On April 24, Ginnie Mae issued APM 26-06, announcing a temporary revision to its delinquency ratio calculations for compliance purposes. The change temporarily excludes loans on Trial Payment Plans (TPPs) from the delinquent loan count when calculating issuer delinquency rates until the volume of TPPs returns to “expected levels.” The revision responds to changes the FHA made to its single-family loss mitigation waterfall, which reinstated TPP requirements before certain loss mitigation options, such as partial claims, can be approved. FHA’s new waterfall took effect on October 1, 2025, and, according to Ginnie Mae, the resulting volume of TPPs has put upward pressure on issuer delinquency rates. The agency stated that as the new loss mitigation policy matures, it expects the volume of TPPs to normalize.

The exclusion is effective for monthly reporting due on April 2. The agency instructed issuers to report a Default Action Code of 091 or 039 when reporting TPP loans in the Payment Default Status (PDS) file and noted that it will leverage the PDS reporting to identify loans on a TPP and exclude them from the delinquent loan count. Ginnie Mae stated it will regularly monitor the ongoing impact of TPP loans and will provide at least 60 days’ notice prior to reverting to the standard delinquency calculation via a subsequent APM. Ginnie Mae stated it will continue to monitor issuers’ compliance with delinquency rates and other risk parameters during that time and, in the longer term, anticipates reviewing its delinquency threshold policy “in the context of today’s marketplace.”