“There’s a tremendous economic incentive to adopt VantageScore, it’s just gonna take some time to work it through,” said Chris Cartwright, CEO of TransUnion.

The lender saves 5 basis points per loan on average using eNotes.

April issuance was the highest monthly total since June 2022, when the market was coming down from the euphoria of the COVID-19 rally.

Bayview handled a $436.71 billion Ginnie portfolio as of the end of March, up 1.5% from the end of 2025.

The temporary change is due to FHA’s 2025 modification to the single-family loss-mitigation waterfall, which included reinstating TPP requirements before certain loss-mitigation options can be approved.

On average, loan-to-value ratios and debt-to-income ratios are much higher for GSE purchase mortgages with private MI compared with loans that don’t carry MI.

The main difference in 2026 was that later-stage delinquencies increased.

Ginnie posted a 1.3% quarterly gain in servicing outstanding to $2.726 trillion at the end of March, not including servicing of home-equity conversion mortgages.

The refi share of Ginnie issuance increased to 43.9% in the first quarter of 2026, the highest since the second quarter of 2021.

The recent rise in FHA delinquencies appears to be an artificial effect caused by the new trial payment plans borrowers must complete before loans can be modified, according to research by the Center for Responsible Lending.