Most of the increase in FHA/VA delinquencies came in early-stage defaults as the share of loans over 90 days late declined. The Ginnie servicing market grew 1.4% in the second quarter.

The purchase-mortgage and refinance sectors saw nearly identical gains in Ginnie volume last month, with most of the refi increase in rate-term transactions.

Average FHA and VA credit scores declined for both purchase and refi loans pooled into Ginnie Mae MBS in the first quarter. Wholesale-broker production gained a larger share of the market.