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FHA Endorsements Maintain, Delinquency Up Again

Monthly production of mortgages that are insured by the government mostly held up but is likely to move lower. Residential delinquency worsened for the fourth consecutive month.

The Federal Housing Administration endorsed 119,053 residential loans for $23.549 billion in July, according to data reported by the Department of Housing and Urban Development.

Total endorsements — including single-family loans, home-equity conversion mortgages and Title I loans — slipped from 119,730 loans for $23.654 billion during the previous month.

In the same month last year, there were
139,652 loans endorsed for $27.658 billion.

The most-recent month’s endorsements included $22.452 billion in single-family mortgages, $1.091 billion in HECMs and $0.006 billion in Title I loans.

So far this year, overall residential endorsements totaled 740,090 units for $145.578 billion. Since the start of its fiscal-year 2016 on Oct. 1, 2015, FHA has endorsed 1,054,852 loans for $207.015 billion.

Single-family refinance share widened to 27.5 percent
in July from 26.9 percent the previous month.

New loan applications fell to 156,884 from 174,986 in June, pointing to lower production in August.

FHA insurance was in force on 8,453,254 residential loans for $1.2460 trillion as of July 31, 2016.

The book of business grew from 8,445,779 loans for $1.2428 trillion a month earlier and 8,348,453 loans for $1.2091 trillion a year earlier.

The latest total included $1.0997 trillion in single-family loans, $0.1453 trillion in HECMs and $0.0010 trillion in Title I loans.

FHA single-family delinquency of at least 30 days, including foreclosures and bankruptcies, finished July 2016 at 11.22 percent.

The rate deteriorated from 10.85 percent at the end of the prior month. Delinquency has risen each month since March, when the rate was 10.35 percent.

Delinquency was also worse than in July 2015, when the 30-day rate stood at 11.17 percent.

But 90-day delinquency was down 6 basis points from the prior month to 4.96 percent as of month-end July 2016.

HUD reported that FHA endorsed 90 commercial real estate loans for $1.138 billion during August.

CRE volume, which is reported a month earlier than residential statistics, increased from 83 loans for $0.953 billion in July.

In August 2015, there were 97 CRE loans endorsed for $0.900 billion.

Last month’s CRE production included $0.894 billion in multifamily loans and $0.244 billion in resident care/nursing home mortgages.

Insurance was in force on 14,290 CRE loans for $108.678 billion as of Aug. 31, 2016.

The total expanded from 14,232 loans for $107.931 billion
the prior month and 13,918 loans for $104.166 billion a year prior.

Multifamily loans made up $77.078 billion of the latest outstanding, while resident care/nursing home mortgages
accounted for $24.737 billion and hospital loans represented $6.863 billion.

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