A rise in purchase-mortgage volume wasn't enough to offset declining refi activity.

Ginnie will allow trial payment periods to count toward the agency’s seasoning requirements.

FHA loss-mitigation removals more than doubled from $1.86 billion in the first quarter to $4.74 billion.

Delinquencies initially rose when FHA implemented changes to its loss-mitigation waterfall in October, installing trial payment plans that keep delinquent loans pooled for three months, generally, before the servicer can buy the loan out for a modification.

In the first half of 2026, $120.88 billion of GSE purchase mortgages with private MI was securitized, a 4.5% increase from the first half of 2025.

The nonbank increased its Ginnie servicing portfolio by $15.70 billion during the quarter, including $14.35 billion in FHA servicing.

In late April, Ginnie announced that it would exclude FHA mortgages on trial payment plans when calculating servicers’ delinquency ratios for compliance purposes.

Primary MI volume in the agency MBS market increased at a faster pace at FHA and VA in the second quarter of 2026 compared with private MI usage with the GSEs.

The first-quarter tally was the highest quarterly issuance total for Ginnie since the fourth quarter of 2021.

The sharpest increase in the use of securitization was in the expanded-credit mortgage market.