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FHA Business Sinks to 3-Year Low

Residential production at the Federal Housing Administration was the lowest it’s been in three years. An improvement was reported for single-family delinquency.

FHA had insurance in force on
8,616,030 residential loans for $1.3203 trillion as of Feb. 28, according to an analysis of monthly operational data.

The book of business included $1.1714 trillion in single-family loans, $0.1480 trillion in home-equity conversion mortgages and $0.0010 trillion in Title I loans.

An increase in the book of business was made from 8,614,126 loans for $1.3183 trillion the prior month and 8,502,962 loans for $1.2699 trillion a year prior.

Residential endorsements by FHA during the most-recent month totaled 73,693 loans for $16.045 billion — the slowest month since 55,466 loans were endorsed for $10.205 billion in February 2015.

In January, FHA endorsed 95,872 loans for $20.663 billion, while
volume was 90,312 loans for $18.443 billion in February 2017.

The most-recent volume included $14.269 billion in single-family loans, $1.772 billion in HECMs and $0.004 billion in Title I loans.

Residential endorsements came to 169,565 loans for $36.708 billion during the first-two months of 2018. Since starting fiscal-year 2018 on Oct. 1, 2017, FHA has endorsed 451,971 loans for $95.835 billion.

Refinance share widened to 31.8 percent from 28.0 percent in January. Fiscal-year 2018 refinance share so far stands at 27.9 percent.

March likely saw about the same or more volume based on new single-family and HECM applications, which dipped to 105,851
in February from 106,348 but exceeded 91,534 in December 2017.

Including foreclosures and bankruptcies, single-family delinquency of at least 30 days fell to 11.56 percent from 11.95 percent as of Jan. 31, 2018. But delinquency worsened from 10.72 percent as of Feb. 28, 2017.

The 90-day rate was 5.06 percent at the end of the latest month, the foreclosure rate was
1.16 percent, and the bankruptcy rate was 0.81 percent.

FHA insurance was in force on 15,021 commercial real estate loans for $123.073 billion at the close of February — including $88.513 billion in multifamily loans, $27.610 billion in resident care loans and $6.950 billion in hospital loans.

The total CRE book of business
was 14,971 loans for $122.138 billion as of one month earlier and 14,389 loans for $111.188 billion as of one year earlier.

FHA endorsed 116 CRE loans for $1.770 billion, slipping from 118 loans for $1.893 billion in January
and sinking from 177 loans for $2.297 billion in February 2018.

February 2018 CRE endorsements included $1.495 billion in multifamily loans, $0.269 billion in resident-care loans and $0.007 billion in hospital loans.

CRE endorsements came to
234 loans for $3.664 billion in the two months ended Feb. 28, 2018. Since the start of fiscal-year 2018, there have been 591 CRE loans endorsed for $9.032 billion.

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