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FHA Business Growing, But Delinquency Deteriorating

$18.3 billion in January endorsements

March 1, 2012

By MortgageDaily.com staff


It's been nine months since government mortgage delinquency has improved, and the serious delinquency rate is poised to surge past 10 percent. Monthly government originations, meanwhile, were stronger and look to be headed even higher. Refinance business led the way.

The Federal Housing Administration reported that it endorsed 102,011 mortgages for $18.3 billion during January.

Business grew from 93,739 loans endorsed for $16.7 billion a month earlier. But volume retreated from January 2011, when 119,518 loans were insured for $23.1 billion.

Subsequent business appears to be headed higher based on new applications, which jumped to 126,835 from 110,427 in December.

The heavier activity in January pushed the average processing time from application to closing to 6.6 weeks from 6.1 weeks in the final month of 2011. Turnaround times have turned around since January of last year, when it took 8.1 weeks to close an FHA loan.

Since starting its fiscal-year 2012 on Oct. 1, 2011, FHA has endorsed 371,995 mortgages for $66.2 billion. By the end of the fiscal year on Sept. 30, 2012, endorsements are projected to reach 1.4 million loans for $248.6 billion.

At 35,173 refinances endorsed for $6.8 billion, refinance originations were 15 percent higher than in December. Refinance endorsements likely finished February even stronger, with new refinance applications jumping 26 percent in January.

Endorsements of mortgages to finance home purchases rose around 6 percent to 61,663 loans endorsed for $10.3 billion. Purchase applications increased 8 percent from December.

FHA endorsed more reverse mortgages last month, with production climbing to 5,175 loans for a maximum claim amount of $1.2 billion from the previous month's 4,635 endorsements for $1.1 billion.

HECM business likely weakened last month, with new applications falling 5 percent in January.

Section 203(k) endorsements slipped to 1,854 from December's 1,978. Condominium closings climbed to 3,604 from 3,188, while government-insured manufactured housing financing grew to 1,845 endorsements from 1,618.

As of Jan. 31, FHA mortgage insurance was in force on 7,512,171 loans for $1.0510 trillion. The total has been consistently rising and stood at 7,414,979 loans for $1.036 trillion at the end of December and 6,882,984 loans for $947.8 billion as of Jan. 31, 2011.

Serious delinquency continued to deteriorate.

The 90-day rate climbed to 9.8 percent from December's 9.6 percent. The last time there was a month-over-month improvement in mortgage delinquency was in April 2011, when the rate was 8.2 percent.

Delinquency was 8.9 percent a year prior.

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