Mortgage Daily Logo
mortgage news from industry experts

FHA Business Slips But Set to Soar

New business dipped in the first month of this year at the Federal Housing Administration, but an escalation in new applications points to a strong first quarter. Delinquency, meanwhile, was down again.

Operational data released by the Department of Housing and Urban Development
indicate that FHA endorsed 71,477 residential loans for $13.085 billion during January.

The total — which includes single-family loans, home-equity conversion mortgages and Title I loans — was off from the previous month, when there were 72,997 endorsements for $13.185 billion.

But activity ascended from January 2014, when FHA endorsed 70,740 loans for $12.753 billion.

Since starting its fiscal-year 2015 on Oct. 1, 2014, FHA has endorsed
288,651 loans for $51.991 billion.

The January 2015 total included $11.730 billion in single-family mortgages, $1.350 billion in HECMs and $0.005 billion in Title I loans.

January ended with FHA insurance in force on 8,427,841 residential loans for $1.2244 trillion.

The book of business was 8,422,968 loans for $1.2245 trillion a month earlier and 8,517,933 loans for $1.2453 trillion a year earlier.

The Jan. 31, 2015, total included $1.0748 trillion in single-family loans, $0.1485 trillion in HECMs and $0.0010 trillion in Title I loans.

FHA’s total single-family
delinquency of at least 30 days, including foreclosures and bankruptcies, declined to 13.30 percent from 13.47 percent at the end of last year. It was the second consecutive month of improvement.

At the same point last year, the rate was 14.23 percent.

The most recent ratio reflected a 6.96 percent 90-day rate, a 2.16 percent foreclosure rate and an 0.98 percent bankruptcy rate.

In the commercial real estate business, FHA endorsed 56 mortgages for $0.527 billion. CRE activity slowed from 130 units endorsed for $0.840 billion in December 2014 and 93 commercial mortgages for $0.906 billion in January 2014.

January 2015 CRE loan endorsements included $0.382 billion in multifamily activity and $0.145 billion in nursing home loan endorsements.

Fiscal year-to-date 2015 CRE loan endorsements totaled 399 commercial mortgages for $3.354 billion.

HUD said that insurance was in force on 13,965 commercial mortgages for $0.1024 trillion as of the close of January 2015.

The CRE loan book of business grew from 13,936 loans for $0.1022 trillion the previous month and 13,440 commercial mortgages for $0.0952 trillion at the same point last year.

CRE outstandings as of the most-recent date consisted of $0.0711 trillion in multifamily loans, $0.0234 trillion in nursing home loans and $0.0079 trillion in hospital loans.

Popular posts

How Long Does It Take to Refinance a Mortgage
How Long Does It Take to Refinance a Mortgage

So, you’re interested in refinancing your mortgage. Maybe you want some extra capital to do that home project you’ve always dreamed of, interest rates are nearing record lows, or you want to start consolidating debt. Regardless of the motivation behind the refinance,...

How Does Refinancing a Mortgage Work
How Does Refinancing a Mortgage Work

A home purchase is considered an investment, and a robust one at that. Savvy owners are constantly looking for new ways to reduce debt, save money, pay less in interest, and ultimately build equity. Refinancing is one way to leverage your investment and do just that....

What Does It Mean to Refinance Your Home
What Does It Mean to Refinance Your Home

You can think of refinancing your mortgage as a debt redo. Essentially, you’ll swap out the existing loan for a new one - ideally with better terms and conditions. Only this time it could help you save money on high mortgage payments, rather than just borrow it....

Setting up the Utilities in My New House
Setting up the Utilities in My New House

All the tedious, time-consuming home closing documents have been signed, sealed, and delivered. Your belongings are packed into what seems like a million boxes and you have a solid plan to haul all your existing furniture to the new place. Just as your boxes and...

When Is My First Mortgage Payment Due?
When Is My First Mortgage Payment Due?

Navigating your way through a brand new mortgage loan can be a difficult task, especially for first time homeowners. After handing over a large sum of money for the down payment and closing costs, it’s important to pay attention to the timing of your first mortgage...

Newsletter

Don’t worry, we don’t spam

calculate your monthly mortgage payment

Related Topics

Helpful Links

Daily mortgage rate trends

Best mortgage lenders

First-time homebuyers programs by state

Loan limits by state

Types of mortgages

APR vs interest rate

Understanding PMI

Related Posts

THE TRUSTED PROVIDER OF ACCURATE RATES AND FINANCIAL INFORMATION