Statement: FHA’s 2022 Annual Financial Report to Congress

November 15, 2022

WASHINGTONUSMI issued the following statement on the Federal Housing Administration’s (FHA) release of its Fiscal Year 2022 Annual Report to Congress on the financial status of the Mutual Mortgage Insurance Fund (MMIF), which shows a capital ratio of 11.11% – an improvement from 8.03% for fiscal year 2021:

“The FHA is an integral part of the housing finance system, and USMI supports the progress that has been made to restore the fiscal health of the MMIF. Due to current economic and housing uncertainty, it is imperative that the FHA maintain a prudent approach to pricing and risk management. FHA should protect the short- and long-term financial health of the MMIF and position itself to support the market through the economic cycle.

“USMI’s member companies continue to provide access to homeownership through mortgage credit backed by private capital for borrowers who cannot afford 20% down on their homes, many of whom are first-time, low- to moderate-income, or minority borrowers. Private mortgage insurance has enabled more than 37 million people since 1957 to access affordable and sustainable low down payment mortgages through all market cycles while providing critical credit risk protection.

“USMI looks forward to continued engagement with FHA, the Biden Administration, and Congress to promote a well-functioning housing finance system that facilitates access to affordable and sustainable low down payment mortgages while also protecting taxpayers.”


U.S. Mortgage Insurers (USMI) is dedicated to a housing finance system backed by private capital that enables access to affordable and sustainable housing finance for borrowers while protecting taxpayers. Mortgage insurance offers an effective way to make mortgage credit available to more people. USMI is ready to help build the future of homeownership. Learn more at