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.

Some $2.71 trillion of Ginnie servicing was outstanding as of the end of 2025, up 6.8% from 2024.

The $87.67 billion of removals were largely tied to borrower payoffs.

Gormley said Ginnie Mae is working with the Mortgage Bankers Association and the Housing Policy Council on the effort.

Issuance of Ginnie Mae mortgage-backed securities increased by 3.5% on a monthly basis in January.

The agencies agreed to implement four recommendations from the Government Accountability Office.