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MBA CEO rebuts claims tying UWM capital deal to FHA fund health
Broeksmit pointed to the FHA’s Mutual Mortgage Insurance Fund showing an 11.47% fiscal 2025 capital ratio and argued higher delinquencies are tied to the post-forbearance normalization period.
Mortgage Bankers Association president and CEO Bob Broeksmit pushed back on a Wall Street Journal op-ed that linked a United Wholesale Mortgage capital infusion to stress in the Federal Housing Administration’s mortgage insurance fund.
In his response, HousingWire reports that Broeksmit said the Journal made an incorrect connection between the condition of an independent lender and the health of the FHA’s Mutual Mortgage Insurance Fund, citing the MMIF’s 11.47% fiscal 2025 capital ratio.
Broeksmit also argued that elevated FHA delinquencies reflect the orderly winding down of COVID-19 forbearance programs rather than taxpayer bailout risk, according to HousingWire. He said this shift helps explain why FHA delinquency rates have risen versus a year ago.
HousingWire added that MBA data for Q2 2026 showed 11.79% of FHA borrowers were behind on payments, up 122 basis points from Q2 2025, while the seriously delinquent rate rose 227 bps to 2.06%. The outlet also noted that the Journal cited UWM’s higher seriously delinquent share and that the Journal raised concerns it could signal broader risk beyond the FHA channel.