The volume of delinquent loans removed from Ginnie Mae mortgage-backed securities increased on a quarterly basis in the first quarter. Overall liquidations declined, with fewer payoffs. (Includes two data tables.)
The Department of Veterans Affairs posted an article educating borrowers about refinance opportunities, and warning them of a variety of pitfalls including unwanted or misleading advertisements.
Overall, FHA and VA lending declined by 8.3% on a quarterly basis in the first quarter of 2026. FHA refi volume was up, helped by loans to existing FHA borrowers. (Includes three data tables.)
Although changes to FHA’s loss-mitigation policies are expected to resolve most of the persistent re-defaults in its portfolio, FHA borrowers continue to be the most exposed to financial stressors.
Ginnie Mae President Joe Gormley addressed how he’s been filling a dual role as temporary FHA head since Commissioner Frank Cassidy went on leave from the position in April.
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.)
The lender has tailored its strategy to help VA borrowers compete in a market where government loans are overlooked in favor of higher-downpayment conventional mortgages or cash buyers.
FHA could sustain a zero-downpayment loan option for first-time homebuyers if Congress would allow it, analysts at the Urban Institute contended in a new proposal.
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