twitter linkedin
facebook google+
Search:

Mortgage News

News by Subject
Complete list of specialty news sections.

Purchase Subscription
Subscribe to MortgageDaily.com 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 MortgageDaily.com.

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

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

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

Press Releases
Reports and announcements from MortgageDaily.com.

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

production

servicing

compliance

legal

fraud

secondary

jobs

appraisal

site map

www.loan-academy.com/

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 Flounders in Final Month of Fiscal Year

Endorsements fall 13% between August and September

Nov. 10, 2012

By Mortgage Daily staff


The government insured fewer loans during the final month of its fiscal year, and subsequent months could see a further decline. Delinquency on government mortgages has worsened by nearly a hundred basis points during the past year.

September saw 109,293 loans endorsed by the Federal Housing Administration for $20.0 billion, according to monthly results published by the Department of Housing and Urban Development.

Business slowed from August, when 126,051 loans were insured for $23.1 billion. But activity was elevated from the same month last year, when 91,963 mortgages were insured for $16.2 billion.

FHA originators endured longer processing times in September, with the average weeks from application to closing slowing to 6.8 weeks from 6.3 weeks a month earlier. Turn times were much faster a year earlier at just 5.9 weeks.

Since January, FHA has endorsed 970,274 mortgages for $178.6 billion.

During FHA's fiscal-year 2012, which ended on Sept. 30, a total of 1,239,874 loans were endorsed for $226.5 billion. Final results fell short of HUD's projections that fiscal-year 2012 would end with 1.4 million mortgages insured for $248.6 billion.

Fiscal activity mostly kept up with fiscal-year 2011, when 1,271,211 loans were insured for $236 billion.

October monthly numbers are likely to be lower based on new applications, which fell to 142,978 from August's 178,314.

On a dollar-volume basis, FHA refinance production was off 3 percent from the previous month to $9.2 billion. Refinance applications fell 22 percent for the month.

Purchase financing tumbled 20 percent to $9.9 billion in September. FHA applications for home purchase financing were off 17 percent.

FHA endorsed 3,706 home-equity conversion mortgages for a maximum claim amount of $0.9 billion. Volume fell 10 percent from the previous month. A 15 percent drop in HECM applications means business could ease in the upcoming 60 days.

Section 203(k) volume fell to 1,599 endorsements from August's 2,030. Condominium business was down to 4,538 endorsements in September from 5,009, and manufactured housing loans declined to 1,670 units from 2,001.

FHA grew its mortgage insurance in force to 7,710,746 loans for $1.0833 trillion from a month earlier, when 7,691,776 loans were insured for $1.0805 trillion.

FHA's book stood at 7,304,368 loans for $1.0197 trillion as of Sept. 30, 2011.

Seriously delinquent loans, which FHA classifies as loans that are at least 90 days past due, accounted for 9.58 percent of all FHA loans outstanding as of the end of the third quarter. Delinquency worsened from 9.47 percent at the end of August. At the same point in 2011, the delinquency rate was 8.69 percent.

The number of delinquent FHA mortgages worked out to 738,991 as of Sept. 30.

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.

www.mortgagebranchmanagerjobs.com

Mortgage Insurance News | M.I. Directory | M.I. Statistics
News about mortgage insurance issuance, defaults and litigation
.


www.mortgagebranchmanagerjobs.com
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
password?

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

MBS

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