The monthly volume of home loans insured by the Federal Housing Administration turned higher, and a further increase is on the way. Delinquency, meantime, sank.
As of March 31, FHA insurance was in force on 8,512,519 residential loans for $1.2744 trillion, according to an analysis Department of Housing and Urban Development data.
FHA’s book of business included $1.1300 trillion in single-family loans, $0.1434 trillion in home-equity conversion mortgages and $0.0010 trillion in Title I loans.
The overall total was 8,502,962 loans for $1.2699 trillion a month earlier and 8,448,486 loans for $1.2386 trillion a year earlier. While the collective book has been growing, the HECM portfolio has been declining
— retreating from a recent peak of $0.1494 trillion as of Oct. 31, 2014.
FHA endorsed 103,894 residential loans for $21.312 billion during the most-recent month, more than the 90,312 loans for $18.443 billion in February. Production also ascended from 104,181 loans for $20.316 billion in March 2016.
March 2017 endorsements included $19.573 billion in single-family loans, $1.732 billion in HECMs and $0.0070 trillion in Title I loans.
Total residential endorsements during the first-three months of 2017 came to 313,332 loans for $64.167 billion, while there have been 664,080 loans endorsed for $136.102 billion since fiscal-year 2017 started on Oct. 1, 2016.
Refinance share on single-family business fell to 31.6 percent from 36.1 percent in February 2017.
Endorsements were poised for a significant increase in April based single-family and HECM applications, which jumped to 159,469 in March from 126,789 the prior month.
Single-family delinquency of at least 30 days finished the latest month at 9.45 percent — sinking from 10.72 at the end of February and 10.35 percent at the same point last year.
Included in the most-recent rate was an 0.86 percent bankruptcy rate and a 1.47 percent foreclosure rate.
Moving on to commercial real estate, which is reported a month earlier than residential statistics, FHA endorsed
82 loans for $1.514 billion during April 2017. The sum was comprised of $0.691 billion in multifamily loans, $0.169 billion in resident care loans and $0.655 billion in hospital loans.
Total CRE endorsements were 84 units for $0.861 billion in March and 116 loans for $1.038 billion in April 2016.
Insurance was in force on 14,383 CRE loans for $111.793 billion at the end of last month. Included in the total were $79.358 billion in multifamily loans, $25.353 billion in resident care loans and $7.081 billion in hospital loans.
The CRE book of business was 14,416 loans for $111.607 billion the preceding month and 14,124 loans for $106.484 billion one year previous.
