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FHA Delivers Solid Monthly Performance

It was another solid month for the Federal Housing Administration, with production climbing to the highest level in at least two years and delinquency dropping to the lowest rate in at least three years.

Residential loans that were endorsed by FHA during the month of July came to 139,651 units for $27.658 billion.

That was the most business for the housing agency since at least 2013 based on the oldest historical data maintained by Mortgage Daily.

During the previous month, 134,272 mortgages were endorsed for $26.621 billion.

FHA production during the same month last year was 79,479 endorsements for $14.055 billion.

The figures are based on an analysis of data reported by the Department of Housing and Urban Development.

The latest production brought
activity to 705,335 loans endorsed for $138.160 billion during the seven months ended July 31. FHA has endorsed 922,517 loans for $177.066 billion since beginning its fiscal-year 2015 on Oct. 1, 2014.

July 2015 production included 134,187 single-family loans endorsed for $26.248 billion, 5,025 home-equity conversion mortgages insured for $1.400 billion and 439 Title I loans endorsed for $1.400 billion.

August business might be a little slower based on total loan applications, which fell to 156,833 from 165,391 in June.

FHA finished July with insurance in force on 8,349,153 loans for $1.2091 trillion. The book of business grew from 8,329,859 loans for $1.2042 trillion at the end of June and 8,459,441 loans for $1.2357 trillion as of the same point last year.

The July 31, 2015, portfolio included
7,699,352 single-family loans for $1.0614 trillion, 607,761 HECMs for $0.1467 trillion and 42,040 Title I loans for $0.0014 trillion.

Loan performance improved during the most-recent period, with
the 30-day delinquency rate, including foreclosures and bankruptcies, tumbling to 11.17 percent from 12.00 percent as of June 30.

The rate of past-due payments hasn’t been this low since at least July 2012 based on Mortgage Daily’s oldest data.

As of July 31, 2014, residential delinquency stood at 12.95 percent.

The 90-day rate was 5.75 percent as of the latest date.

Moving on to commercial real estate lending, FHA endorsed 73 commercial mortgages for $0.607 billion during July 2015, less than the 98 loans endorsed for $1.098 billion a month earlier and the 109 loans insured for $1.032 billion one year prior.

Calendar year-to-date CRE loan production amounted to 586 transactions endorsed for
$4.484 billion, while fiscal year-to-date originations totaled 947 loans for $7.311 billion.

July 2015 commercial mortgage endorsements included 46 multifamily loans for $0.405 billion and 27 nursing home loans for $0.202 billion.

FHA mortgage insurance
was in force on 14,023 CRE loans for $103.841 billion as of the end of July, more than the 13,987 loans for $103.439 billion at the end of the prior month and the 13,786 units for $100.210 billion at the same point in 2014.

July 2015 outstandings included 10,738 multifamily mortgages for $72.421 billion, 3,178 nursing home loans for $23.773 billion and 107 hospital loans for $7.647 billion.

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