twitter linkedin
facebook google+

Mortgage News

News by Subject
Complete list of specialty news sections.

Purchase Subscription
Subscribe to and get immediate access to all news, statistics and archives.

Mortgage Advertising
Reach mortgage executives, loan originators and other people tied to mortgage industry.

Consumer Mortgage News
Free mortgage news for prospective borrowers.

Mortgage Newsletter
Free e-mail newsletter with the latest headlines from

Mortgage News Reprints
Put entire stories in your online or printed newsletter or publication.

Mortgage Feedget RSS code
Condensed stories free on your Web site or for your RSS reader.

News Archives
Archive of stories by month going back to 1999.

Press Releases
Reports and announcements from

Mortgage Statistics
Data and statistics for real estate finance.

Mortgage Directories
Directories of lenders, branch operators and mortgage service providers.

Mortgage Graphs
Directories of lenders, branch operators and mortgage service providers.

home subscribe advertise reprints e-mail help RSS about us LOG IN

Mortgage News


Mortgage News

HOT Topics









site map

FHA News | Government Resources | M o r t g a g e e Letters | FHA Statistics
FHA, VA and HECM mortgage news. HUD and G i n n i e news also. Originations, servicing and FHA approval.

FHA Business Set to Slide

April endorsements rise, apps fall

June 4, 2012

By staff

After inching higher, Federal Housing Administration-insured business is headed lower. The rate of seriously delinquent FHA mortgages has not increased for three months in a row -- a good sign given the spike in new FHA foreclosure filings.

Mortgages endorsed by FHA during April totaled 108,954 loans for $20.3 billion.

Business picked up from 100,939 endorsements for $18.8 billion in March and was also stronger than the same month last year, when 93,394 loans were endorsed for $16.8 billion.

But upcoming FHA originations are poised to tumble based on new applications, which fell to 156,453 in April from 205,778 applications received in March.

From Jan. 1 through April 30, FHA endorsements amounted to 402,465 loans for $73.9 billion.

On a fiscal-year basis, FHA has endorsed 672,333 loans for $122.0 billion since Oct. 1, 2011. By the time the fiscal year ends in September, 1.4 million mortgages are expected to have been endorsed for $248.6 billion.

Refinances accounted for 45,643 of April's endorsements for $9.3 billion, up 8 percent from the previous month. Refinance applications, however, were down 23 percent.

The government insured 58,716 purchase transactions for $9.9 billion, a more than 8 percent increase from March. Applications for purchase transactions fell 26 percent.

In the reverse mortgage category, 4,595 home-equity conversion mortgages were endorsed for a maximum claim amount of $1.1 billion, about the same as 4,381 endorsements in March for $1.1 billion. New HECM applications were off just 8 percent.

FHA endorsed 1,798 Section 203(k) loans during April, a few more than 1,704 a month earlier. Condominium endorsements climbed to 3,952 from 3,630, and manufactured housing activity fell to 1,523 from 1,636.

From application to closing, turnaround on FHA loans expanded to 5.9 weeks from 5.7 weeks in March. But turnaround remains faster than 6.1 weeks during April 2011.

April's activity wasn't enough to grow FHA outstandings, with mortgage insurance in force declining to 7,549,568 loans for $1.0570 trillion from 7,590,450 units for $1.0639 trillion the prior month. But the total still stands at more than the 7,035,016 loans outstanding for $0.9752 trillion during the same month in the prior year.

FHA managed to keep serious delinquency from rising for a third consecutive month, with the 90-day rate holding at 9.4 percent. Still, delinquency was worse than 8.2 percent a year previous.

The month-over-month delinquency performance was good news given that new FHA foreclosure filings spiked 73 percent during April according to Lender Processing Services. The month-over-month deterioration was primarily driven by the 2008 and 2009 vintages.

"In 2008, when the loan origination market virtually dried up, the FHA stepped in to fill the void," LPS Senior Vice President Herb Blecher explained in the report. "FHA originations tripled that year, and increased to five times historical averages in 2009. High volumes like that, even with low default rates, can produce larger numbers of foreclosure starts. That represents a lot of loans to work through -- the 2008 vintage alone represents some $14 billion of unpaid balances in foreclosure, and the overall FHA foreclosure inventory continues to rise."

FHA profile

next story

back to current headlines

Reverse Mortgage News
Home equity conversion mortgages, HECM lenders and HECM reports. Reverse mortgage lending issues, analysis and compliance.

Mortgage Insurance News | M.I. Directory | M.I. Statistics
News about mortgage insurance issuance, defaults and litigation
Refinance News | Refinance Share Statistics
News about refinancing programs, pricing and production. Stories about the H o m e
Affordable Refinance Program, H A R P 2.0 and other Making Home Affordable coverage.

Servicing News | Servicer Ranking | Delinquency Statistics
Stories about mortgage servicers, delinquency and f o r e c l o s u r e s. Coverage of servicing lawsuits and loan servicing technology.

Origination News | Lender Ranking | Fundings by Lender | Statistics
Quarterly residential mortgage production by lender. Subprime, Alt-A, home equity and conforming originations. Volume by quarter since 2003.

Logout forgot

SUBSCRIBERS: Edit Subscription | Subscription Help | or call 214.521.1300

Subscribe Contact Us Site Map

Copyright © 2017 Mortgage Daily, D a l l a s
Subsribers Only:

AMC directory

ARM indexes

mortgage company directory

mortgage regulations

net branch directory

p r i c i n g engine directory

wholesale lender directory

More Mortgage News Resources (full site map):

advertising news

appraisal news

bank news

biggest lenders

commercial mortgage news

corporate mortgage news

credit news

FHA news

financial regulation news

foreclosure news

GSE news

jumbo mortgage news

interest rates

loan modification news

loan originator survey

LOS Newsletter


mortgage associations

mortgage-backed securities

mortgage books

mortgage brokers

mortgage compliance

mortgage conferences

mortgage directories

mortgage education

mortgage employment

mortgage employment index

mortgage executives

mortgage fraud

mortgage fraud blog

mortgage fraud local news

Mortgage Fraud Index

Mortgage Graveyard

mortgage insurance news

mortgage lawsuits

mortgage leads

mortgage lender ranking

mortgage licenses

mortgage litigation

Mortgage Litigation Index

Mortgage Market Index

mortgage mergers

mortgage news

mortgage politics

mortgage press releases

mortgage production

mortgage public relations

mortgage rates

mortgage servicing

mortgage statistics

mortgage technology

mortgage video

mortgage Webinars

net branch

net branch directory

nonprime news

origination news

originator tools

real estate news

refinance news

reverse mortgage news

secondary marketing

social media

servicing news

subprime news

wholesale lenders