We believe the Federal Housing Administration ( the " FHA " ) , which until 2008 was not viewed by us as a significant competitor , substantially increased its market share beginning in 2008 . We believe that the FHA 's market share increased , in part , because mortgage insurers have tightened their underwriting guidelines ( which has led to increased utilization of the FHA 's programs ) and because of increases in the amount of loan level delivery fees that the GSEs assess on loans ( which result in higher costs to borrowers ) .