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FHA Originations Rise, Could Climb Further

Monthly endorsements increased at the Federal Housing Administration and are poised for a further rise. Delinquency, meanwhile, moved lower.

In January, FHA endorsed
119,126 residential loans for $24.412 billion, according to an analysis of Department of Housing and Urban Development data.

The total included $22.992 billion in single-family loans, $1.415 billion in home-equity conversion mortgages and $0.005 billion in Title I loans.

Overall residential activity accelerated from 114,771 endorsements for $23.552 billion the previous month. It was also better than 93,485 loans for $18.462 billion endorsed the same month in the previous year.

Since starting its fiscal-year 2017 on Oct. 1, 2016, FHA has endorsed
469,698 loans for $96.342 billion.

Single-family refinance share during the most-recent month was 35.7 percent, widening from 34.4 percent in December 2016.

February 2017 volume likely picked up based on new single-family and HECM applications, which rose to 118,365 in January 2017 from the previous month’s 109,351.

FHA insurance was in force on 8,489,761 residential loans for $1.2658 trillion as of Jan. 31, 2017. The book of business grew from 8,457,200 units for $1.2573 trillion three months earlier and 8,438,568 loans for $1.2340 trillion one year earlier.

The most-recent book included $1.1212 trillion in single-family loans, $0.1436 trillion in HECMs and $0.0010 trillion in Title I loans.

Single-family delinquency of at least 30 days
finished the latest month at 11.25 percent. The past-due rate improved from 11.73 percent as of year-end 2016, and 12.67 percent as of Jan. 31, 2016.

Jan. 31, 2017, rate reflected a 1.47 percent foreclosure rate and an 0.87 percent bankruptcy rate.

In FHA’s commercial real estate business, which reflects metrics that are one month more recent, there were 177 mortgages endorsed for $2.297 billion in January of this year. Volume soared from just eight loans for $0.039 billion a month earlier and 79 loans for $1.291 billion a year earlier.

Last month’s CRE loan endorsements included $1.892 billion in multifamily loans, $0.302 billion in resident care loans and $0.103 billion in hospital loans.

During the first-two months of this year, overall CRE loan endorsements amounted to 185 loans for $2.336 billion, while fiscal-year 2017 has so far seen 570 mortgages endorsed for $7.230 billion.

Insurance was in force on 14,389 CRE loans for $111.188 billion as of Feb. 28, 2017. The total was 14,308 loans for $110.060 billion as of the end of the previous month
and 14,129 loans for $106.176 billion at the same point last year.

Outstandings as of last month included $79.266 billion in multifamily loans, $25.403 billion in resident care loans and $6.519 billion in hospital loans.

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