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FHA Res Business Down, Delinquency Up

Monthly and annual residential business at the Federal Housing Administration retreated as delinquency deteriorated. But in its commercial real estate business, activity ascended.

Last year ended with FHA insurance in force on 8,597,089 residential loans for $1.3128 trillion, according to operational data from the Department of Housing and Urban Development.

The total was comprised of $1.1654 trillion in single-family loans, $0.1465 trillion in home-equity conversion mortgages
and $0.0010 trillion in Title I loans.

FHA’s book of business expanded from 8,596,795 loans for $1.3110 trillion one month earlier and 8,457,200 loans for $1.2573 trillion one year earlier.

FHA endorsed 86,283 residential loans for $18.184 billion during December 2017 — including $16.598 billion in single-family loans, $1.582 billion in HECMs and $0.004 billion in Title I loans.

Endorsements fell from 93,514 loans for $19.574 billion the prior month and sank from 114,771 loans for $23.552 billion a year prior.

For all 12 months of 2017, FHA endorsed 1,236,671 residential loans for $255.063 billion, less than the 1,346,496 loans that were endorsed for $269.419 billion in 2016.

So far during fiscal-year 2018, which began on Oct. 1, 2017, FHA has endorsed 282,410 loans for $59.127 billion.

Refinance share during the latest month was 28.9 percent, widening from 26.5 percent in November.

Current endorsements are likely slower than in December based on new single-family and HECM applications, which plunged to 91,506 in December from 113,147 in November and from 122,073 in October.

Single-family delinquency of at least thirty days most recently was 12.75 percent, worsening from 12.27 percent as of Nov. 30, 2017, and 11.73 percent as of year-end 2016.

The Dec. 31, 2017, delinquency rate reflected a 1.17 percent foreclosure rate and an 0.79 percent bankruptcy rate. Including foreclosures, the 90-day rate as of year-end 2017 was 5.19 percent.

CRE loans endorsed came to 100 units for $1.282 billion in December 2017. The total included $0.886 billion in multifamily loans and $0.396 billion in resident-care loans.

CRE endorsements rose from 80 loans for $0.928 billion in the previous report but were way off 171 units endorsed for $2.304 billion in the same month during 2016.

For all 12 months of 2017, FHA endorsed 1,289 CRE loans for $18.466 billion, more than the 1,229 loans endorsed for $15.002 billion the prior year.

Fiscal-year 2018 CRE endorsements so far total 357 loans for $5.368 billion.

Last year concluded with FHA insurance in force on 14,913 CRE loans for $120.904 billion — including $86.451 billion in multifamily loans, $27.411 billion in resident-care loans and $7.042 billion in hospital loans.

The total book of CRE loans grew from
14,875 loans for $120.226 billion as of Nov. 30, 2017, and 14,300 loans for $110.022 billion as of Dec. 31, 2017.

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