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.)
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.)