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FHA Delinquency Higher for 5 Consecutive Months

$15.6 billion in FHA originations during November

Dec. 27, 2011

By MortgageDaily.com staff


The U.S. government has insured more than a million mortgages so far this year. But the milestone was overshadowed by deteriorating performance on government loans -- with delinquency up each of the past five months cumulatively by more than 100 basis points. A decline in new government financing for home purchases was offset by strengthening in refinance activity.

Last month, the Federal Housing Administration endorsed 88,206 mortgages for $15.6 billion, barely changed from October's 88,060 loans for $15.7 billion.

Overall government business has weakened considerably from 131,258 loans endorsed for $26.1 billion in November 2010.

On a dollar-volume basis, purchase production was 8 percent lower than in October, while refinances rose 16 percent.

Reverse mortgage production was 4,654 home-equity conversion mortgages endorsed for a maximum claim amount of $1.1 billion, almost identical to October's 4,653 loans endorsed for $1.1 billion.

Section 203(k) endorsements climbed to 2,148 from October's 2,016, condominium closings slipped to 2,937 from 2,998, and manufactured housing endorsements edged down to 1,644 from 1,648.

FHA originations are likely to decline based on new applications, which fell to 125,596 from October's 129,675. Applications to finance home purchases were down 5 percent, while refinances were down 2 percent. But reverse mortgage applications inched up 3 percent.

More recently, government loan inquiries dropped 16 percent in the U.S. Mortgage Market Index report for the week ended Dec. 23 from the previous report. The index reflects pricing inquiries by users of Mortech Inc.'s pricing engine.

On a year-earlier basis, total FHA applications were 11 percent lower, though refinance applications have tumbled 27 percent. But purchase applications have risen 5 percent since November 2010.

The year-over-year government performance contrasts the overall market, with the Mortgage Market Index report indicating that total purchase inquiries were 39 percent lower than one year prior, while refinances were up 27 percent during the same period.

It took 6.0 weeks to process the average FHA loan during November, the same as a month earlier but better than 7.3 week a year earlier.

Total endorsement activity from Jan. 1 to Nov. 30 amounted to 1,049,921 loans for $189.6 billion. During the government's fiscal-year 2012, which began on Oct. 1, there were 176,266 loans endorsed for $31.3 billion. By the end of the current fiscal year on Sept. 30, 2012, FHA endorsements are expected to total 1.4 million loans for $249 billion.

Government mortgage insurance in force finished November at 7,376,641 loans for $1.0304 trillion. The total grew from the prior month, when 7,342,078 loans were insured for $1.0255 trillion.

FHA delinquency of at least 90 days was 9.3 percent as of Nov. 30. The rate rose from 9.0 percent in October and has been higher each month since June, when 90-day delinquency stood at 8.2 percent.

In November 2010, the rate of past-due FHA loans was 8.7 percent.

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