FHA Mutual Mortgage Insurance Fund
- FY 2025 (PDF)
- FY 2024 (PDF)
- FY 2023 (PDF) Press Release (11/15/2023)
- FY 2022 (PDF) Press Release (11/15/2022)
- FY 2021 (PDF) Press Release (11/15/2021)
- FY 2020 (PDF) Press Release (11/13/2020)
- FY 2019 (PDF) Press Release (11/14/2019)
- FY 2018 (PDF) Press Release (11/15/2018)
- FY 2017 (PDF) Press Release (11/15/2017)
- FY 2016 (PDF) Press Release (11/15/2016)
- FY 2015 (PDF) Press Release (11/16/2015)
- FY 2014 (PDF) Press Release (11/17/2014)
- FY 2013 (PDF) Press Release (12/13/2013)
- FY 2012 (PDF) Press Release (11/16/2012)
- FY 2011 (PDF)
- FY 2010 (PDF)
- FY 2009 (PDF)
This report is in fulfillment of the requirement under section 2118 of the Housing and Economic Recovery Act of 2008 (12 USC 1708(a)(5)) that HUD report to Congress on a quarterly basis respecting mortgages that are an obligation of the Mutual Mortgage Insurance Fund. HUD uses this report to provide public information on new endorsement activity, delinquency, claim and prepayment rate trends, and financial information on core insurance operations.
- 2025 - Quarter 2 (PDF)
- 2025 - Quarter 1 (PDF)
- 2024 - Quarter 4 (PDF)
- 2024 - Quarter 3 (PDF)
- 2024 - Quarter 2 (PDF)
- 2024 - Quarter 1 (PDF)
- 2023 - Quarter 4 (PDF)
- 2023 - Quarter 3 (PDF)
- 2023 - Quarter 2 (PDF) *Note: Figure 9 (Business Operations Cash Flows) has been revised.
- 2023 - Quarter 1 (PDF)
- 2022 - Quarter 4 (PDF)
- 2022 - Quarter 3 (PDF)
- 2022 - Quarter 2 (PDF)
- 2022 - Quarter 1 (PDF)
- 2021 - Quarter 4 (PDF)
- 2021 - Quarter 3 (PDF)
- 2021 - Quarter 2 (PDF)
- 2021 - Quarter 1 (PDF)
- 2020 - Quarter 4 (PDF)
- 2020 - Quarter 3 (PDF)
- 2020 - Quarter 2 (PDF)
- 2020 - Quarter 1 (PDF)
- 2019 - Quarter 4 (PDF)
- 2019 - Quarter 3 (PDF)
- 2019 - Quarter 2 (PDF)
- 2019 - Quarter 1 (PDF)
- 2018 - Quarter 4 (PDF)
- 2018 - Quarter 3 (PDF) Note: Exhibit 8 (Business Operations Cash Flows) has been revised.
- 2018 - Quarter 2 (PDF)
- 2018 - Quarter 1 (PDF)
- 2017 - Quarter 4 (PDF)
- 2017 - Quarter 3 (PDF)
- 2017 - Quarter 2 (PDF)
- 2017 - Quarter 1 (PDF)
- 2016 - Quarter 4 (PDF)
- 2016 - Quarter 3 (PDF)
- 2016 - Quarter 2 (PDF)
- 2016 - Quarter 1 (PDF) Note: Exhibit A-1 (New Endorsement Counts) has been revised.
- 2015 - Quarter 4 (PDF) Note: Exhibit A-7 (Termination Claim Type and Loss Severity Rates) has been revised for Jan–Sep of FY 2015.
- 2015 - Quarter 3 (PDF)
- 2015 - Quarter 2 (PDF)
- 2015 - Quarter 1 (PDF)
- 2014 - Quarter 4 (PDF)
- 2014 - Quarter 3 (PDF)
- 2014 - Quarter 2 (PDF)
- 2014 - Quarter 1 (PDF)
- 2013 - Quarter 4 (PDF)
- 2013 - Quarter 3 (PDF)
- 2013 - Quarter 2 (PDF)
- 2013 - Quarter 1 (PDF)
- 2012 - Quarter 4 (PDF)
- 2012 - Quarter 3 (PDF)
- 2012 - Quarter 2 (PDF)
- 2012 - Quarter 1, Full Report (PDF) Highlights (PDF)
- 2011 - Quarter 4, Full Report (PDF) Highlights (PDF)
- 2011 - Quarter 3, Full Report (PDF) Highlights (PDF)
- 2011 - Quarter 2, Full Report (PDF) Highlights (PDF)
- 2011 - Quarter 1, Full Report (PDF) Highlights (PDF)
- 2010 - Quarter 4 (PDF)
- 2010 - Quarter 3 (PDF)
- 2010 - Quarter 2 (PDF)
- 2010 - Quarter 1 (PDF)
The National Affordable Housing Act requires an independent actuarial analysis of the economic net worth and soundness of the FHA's Mutual Mortgage Insurance Fund.
