Issuance of government-backed loans to Ginnie Mae mortgage-backed securities fell in the third quarter, breaking with the typical seasonal pattern amid higher interest rates. (Includes four data tables.)

Government lending through brokers declined on a quarterly basis in the second quarter while both retail and correspondent production increased. (Includes data table.)

Endorsements of FHA-insured home equity conversion mortgages picked up in the second quarter, but not enough to combat the slide year-over-year. (Includes three data tables.)

Lenders turned down 22.0% of applications received for FHA loans in 2025. The rejection rate on VA mortgages was a more modest 16.1%. (Includes data table.)

Many top correspondent sellers of government loans increased sales by the double-digits in 2025 compared to 2024, while top seller Veterans United saw a decline. (Includes data table.)

Among a large group of lenders, the correspondent channel accounted for a 38.0% share of government-insured originations in 2025, up from a 34.5% share in 2024. (Includes data table.)

Endorsements of home equity conversion mortgages increased by 3.2% on an annual basis in 2025, even with four consecutive quarterly declines since the fourth quarter of 2024. (Includes three data tables.)

Servicers of government loans in Ginnie Mae mortgage-backed securities will need to ramp up buyout activity as delinquencies in their portfolios increase.

Some $87.67 billion of loans were removed from Ginnie Mae mortgage-backed securities during the fourth quarter of 2025, with about 87% of them representing borrower payoffs. (Includes two data tables.)

November issuance of Ginnie Mae single-family mortgage-backed securities increased as lower interest rates continued to drive refinance activity. (Includes two data tables.)