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Reverse, FHA Purchase Volume Surges

A monthly increase in Federal Housing Administration endorsements was fueled by a nearly 20 percent surge in FHA purchase-money transactions and a 14 percent improvement in reverse mortgage endorsements. FHA refinances, however, tumbled.

FHA endorsements during July were 197,613 loans for $37 billion, according to data reported today by the U.S. Department of Housing and Urban Development. Volume rose from 194,528 endorsements for $36.9 billion in June.

From Oct. 1, 2008, to July 31, total endorsement volume was 1,584,823 — a significant improvement from 901,678 endorsements during the same period last year. HUD expects to endorse 2.1 million loans by the end of its fiscal year next month.

July activity included 106,123 purchase transactions for $18.4 billion — surging from 88,975 the prior month. Year-to-date purchase endorsements were 778,965.

Refinances tumbled to 81,660 endorsements for $15.6 billion from June’s 96,920. Almost 46 percent of prior FHA refinances from July 16 to July 31 were processed under streamlined procedures. So far this fiscal year, 709,534 FHA refinances were endorsed.

HUD said 9,831 home equity conversion mortgages were endorsed last month, better than 8,633 units for $2.6 billion in June. Through July 31, fiscal year-to-date reverse endorsements were 96,372.

Average FICO scores were 670 in the second-half July and 661 in the first half.

HUD reported that it received 233,450 applications in July.

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