Ginnie Mae President Joe Gormley says the Trump administration is “very comfortable†with current FHA mortgage insurance premiums (MIP) for single-family loans and reverse mortgages — so don’t expect a near-term cut on the products most homebuyers use.
That stance comes after HUD cut multifamily MIP by 25 basis points in October 2025. Gormley told HousingWire that single-family and Home Equity Conversion Mortgage (HECM) reverse-mortgage premiums look right as they are, while the agency keeps watching capital levels and market conditions.
A few other takeaways from the interview:
Mutual Mortgage Insurance Fund stays strong. FHA’s MMIF held about $188.9 billion in capital at the end of 2025, up $16.1 billion from the prior fiscal year, with more than $100 billion in cash or cash equivalents.
HECM structure still under review. HUD previously asked for public input on HECM and HMBS improvements. Gormley noted proposals to shift how premiums are split between upfront and annual charges involve trade-offs, and the fund has to stay adequately protected.
Delinquencies and Trial Payment Plans. FHA has seen higher reported delinquencies tied to last year’s loss-mitigation policy changes, which require Trial Payment Plans (TPPs) before some workouts. Ginnie Mae is temporarily excluding TPP loans from issuer delinquency calculations “as long as we need to,†with any change to be clearly communicated to the industry.
Bottom line for buyers and homeowners: If you’re shopping FHA financing in Los Angeles County, plan around today’s MIP structure rather than waiting on a cut. Rates, credit, and home price still drive what you can afford more than a near-term premium change.
At IET Capital, we’re HUD-approved to originate FHA loans and can walk you through how current MIP affects your payment. Reach out if you want a clear picture for your situation.
Source: HousingWire, “Ginnie Mae’s Gormley signals no change to FHA MIP for now,†Sept. 24, 2026.