FHA loss-mitigation removals more than doubled from $1.86 billion in the first quarter to $4.74 billion.

Delinquencies initially rose when FHA implemented changes to its loss-mitigation waterfall in October, installing trial payment plans that keep delinquent loans pooled for three months, generally, before the servicer can buy the loan out for a modification.

In the first half of 2026, $120.88 billion of GSE purchase mortgages with private MI was securitized, a 4.5% increase from the first half of 2025.