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FHA Closes Out 2014 On An Upbeat

The final month of last year was a winner for the Federal Housing Administration — with originations ascending and delinquency declining.

December saw
72,997 residential loans endorsed by FHA for $13.185 billion, according to an analysis of operational data provided by the Department of Housing and Urban Development.

Included in the total were $11.860 billion in traditional mortgages, $1.318 billion in home-equity conversion mortgages and $0.007 billion in Title I loans.

Overall activity improved from November, when FHA mortgagees generated 63,156 endorsements for $11.290 billion.

Originations also exceeded volume in December 2013, when
there were 67,614 loans endorsed by the government agency for $12.015 billion.

Full-year production amounted to 837,783 loans endorsed for $148.081 billion — including $134.085 billion in forward mortgages, $13.887 billion in HECMs and $0.109 billion in Title I loans.

Since starting its fiscal-year 2015 on Oct. 1, 2014, FHA has endorsed 217,174 loans for $38.906 billion.

January 2015 endorsements are poised to slip based on new applications, which dipped to 79,425 in December 2014 from 81,290 the previous month.

FHA finished last year with with 8,422,968 policies in force for $1.2245 trillion.

The book of business moved down from 8,435,034 loans for $1.2279 trillion a month earlier and 8,482,201 loans for $1.2446 trillion a year earlier.

The Dec. 31, 2014, total included $1.0750 trillion in single-family loans, $0.1485 trillion in HECMs and $0.0010 trillion in Title I loans.

FHA delinquency of at least 30 days, including foreclosures and bankruptcies, fell to 13.47 percent at the end of last year from 13.90 percent as of Nov. 30, 2014.

Loan performance also improved from Dec. 31, 2013, when the 30-day rate was 14.87 percent.

The 90-day delinquency rate finish last year at 7.00 percent.

FHA endorsed
92 commercial real estate loans for $0.840 billion in December 2014.

CRE endorsements included $0.494 billion in multifamily loans and $0.346 billion in nursing home mortgages.

Total CRE volume was off from 103 loans endorsed the prior month for $0.872 billion.

CRE business plummeted from 200 loans endorsed for $2.071 billion in December 2013.

Full-year CRE endorsements were 1,458 loans for $13.617 billion, while fiscal-year 2015 volume so far amounts to 305 loans for $2.827 billion.

Insurance was in force on 13,936 CRE loans for $102.191 billion as of the end of last year, growing from 13,938 loans for $101.920 billion at the end of the previous month.

As of the end of 2013, FHA’s CRE book stood at 13,485 loans for $94.920 billion.

The most recent CRE outstandings included $70.750 billion in apartment loans, $23.387 billion in nursing home mortgages and $8.054 billion in hospital loans.

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