- FY 2025 Actuarial Review of Forward Portfolio
- FY 2025 Actuarial Review HECM Portfolio
- FY 2024 Actuarial Review of Forward Portfolio
- FY 2024 Actuarial Review HECM Portfolio
- FY 2023 Actuarial Review of Forward Portfolio
- FY 2023 Actuarial Review HECM Portfolio
- FY 2022 Actuarial Review of Forward Portfolio
- FY 2022 Actuarial Review of HECM Portfolio
- FY 2021 Actuarial Review of Forward Portfolio
- FY 2021 Actuarial Review of HECM Portfolio
- FY 2020 Actuarial Review of Forward Portfolio
- FY 2020 Actuarial Review of HECM Portfolio
- FY 2019 Actuarial Review of Forward Portfolio
- FY 2019 Actuarial Review of HECM Portfolio
- FY 2018 Actuarial Review of Forward Portfolio
- FY 2018 Actuarial Review of HECM Portfolio
- FY 2017 Actuarial Review of Forward Portfolio
- FY 2017 Actuarial Review of HECM Portfolio
- FY 2016 Actuarial Review Excluding HECMs
- FY 2016 Actuarial Review of HECMs
- FY 2015 Actuarial Review Excluding HECMs
- FY 2015 Actuarial Review of HECMs
- FY 2014 Actuarial Review Excluding HECMs
- FY 2014 Actuarial Review of HECMs
- FY 2013 Actuarial Review Excluding HECMs
- FY 2013 Actuarial Review S-M Forward Report
- FY 2013 Actuarial Review of HECMs
- FY 2013 Actuarial Review of S-M HECM
- FY 2012 Actuarial Review Excluding HECMs
- FY 2012 Actuarial Review of HECMs
- FY 2011 Actuarial Review Excluding HECMs
- FY 2011 Actuarial Review of HECMs
- FY 2010 Actuarial Review Excluding HECMs
- FY 2010 Actuarial Review of HECMs
- FY 2009 Actuarial Review Excluding HECMs
- FY 2009 Actuarial Review of HECMs
FY 2008 Actuarial Review
The National Affordable Housing Act requires an independent actuarial analysis of the economic net worth and soundness of the FHA's Mutual Mortgage Insurance Fund. This actuarial report presents the findings with respect to the required analysis for fiscal year 2008 using data as of March 31, 2008. The FY2008 report was done by Integrated Financial Engineering, Inc. of Rockville, Maryland.
Sections
Letter of Submission by IFE, Inc. to the FHA Commissioner (PDF) (WORD)
Cover, Actuarial Review and Table of Contents (PDF) (WORD)
Executive Summary (PDF) (WORD)
- I. Introduction (PDF) (WORD)
- II. Summary of Findings (PDF) (WORD)
- III. Current Status of the MMI Fund (PDF) (WORD)
- IV. Characteristics of the FY 2007 Book of Business (PDF) (WORD)
- V. MMI Fund Sensitivities (PDF) (WORD)
- VI. Summary of Methodology (PDF) (WORD)
- VII. Qualifications and Limitations (PDF) (WORD)
- VIII. Conclusions (PDF) (WORD)
Appendices
FY 2007 Actuarial Review
The National Affordable Housing Act requires an independent actuarial analysis of the economic net worth and soundness of the FHA's Mutual Mortgage Insurance Fund. This actuarial report presents the findings with respect to the required analysis for fiscal year 2007 using data as of March 31, 2007. The FY2007 report was done by Integrated Financial Engineering, Inc. of Rockville, Maryland.
Sections
Letter of Submission by IFE, Inc. to the FHA Commissioner (PDF) (WORD)
Cover and Table of Contents (PDF) (WORD)
Executive Summary (PDF) (WORD)
- I. Introduction (PDF) (WORD)
- II. Summary of Findings (PDF) (WORD)
- III. Current Status of the MMI Fund (PDF) (WORD)
- IV. Characteristics of the FY 2007 Book of Business (PDF) (WORD)
- V. MMI Fund Sensitivities (PDF) (WORD)
- VI. Summary of Methodology (PDF) (WORD)
- VII. Qualifications and Limitations (PDF) (WORD)
- VIII. Conclusions (PDF) (WORD)
Appendices
FY 2006 Actuarial Review
The National Affordable Housing Act requires an independent actuarial analysis of the economic net worth and soundness of the FHA's Mutual Mortgage Insurance Fund. This actuarial report presents the findings with respect to the required analysis for fiscal year 2006 using data as of March 31, 2006.
Sections
Table of Contents (PDF) (WORD)
Executive Summary (PDF) (WORD)
- I. Introduction (PDF) (WORD)
- II. Summary of Findings and Comparison with Fiscal Year 2005 (PDF) (WORD)
- III. Current Status of the MMI Fund (PDF) (WORD)
- IV. Characteristics of the FY 2006 Book of Business (PDF) (WORD)
- V. MMI Fund Sensitivities (PDF) (WORD)
- VI. Summary of Methodology (PDF) (WORD)
- VII. Considerations and Limitations (PDF) (WORD)
- VIII. Conclusions (PDF) (WORD)
Appendices
FY 2005 Actuarial Review
The National Affordable Housing Act requires an independent actuarial analysis of the economic net worth and soundness of the FHA's Mutual Mortgage Insurance Fund. This actuarial report presents the findings with respect to the required analysis for fiscal year 2005 using data as of March 31, 2005.
