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FHA Business Down

185,423 August endorsements

Sept. 21, 2009

By staff

An increase in purchase activity wasn't enough to offset a decline in refinance and reverse mortgage endorsements by the Federal Housing Administration.

FHA reported that it endorsed 185,423 loans for $34.5 billion last month. Volume eased from 197,613 units for $37.1 billion during July.

Four-fifths of August endorsements were processed through the FHA "TOTAL" score card.

Purchase endorsements increased to 109,069 in August from 106,123 the prior month.

Refinances tumbled to 67,421 from July's 81,660. Streamlined refinances accounted for 43 percent of last refinances.

Home-equity conversion mortgages insured by FHA were 8,933 last month -- dropping from 9,831.

From Oct. 1, 2008, to Aug. 31, 2009, FHA endorsements totaled 1,770,237 mortgages for $328.0 billion. During the same period last year, endorsements were 1,049,343 units for $178.8 billion.

FHA received 222,528 applications in August, off from 233,450 applications the prior month.

Purchase applications accounted for 121,337 in August, and refinance applications were 90,140. HECM applications were 11,051.

Average processing time from application to closing edged up to 6.9 weeks last month from 6.8 weeks in July.

FHA said it had 5,406,747 mortgages in force for $675 billion as of Aug. 31.

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