The growth in the volume of loans insured by the Federal Housing Administration has the U.S. Department of Housing and Urban Development looking to add more employees.
FHA endorsed 413,790 mortgages from January 1 to May 31, HUD spokesman Lemar C. Wooley told MortgageDaily.com in a statement today.
Included in the year-to-date total were 203,397 purchase loans, 54,600 refinances of FHA loans and 155,793 refinances of conventional mortgages, Wooley said.
The level of total activity so far this calendar year puts FHA on track to double the 532,307 endorsements for all of fiscal 2007.
"The staff has grown during the past year and will continue to grow," Wooley stated.
He noted HUD Secretary Steven Preston said he intends to hire around 300 additional FHA employees.