The National Flood Insurance Program can’t issue new policies for the duration of the government shutdown, complicating and in some cases stalling lending for properties in flood-prone areas.

VA refi volume was down 31.5% from the second quarter, while FHA refi volume slipped 10.3%.

FHA is supporting some manual endorsement actions that lenders cannot process themselves.

Securitization of refinance loans declined sharply from the second to the third quarter of 2025, while purchase-mortgage volume increased moderately. (Includes four data tables.)

FHA is continuing to endorse most single-family home loans during the government shutdown, but with some constraints.

About a week before FHA’s updated loss-mitigation waterfall went into effect, the agency issued several changes. However, servicers have additional time to incorporate the new updates.

Ongoing maintenance of FHA’s Loan Review System will likely be prolonged by the government shutdown. The system remains offline in the meantime.

High churn rates in the VA program lead to higher interest rates for FHA borrowers because loans from the two programs are pooled together in Ginnie Mae MBS. But there’s not a clear path to separate them.

The Department of Housing and Urban Development wants to know whether any statutory changes could improve the programs. Meanwhile, there is no update on the HMBS 2.0 product proposed last year.

The bill would stop FHA from collecting mortgage insurance premiums once a borrower’s loan-to-value ratio declines to 78%.