Ginnie Mae Pauses Delinquency Calculations for FHA Trial Payment Plan Loans

Ginnie Mae announced that, for the issuer report due April 2, 2026, loans in FHA Trial Payment Plans (TPPs) will be omitted from delinquency-ratio calculations used for compliance. The temporary measure is intended to keep issuer ratios from being inflated while the new FHA loss-mitigation process stabilizes.

Ginnie Mae to pause counting FHA TPP loans as delinquentGinnie Mae pauses delinquency rules amid FHA waterfall shift

In October 2024 the FHA revised its single-family loss-mitigation waterfall, reinstating a mandatory TPP step before borrowers can receive partial-claim relief or other workout options. The change limits repeated partial-claim requests and caps relief frequency, pushing more delinquent loans into TPP status.

Ginnie Mae pauses delinquency rules amid FHA waterfall shift

National data show a rise in FHA-related delinquency. The Intercontinental Exchange Mortgage Monitor recorded a 3.72 % national delinquency rate in February 2026, up seven basis points from January, with FHA loans accounting for over 80 % of the increase. Ginnie Mae’s March 2026 report showed FHA delinquencies averaging 9.2 % from October 2025 through February 2026, a 90-basis-point year-over-year rise. Early-stage metrics stayed steady: new delinquencies near 5.2 % and 60-day delinquencies around 1.8 %. The ratio of seriously delinquent FHA loans grew by 128 basis points, reflecting the longer resolution timeline created by the TPP requirement rather than a rapid shift into deep delinquency.

Ginnie Mae to pause counting FHA TPP loans as delinquentGinnie Mae pauses delinquency rules amid FHA waterfall shift

Ginnie Mae President Joseph Gormley said the exclusion will keep issuer delinquency ratios from being distorted while TPP volumes normalize. The agency pledged to monitor TPP-related performance and to give at least 60 days’ notice before restoring standard calculations. Ginnie Mae also signaled a broader review of its delinquency-threshold rules.

Ginnie Mae to pause counting FHA TPP loans as delinquent

Overall FHA delinquency rates have risen, yet early-stage metrics show little change, creating uncertainty about whether the increase reflects genuine credit stress or simply the procedural delay introduced by the TPP requirement. Ginnie Mae’s analysis does not quantify the eventual impact once TPP volumes return to expected levels.

Ginnie Mae to pause counting FHA TPP loans as delinquent

Ginnie Mae will keep tracking the impact of TPP loans on issuer delinquency performance and will provide at least 60 days’ notice before reinstating the standard calculation method. The agency also signaled a possible revision of its delinquency-threshold policy.

Ginnie Mae to pause counting FHA TPP loans as delinquent

• “However, as the new loss mitigation policy matures, the volume of TPPs is expected to normalize,” — Joseph Gormley, Ginnie Mae President

Ginnie Mae to pause counting FHA TPP loans as delinquent

• “A meaningful deterioration in mortgage credit performance would typically be reflected in a rapid increase in loans rolling from current or early-stage delinquency into 90+ day delinquency. The data does not show such a shift,” — Ginnie Mae report

Ginnie Mae to pause counting FHA TPP loans as delinquent

• “Ginnie Mae will temporarily exclude loans on TPPs when calculating delinquency ratios for compliance purposes,” — All Participant Memorandum, Ginnie Mae

Ginnie Mae pauses delinquency rules amid FHA waterfall shift

• “FHA Commissioner Frank Cassidy had identified the post-pandemic waterfall change made in October as the driver of a short-term increase in delinquencies earlier this year.” — National Mortgage News

Ginnie Mae pauses delinquency rules amid FHA waterfall shift