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FHA Originations Up, Delinquency Down in 2012

December endorsements off 5% from November

Feb, 8, 2013

By Mortgage Daily staff


Last month saw a decline in Federal Housing Administration loan originations. But volume climbed 17 percent for the year, while the rate of seriously delinquent residential loans declined by nearly a hundred basis points.

Single-family loans insured by FHA totaled 109,862 mortgages for $19.952 billion in December, according to operational data reported by the Department of Housing and Urban Development.

Business fell from November, when 116,398 loans were endorsed for $20.944 billion. During the same month in 2011, FHA insured 89,066 mortgages for $16.232 billion.

Condominium volume was 5,003 loans for $0.934 billion, while ten 203(k) loans were insured for $0.001 billion.

Based on the number of units endorsed, adjustable-rate mortgages accounted for less than 1 percent of originations. Refinance share was 52 percent.

FHA has endorsed 353,138 mortgages for $63.726 billion since its fiscal year began on Oct. 1, 2012.

During the 12 months ended Dec. 31, 2012, there were 1,323,411 loans insured for $242.2 billion. FHA business grew from 2011, when endorsements totaled 1,143,660 loans for $206.3 billion.

While FHA has suspended or delayed some reporting on home-equity conversion mortgage activity, data released last month indicates that 4,436 HECMs were endorsed for a maximum claim amount of $1.0 billion in November, more than the 3,745 endorsements for $0.9 billion the prior month.

HECM volume stands at 8,181 endorsements for $1.9 billion since FHA's fiscal year began on Oct. 1, 2012. During the 11 months ended Nov.30, 2012, there were 49,059 HECMs endorsed by FHA for $11.8 billion.

December data reported by Reverse Market Insight indicated that 3,912 HECMs were endorsed in December, bringing full-year 2012 endorsements to 52,971 HECMs.

On the commercial real estate side, FHA endorsed 236 multifamily loans for $2.446 billion during December, increasing from 187 endorsements for $2.181 billion the prior month. In December 2011, there were no multifamily loans endorsed.

Since beginning its fiscal year on Oct. 1, 2012, FHA has endorsed 654 multifamily loans for $6.941 billion. During fiscal-year 2012, multifamily endorsements totaled 2,092 loans for $18.948 billion, greater than the 1,709 multifamily endorsements for $16.958 billion in fiscal-year 2011.

FHA multifamily originations were 2,283 loans endorsed for $21.293 billion during the 12 months ended Dec. 31, 2012, surging from 2,168 endorsements for $4.511 billion in calendar-year 2011.

The report indicated that 49,517 mortgages for $11.227 billion were guaranteed by the Department of Veteran's affairs in November, off from October's 53,962 endorsements for $12.288 billion.

Since the VA's fiscal-year 2013 started in October, 103,479 loans have been guaranteed for $23.515 billion.

During all of fiscal-year 2012, VA originations were 539,885 loans for $119.227 billion, while the total was 357,594 loans for $74.929 billion in fiscal-year 2011.

In the 11 months ended Nov. 30, VA volume totaled 526,114 loans for $117.084 billion -- surpassing the 379,894 VA mortgages for $80.329 billion that were guaranteed in all of 2011.

The single-family FHA portfolio finished last year at 7,750,820 loans, growing from 7,748,709 loans at the end of November. But the dollar amount was lower, falling to $1.0883 trillion from $1.0886 trillion.

As of Dec. 31, 2011, there were a revised 6,813,888 policies in force for $0.9342 trillion.

Delinquency of at least 90 days finished 2012 at 9.48 percent, 1 basis point better than as of Nov. 30, 2012. At the end of 2011, delinquency stood at 10.44 percent.

FHA's multifamily insured portfolio closed out last year at 13,025 loans for $0.0856 trillion, growing from 12,991 loans for $0.0853 trillion one month earlier. FHA insured 12,677 multifamily loans for $0.0773 trillion as of the end of 2011.

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