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FHA 30-Day Rate Up But 90-Day Rate Lowest in Yrs

Serious mortgage delinquency at the Federal Housing Administration was the lowest it’s been in years, though early stage delinquency deteriorated. Endorsements strayed little from the prior period.

FHA insurance was in force on
approximately 8.654 million residential-related loans that had a collective unpaid principal balance of $1.2946 trillion as of the end of July.

The total included $1.1501 trillion in insured single-family loans, $0.1435 trillion in home-equity conversion mortgages and another $0.0010 trillion in Title I loans.

That is based on an analysis of monthly operational data reported by FHA’s parent, the Department of Housing and Urban Development.

FHA’s total residential book of business continued to expand from the report for a month earlier, when the balance was 8.553 million loans for $1.2901 trillion. Insurance was in force on 8.453 million units for $1.2460 trillion a year earlier.

The latest month saw 104,847 residential loans endorsed for $21.612 billion. Single-family loans comprised $20.282 billion of July 2017 endorsements, while HECM volume was $1.325 billion and Title I loan production was $0.005 billion

Overall business for the agency was about the same as the 111,874 loans endorsed for $22.589 billion during June and the 119,053 endorsements for $23.549 billion in July 2016.

For the first-seven months of this year, 739,353 residential loans have been endorsed for $151.253 billion, while the total since fiscal-year 2017 started on Oct. 1, 2016, was 1,090,097 loans for $223.188 billion.

Including bankruptcies and foreclosures, single-family delinquency of at least 30 days climbed to 10.15 percent from 10.05 as of mid-2017.

Delinquency during the past year has been as high as 11.73 percent in December 2016 and as low as 9.45 percent in March 2017.

Serious delinquency of at least 90 days was 4.20 percent —
the lowest it’s been based on quarterly data back to July 2012 and annual data back to 2008.

While July 2017’s foreclosure rate fell 7 basis points from June to 1.30 percent, and the bankruptcy rate dropped 3 BPS to 0.82 percent — 30-day delinquency jumped 14 BPS to 4.51 percent.

Commercial real estate endorsements, which are reported a month earlier, totaled 164 loans for $1.932 billion during August 2017. Activity included $1.670 billion in multifamily endorsements and $0.262 billion in resident-care endorsements.

Total CRE activity was 147 loans for $1.988 billion in
July and 90 loans for $1.138 billion the same month last year.

Calendar-year-to-date Aug. 31 volume was roughly 761 loans for
$10.342 billion, and fiscal-year-to-date endorsements were approximately 1,146 loans for $15.236 billion.

Insurance was in force on 14,608 CRE loans for $115.162 billion as of July 31, 2017. Apartment loans made up $82.016 billion of the total, nursing home loans accounted for $26.011 billion, and hospital loans were $7.136 billion.

FHA’s CRE book concluded July at 14,539 loans for $114.223 billion. It was 14,290 loans for $108.678 billion as of Aug. 31, 2016.

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