Key facts
- Ginnie Mae President Joe Gormley stated the FHA is comfortable with its current single-family and reverse mortgage insurance premiums.
- The FHA's Mutual Mortgage Insurance Fund held $188.9 billion in capital at the end of 2025.
- Ginnie Mae is exploring proposals to improve servicing liquidity.
- Ginnie Mae temporarily excluded loans in FHA Trial Payment Plans from issuer delinquency calculations in April.
- The FHA updated its single-family loss-mitigation waterfall in 2025, requiring Trial Payment Plans before other workout options.
Ginnie Mae President Joe Gormley indicated that the Federal Housing Administration (FHA) is currently comfortable with its mortgage insurance premium structure for both single-family home loans and reverse mortgages. In an interview with HousingWire, Gormley stated that while the agency constantly evaluates capital levels and market perspectives, no immediate changes are planned for these premiums.
This comes as the FHA's Mutual Mortgage Insurance Fund (MMIF) reported a strong position, holding $188.9 billion in capital at the end of 2025, an increase of $16.1 billion from the previous fiscal year. Over $100 billion of this capital is in cash or cash equivalents.
Gormley also touched upon Ginnie Mae's ongoing efforts to enhance servicing liquidity, noting that the agency is exploring various proposals. He acknowledged that while some issuers in the portfolio have acquired riskier assets, this is not considered endemic to the program. Ginnie Mae has been investing in systems and human capital to improve oversight and has taken administrative actions against some entities.
Additionally, Gormley confirmed that Ginnie Mae decided in April to temporarily exclude loans in FHA Trial Payment Plans (TPPs) from issuer delinquency calculations. This measure was implemented in response to increased delinquency rates, which the agency attributes to changes in its loss-mitigation policies in 2025 that require borrowers to complete TPPs before other workout options like partial claims can be approved.