Key facts
- FHA loans accounted for 13.3% of all single-family mortgage volume in 2025.
- Ginnie Mae's mortgage-backed securities portfolio topped $3 trillion in outstanding balance.
- 93% of Ginnie Mae's issuance now comes from nonbanks.
- Saluda Grade committed $20 million in Series C funding to Zippy.
Federal housing officials discussed strategies to invigorate the FHA lending program and boost manufactured housing development at the Mortgage Bankers Association's Annual Convention and Expo in Chicago. Matt Jones, awaiting confirmation as FHA commissioner, emphasized the need for broader lender participation, including large banks, community banks, and independent mortgage banks, to increase competition and diversity within the program. He indicated that HUD has been reviewing sub-regulatory handbooks and cost structures to create clearer rules and eliminate potential pitfalls for lenders.
Joe Gormley, Ginnie Mae president and interim FHA lead, reported sustained investor demand for Ginnie Mae securities, with the portfolio exceeding $3 trillion. He highlighted a significant shift towards nonbank issuers, now accounting for 93% of Ginnie Mae's issuance, and noted that over 20% of investment comes from international investors attracted by the U.S. government guarantee. Ginnie Mae is also working to facilitate the trading of individual mortgage servicing rights (MSRs) between issuers, a practice common in conventional and private-label markets.
Regarding manufactured housing, Jones pointed to a recent legislative change removing the steel-chassis requirement, which is expected to accelerate factory-built housing supply and blur the lines with modular construction. This development was followed by Saluda Grade's commitment of $20 million in Series C funding to Zippy, a manufactured home loan originator and servicer, to support its expansion and technological development.