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FHA Mortgage Originations Surge in 2015

Residential production last year at the Federal Housing Administration shot up by more than two-thirds. But commercial mortgage activity slowed.

FHA mortgagees generated 93,182 endorsements for $18.305 in residential loans during the final month of 2015.

The findings were based on a Mortgage Daily analysis of operational data that was reported by the Department of Housing and Urban Development.

Activity eased from November, when 97,706 loans were endorsed for $18.899 billion.

But business was bolstered compared to December 2014, when FHA endorsed
72,997 loans for $13.185 billion.

December 2015 endorsements reflected $17.058 billion in single-family loans, $1.240 billion in home-equity conversion mortgages and $0.007 billion in Title I loans.

From Jan. 1, 2015, through Dec. 31, total endorsements came to 1,276,904 loans for $250.904 billion.

Annual activity accelerated from 837,783 loans endorsed for $148.081 billion in 2014.

Last year’s total endorsements were comprised of 1,215,804 single-family loans for $234.855 billion, 56,369 HECMs endorsed for $15.950 billion and 4,731 Title I loans for $0.099 billion.

Since FHA started its fiscal-year 2016 on Oct. 1, 2015, there have been 314,747 loans endorsed for $61.437 billion.

The fiscal year-to-date total consisted of 301,192 single-family loans for $57.792 billion, 12,578 HECMs for $3.624 billion and 977 Title I loans for $0.021 billion.

January endorsements likely slowed from December based on total new applications, which fell to 114,758 during the most-recent month from 119,747 in
November.

FHA finished last year with insurance in force on 8,421,688 residential loans for $1.2298 trillion.

The book of business grew from 8,424,800 loans for $1.2293 trillion a month earlier and 8,422,968 loans for $1.2245 trillion at the end of 2014.

The Dec. 31, 2015, total included 7,779,458 single-family loans for $1.0824 trillion, 600,909 HECMs for $0.1464 trillion and 41,321 Title I loans for $0.0010 trillion.

The data indicated that single-family delinquency of at least 30 days, including bankruptcies and foreclosures, fell 10 basis points from Nov. 30 to 12.17 percent. Delinquency has tumbled 130 BPS since the end of 2014.

Delinquency of at least 90 days finished the most-recent month at 5.79 percent.

The foreclosure rate was 1.85 percent as of Dec. 31, 2015.

In FHA’s commercial real estate loan business, there were 108 commercial mortgages endorsed for $1.552 billion during December 2015.

CRE loan endorsements leapt from 103 units for $0.610 billion the previous month
and 130 loans for $0.840 billion the same month in the previous year.

Multifamily loans made up $1.044 billion of the latest activity, while another $0.219 billion was nursing home loans and $0.289 billion was hospital loans.

Full-year 2015 endorsements amounted to 1,128 CRE loans for $9.672 billion, not as much as the 1,496 CRE loans that FHA endorsed in 2014 for $9.930 billion.

Fiscal-year CRE loan endorsements total 317 units for $3.192 billion.

The CRE book of business finished 2015 at 14,094 loans for $105.581 billion.

Insurance in force inched up from 14,041 loans for $105.443 billion as of Nov. 30, 2015, and 13,936 loans for $102.191 billion as of Dec. 31, 2014.

The year-end 2015 total included $74.341 billion in multifamily mortgages, $24.069 billion in nursing home loans and $7.171 billion in hospital loans.

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