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2 Years of Falling FHA Fundings

$218 billion in FHA production projected for fiscal 2012

Feb. 14, 2011

By MortgageDaily.com staff


After falling 9 percent this year, Federal Housing Administration originations are expected to fall another quarter next year. Meanwhile, the agency hopes to raise revenues by increasing mortgage insurance premiums.

In its fiscal 2012 budget, the Department of Housing and Urban Development indicated that annual mortgage insurance premiums on FHA-insured loans are being lifted by a 0.25 percent. Both 15- and 30-year mortgages are impacted.

The increase is expected to generate another $3 billion a year toward the Mutual Mortgage Insurance fund.

"It was necessary to increase the annual mortgage insurance premium at this time in order to bolster the FHA's capital reserves and help private capital return to the housing market," FHA Commissioner David Stevens said the statement. "This quarter point increase in the annual MIP is a responsible step towards meeting the Congressionally mandated two percent reserve threshold.

At 1.0 percent, the upfront premium will be unchanged."

Loans endorsed by FHA on or after April 18 are subject to the higher premium.

The Mutual Mortgage Insurance fund had around $3.6 billion in reserves as of Sept. 30, 2010.

HUD estimates that FHA originations will total $218 billion during fiscal 2012. Volume in the current fiscal year is projected to come in at $289 billion, while fiscal-year 2010 ended at $319 billion.

The housing agency noted that its $48 billion in gross budget authority is offset by $5 billion in projected FHA and Ginnie Mae receipts.

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