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The Department of Housing and Urban Development on Tuesday told Congress the Federal Housing Administration Mutual Mortgage Insurance Fund grew $3.8 billion in fiscal 2016 and the capital ratio stands at 2.32 percent, exceeding the statutory 2 percent threshold for the second year in a row.

This is the fourth consecutive year of economic growth for the MMI Fund. The economic value of the fund is now valued at $27.6 billion.

HUD's report also notes that FHA's Single Family Forward Portfolio gained $18.3 billion in value and achieved a capital ratio of 3.28 percent.

FHA endorsed 1,258,063 mortgages, of which 879,521 were home-purchase mortgages with an average loan size of $195,145 in fiscal year 2016, the report said. Most, or 82.1 percent, of FHA-guaranteed purchase loans were for first-time homebuyers.

Regarding the health of the MMI Fund, a couple performance metrics show early payment delinquencies are at historic lows, and serious delinquencies are at a 10-year low.

NAFCU has long recognized and supported FHA's important role in the housing finance market. The association is also urging Congress, in any housing finance reform measures ahead, to preserve credit unions' equal access to the secondary mortgage market and fair pricing based on loan quality rather than volume.