mass pullback in demand, according to Joseph Gormley, executive vice president at the agency.