Joe Gormley said the Trump administration is comfortable with FHA mortgage insurance premiums for single-family home loans and reverse mortgages, following a 25-bps cut to multifamily MIP in October 2025.
He also outlined ongoing work on issuer liquidity and FHA delinquency reporting tied to TPPs.
He was previously the agency’s executive vice president and chief operating officer. He also served as acting FHA commissioner following Frank Cassidy’s departure from the role in April 2026. The White House subsequently sent Jones’s nomination to the Senate.
Gormley spoke with HousingWire during HUD’s sixth Innovative Housing Showcase on the National Mall in Washington, D.C., which featured manufactured, 3D-printed and modular homes. He said Ginnie Mae’s program can accommodate these technologies as long as the underlying collateral can be insured or guaranteed by the FHA, the U.S. Department of Veterans Affairs (VA) or the U.S. Department of Agriculture (USDA). He also pointed to “good investor appetite for manufactured housing.” “They tend to have some characteristics around convexity that investors are willing to pay up for,” he said. Liquidity issues Gormley said Ginnie Mae’s utmost priority is “just to keep executing.” The agency issued its first mortgage-backed security in 1970 and has never missed a payment to investors. Still, liquidity remains an area of interest, and Ginnie Mae will continue to “explore different proposals,” he said. Gormley acknowledged that there are some outliers in its portfolio, referring to issuers that have acquired risk-layered portfolios with lower credit scores, higher debt-to-income (DTI) ratios and elevated loan-to-value (LTV) ratios. Such assets can become more difficult to finance or sell during periods of market stress. “We made a lot of investments both in systems and human capital over the last several years to provide better oversight of these entities. We are taking, from time to time, administrative action against some of these entities.” While the issue has caught the agency’s attention, Gormley said, “I would not say it’s endemic to the program.” Gormley also recently discussed accelerating a loan-level transfer initiative aimed at bolstering servicing liquidity. Ginnie Mae securities are generally issued as pools containing hundreds or even thousands of individual loans, although a pool can contain as few as one loan. Once a loan is placed into a pool, however, it generally can come out in only a few circumstances, such as serious delinquency. “We know that impedes the value of Ginnie Mae servicing. We think by accelerating this project, we’ll improve liquidity of Ginnie Mae mortgage servicing rights, which will be beneficial to our issuers.” FHA delinquencies Regarding delinquencies in the FHA program, Gormley said the agency believes the increase was related to changes made to its loss-mitigation policies last year. “We believe we understand it very well. It’s related to the changes that FHA made in its loss-mitigation policies last year. We did see an increase in delinquencies, but they seem to have moderated over the last several months, as we would have expected. But it’s something we continue to keep an eye on.” Ginnie Mae decided in April to temporarily exclude loans in FHA Trial Payment Plans (TPPs) from issuer delinquency calculations in response to higher reported delinquency rates.In 2025, FHA updated its single-family loss-mitigation waterfall and reinstated required TPPs before certain workout options, such as partial claims, can be approved.
Under that structure, delinquent borrowers must first complete a TPP before receiving a final loss-mitigation solution. As servicers have evaluated more delinquent FHA loans for assistance under the new waterfall, the volume of loans in TPP status has increased, pushing issuer delinquency rates higher, according to Ginnie Mae. Gormley said the exclusion of TPPs will remain in place “as long as we need to,” adding that any changes “will be well-telegraphed in the industry.”
