Refinances of loans insured by the Department of Veterans Affairs declined in the second quarter, according to an Inside FHA/VA Lending analysis and ranking of endorsement data. (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.)

While most of the top Ginnie Mae servicers reported single-digit portfolio increases in the second quarter, United Wholesale Mortgage’s Ginnie servicing volume increased a whopping 87.8% year over year. (Includes three data tables.)

The denial rate for VA home loan refinances fell sharply between 2023 and 2024, at the same time VA refi applications doubled, according to a new analysis by Inside FHA/VA Lending. (Includes data table.)