A rise in interest rates around the beginning of the year suppressed refi volume to some extent. PennyMac was the top Ginnie issuer of both FHA and VA mortgages in the first quarter. (Includes four data tables.)

The program, developed by the Biden administration, purchases delinquent VA loans from servicers to help veterans avoid foreclosure.

The elimination of eligibility of non-permanent U.S. residents for FHA loans could leave FHA lenders liable for mistakes made when certifying a borrower’s residency status.