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FHA Turns In Poor Performance

$23.1 billion in January endorsements

Feb. 23, 2011

By MortgageDaily.com staff


Delinquency was worse, originations were lower and upcoming business will decline even further at the Federal Housing Administration. The poor performance even spilled over into reverse mortgage activity. But FHA loans that include financing for improvements saw a healthy 10 percent month-over-month improvement.

FHA mortgagees obtained 119,518 endorsements last month for $23.1 billion, according to data reported by the Department of Housing and Urban Development.

That was less than the 133,603 endorsements for $26.4 billion in December. It was also worse than January 2010, when FHA endorsed 158,612 mortgages for $29.1 billion.

Refinance volume fell to $10.0 billion from $12.9 billion, and purchase-money endorsements eased to $11.4 billion from $11.8 billion.

Home-equity conversion mortgage production declined to 6,464 loans for a maximum claim amount of $1.7 billion in January from the previous month's 6,554 HECMs for $1.7 billion. Reverse mortgage volume was 7,628 loans for $2.1 billion in January 2010.

Other FHA volume included in January's total were 1,715 Section 203(k) -- higher than the 1,562 loans insured the prior month. Condominium endorsements were 5,549, and manufactured housing endorsements were 1,769.

Another drop in overall monthly business can be expected based on application data reported by HUD. Last month saw 103,991 new FHA applications, fewer than December's 112,500.

Dragging down business was a 12 percent decline in refinance applications, versus the overall 8 percent drop. HECM applications were down 11 percent. But purchase applications were off only 3 percent.

Since the beginning of its fiscal year on Oct. 1, 2010, FHA has endorsed 509,562 mortgages for $99.8 billion. By the end of its current fiscal year on Sept. 30, HUD expects to have endorsed 1.5 million mortgages for $288.7 billion.

As of the end of last month, 6,882,984 FHA loans were insured for $947.8 billion, growing from 6,812,689 mortgages for $934.2 billion at the end of last year.

Three-month delinquency deteriorated to 8.9 percent from the previous month's 8.8 percent. However, late payments have improved form last January -- when the rate stood at 9.2 percent.

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