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FHA, VA and HECM mortgage news. HUD and G i n n i e news also. Originations, servicing and FHA approval.



FHA Delinquency Tumbles, Endorsements Edge Up

Upcoming production could dip

Sept. 20, 2018

By Mortgage Daily staff



There was a monthly up tick reported in new business at the Federal Housing Administration, though a dip will likely follow. Single-family delinquency tumbled 48 basis points.

FHA insurance was in force on 8,620,469 residential loans for $1.3333 trillion as of July 31, according to an analysis of data reported by the Department of Housing and Urban Development.

Included in the total outstanding were 8,031,487 single-family loans for $1.1874 trillion, 554,395 home-equity conversion mortgages for $0.1449 trillion, and 34,587 Title I loans for $0.0010 trillion.

FHA's residential book of business has experienced expansion just about every month since May 2015, while it contracted each month from January 2014 to April 2015.

FHA endorsed 90,328 residential loans for $19.009 billion during July 2018.

Business was a little better than 89,949 loans endorsed for 18.744 billion a month earlier. But FHA's activity was down versus a year earlier, when it endorsed 104,847 loans for $21.612 billion.

From Jan. 1 to July 31 of this year, FHA endorsed 604,906 residential loans for $127.896 billion. Its fiscal-year-to-date total came to 887,309 loans for $187.023 billion.

Most recently, the monthly total consisted of 87,170 single-family loans for $18.027 billion, 2,907 HECMs for $0.977 billion, and 251 Title I loans for $0.0010 billion.

Refinance share was 17.2 percent in July -- thinning each month since February. However, data reported by Ellie Mae Inc. indicate that refinance share on FHA-insured originations widened to 22 percent in August from 19 percent during July. A loan closing takes place before FHA's endorsement.

Applications for single-family loans fell over 2 percent from June to 114,267. Given the 44-day FHA turnaround reported by Ellie, the dip might have a modest impact on September's endorsements.

As for August, single-family applications tumbled 7 percent between May and June, pointing to a decline when last month's numbers are reported by HUD.

But applications for HECMs inched up 2 percent to 4,565 in July, though they were down 3 percent between May and June. Although the May-June movement points to lower reverse mortgage volume to be reported by HUD for August, Reverse Market Insight already reported that HECM endorsements jumped 10 percent between July and August. A similar-sized jump in HECM applications was recorded between April and May -- suggesting around a 90-day turnaround for just HECMs.

July concluded with 30-day single-family delinquency at 10.14 percent. The total reflected a 4.08 serious delinquency rate, a 1.02 percent foreclosure rate and a 0.83 bankruptcy rate.

The overall non-current rate tumbled from 10.62 percent as of mid-2018. It was even slightly less than 10.15 percent on the same date last year.

FHA's commercial real estate book of business stood at 15,205 loans for $129.091 billion as of July 31, 2018.

CRE insurance in force was comprised of 11,505 multifamily loans for $93.844 billion, 3,604 resident-care loans for $28.661 billion, and 96 hospital loans for $6.586 billion.

FHA endorsed 127 CRE loans for $2.543 billion. Business declined from 178 transactions for $2.687 billion in June. During July 2017, FHA endorsed 147 CRE loans for $1.988 billion.

The latest total included $2.116 billion in multifamily endorsements and $0.427 billion in resident-care production.

FHA has endorsed 874 CRE loans for $14.257 billion during the first seven months of this year and 1,231 loans for $19.625 billion since fiscal-year 2018 began on Oct. 1, 2017.


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