Refis accounted for 15.0% of Ginnie issuance in January compared with a 14.7% share the previous month.

Leaders at FHA and VA haven't ruled out following the Federal Housing Finance Agency in a shift from a tri-merge score process to a bi-merge process.

“While pausing foreclosures for these men and women was a step in the right direction, our veterans and servicemembers need to be able to bring their mortgage current while VA works on its long-term solution,” said Sen. Jon Tester, D-MT, chair of the Senate Veterans Affairs Committee.

Home sellers are now more willing to consider bids tied to FHA and VA mortgages.

Rate locks declined by 14% on a monthly basis in December, driven by fewer locks for purchase mortgages.

Issuance declined by 16.7% on a quarterly basis in the fourth quarter, with the VA losing market share.

Both FHA and VA issuance volume declined in November, with VA activity posting the larger fall.

FHA's share of the FHA/VA market hit 61.5% in the third quarter, the highest level in at least 10 years.

Ginnie continued to set the pace as its single-family servicing grew by 2.4% in the third quarter.

Policymakers need better coordination between FHA and GSE policies, according to Seth Appleton, president of U.S. Mortgage Insurers.