Sections
Table of Contents (WORD)
Executive Summary (PDF) (WORD)
- I. Introduction (PDF) (WORD)
- II. Summary of Findings and Comparison with Fiscal Year 2004 (PDF) (WORD)
- III. Current Status of the Fund (PDF) (WORD)
- IV. Characteristics of the FY 2005 Book of Business (PDF) (WORD)
- V. MMI Fund Sensitivities (PDF) (WORD)
- VI. Summary of Methodology (PDF) (WORD)
- VII. Considerations and Limitations (PDF) (WORD)
- VIII. Conclusions (PDF) (WORD)
Appendices
FY 2004 Actuarial Review
The National Affordable Housing Act requires an independent actuarial analysis of the economic net worth and soundness of the FHA's Mutual Mortgage Insurance Fund. This actuarial report presents the findings with respect to the required analysis for fiscal year 2004 using data as of March 31, 2004.
Sections
- I. Introduction
- II. Summary of Findings and Comparison with Fiscal Year 2003
- III. Current Status of the Fund
- IV. Characteristics of the FY 2004 Book of Business
- V. MMI Fund Sensitivities
- VI. Summary of Methodology
- VII. Considerations and Limitations
- VIII. Conclusions
Appendices
FY 2003 Actuarial Review
The National Affordable Housing Act requires an independent actuarial analysis of the economic net worth and soundness of the FHA's Mutual Mortgage Insurance Fund. This actuarial report presents the findings with respect to the required analysis for fiscal year 2003 using data as of March 31, 2003.
Sections
- I. Executive Summary
- II. The Value of the MMIF Under Alternative Economic Scenarios
- III. Characteristics of the FY2003 Book of Business
- IV. Changes to Model Assumptions
- V. Additional Model Testing at the Loan Level
- VI. Considerations and Limitations
Appendices
FY 2002 Actuarial Review
The National Affordable Housing Act requires an independent actuarial analysis of the economic net worth and soundness of the FHA's Mutual Mortgage Insurance Fund. This actuarial report presents the findings with respect to the required analysis for fiscal year 2002 using data as of March 31, 2002.
Table of Contents (PDF)
Sections
- I. Executive Summary
- II. The Value of the MMIF Under Alternative Economic Scenarios
- III. Characteristics of the FY2002 Book of Business
- IV. Considerations and Limitations
Appendices
FY 2001 Actuarial Review
The National Affordable Housing Act requires an independent actuarial analysis of the economic net worth and soundness of the FHA's Mutual Mortgage Insurance Fund. This actuarial report presents the findings with respect to the required analysis for fiscal year 2001 using data as of March 31, 2001.
Sections
- I. Executive Summary
- II. The Value of the MMIF Under Alternative Economic Scenarios
- III. Characteristics of the FY2001 Book of Business
- IV. Recommended Further Enhancements
Appendices
- A. Conditional Claim and Prepayment Rate Models
- 1. Conditional Claim Rate Exhibits
- 2. Conditional Prepayment Rate Exhibits
- 3. Comparison of Actual to Projected Exhibits
- B. Demand Model
- C. Claim Severity Model
- D. Cash Flow Model
- E. Data Transformation
- F. Economic Forecast
- G. Delta Analysis for Claim and Prepayment Models
- H. Claim and Prepayment Rate Exhibits
- I. Generalized Linear Model
FY 2000 Actuarial Review
The National Affordable Housing Act requires an independent actuarial analysis of the economic net worth and soundness of the FHA's Mutual Mortgage Insurance Fund. This actuarial report presents the findings with respect to the required analysis for fiscal year 2000 using data as of March 31, 2000.
Sections
- I. Executive Summary
- II. The Value of the MMIF Under Alternative Economic Scenarios
- III. Characteristics of the FY2000 Book of Business
- IV. Recommended Further Enhancements
Appendices
- A. Conditional Claim and Prepayment Rate Models
- 1. Conditional Claim Rate Exhibits
- 2. Conditional Prepayment Rate Exhibits
- 3. Comparison of Actual to Projected Exhibits
- B. Demand Model
- C. Claim Severity Model
- D. Cash Flow Model
- E. Data Transformation
- F. Economic Forecast
- G. Delta Analysis for Claim and Prepayment Models
- H. Claim and Prepayment Rate Exhibits
- I. Generalized Linear Model
- FY 1997 Actuarial Review
- FY 1996 Actuarial Review
- FY 1995 Actuarial Review
- FY 1992 Actuarial Review
- FY 1989 Actuarial Review This was the original independent Actuarial Review