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FHA Production Inches Up, Delinquency Eases

May endorsements up 5%

July 9, 2012

By MortgageDaily.com staff


Originators of loans insured by the Federal Housing Administration managed a monthly gain even though the previous month's applications sank. New applications have since declined even further, and the drop was most pronounced with refinance activity. But reverse mortgage production is gaining steam. The reported delinquency rate was unchanged, though the rate actually declined based on the number of past-due loans.

Despite a nearly one-quarter decline in new applications during April, FHA endorsements climbed to 114,008 loans for $21.3 billion in May from 108,954 mortgages for $20.3 billion a month earlier.

The contradictory movement was partially the result of longer average processing times from application to closing, which expanded to 6.4 weeks in May from 5.9 weeks the previous month. Turnaround averaged 6.0 weeks in May 2011.

Originations were stronger than in May 2011, when 95,907 loans were endorsed for $16.9 billion.

During the first five months of 2012, FHA production totaled 516,473 mortgages for $95.2 billion. Since FHA's fiscal year began on Oct. 1 of last year, 786,341 loans have been endorsed for $143.3 billion. By the end of fiscal-year 2012, originations are expected to reach 1.4 million loans for $248.6 billion -- though actual year-to-date volume suggests an ending total of around $215 billion.

After tumbling to 156,453 in April from 205,778 in March, new FHA applications continued retreating -- to 124,125 in May.

FHA endorsed $8.9 billion in refinance transactions, falling 4 percent from April. Refinance applications sank 44 percent between April and May.

Purchase endorsements, however, strengthened 14 percent to $11.3 billion -- though new applications for FHA purchase financing slipped 6 percent.

May saw 4,439 home-equity conversion mortgages endorsed for a maximum claim amount of $1.1 billion, a few less than the 4,595 reverse mortgages endorsed for $1.1 billion the prior month.

But new HECM applications gained traction, increasing 7 percent from April. More recent data from Reverse Market Insight indicated that the increase in HECM applications helped push June endorsements up to 5,187.

Section 203(k) endorsements eased 4 percent from April to 1,725. But condominium originations inched up 1 percent to 4,002 loans, and manufactured housing loans insured increased 7 percent to 1,630.

FHA's mortgage insurance in force grew to 7,633,037 loans for $1.0706 trillion as of May 31 from 7,549,568 loans for $1.0570 trillion as of the end of April. On May 31, 2011, the total was 7,090,489 loans for $0.9846 trillion.

Delinquency of at least 90 days was unchanged at 9.4 percent but 120 basis points worse than at the same point last year.

However, based on the number of delinquent FHA loans -- 713,104 in May versus April's 707,330 -- FHA delinquency slipped to 9.34 percent from 9.37 percent.

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