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FHA New Business Slows, Delinquency Worsens

The Federal Housing Administration saw production dip and delinquency deteriorate on a month-over-month basis. But the metrics improved on a year-over-year basis.

For just the month of August, there were 132,491 residential loans that were endorsed by FHA. The dollar volume of FHA endorsements worked out to $26.727 billion.

That was based on an analysis by Mortgage Daily of operational data that was reported by the Department of Housing and Urban Development.

Volume slipped from the previous month, when 139,652 loans were endorsed for $27.658 billion.

But dollar activity doubled compared to the 75,892 endorsements for $13.378 billion in the same month last year.

Since FHA’s fiscal-year 2015 started on Oct. 1, 2014, there have been 1,055,017 loans endorsed for $203.793 billion.

From Jan. 1, 2015, through Aug. 31, 2015, volume amounted to 837,827 endorsements for $164.887 billion.

Included in August 2015 endorsements were $24.951 billion in single-family loans, down from the prior month’s $26.248 billion.

But endorsements of home-equity conversion mortgages climbed to $1.767 billion from $1.400 billion in July.

Title I endorsements made up the remaining $0.009 billion in August business, off from the previous month’s $0.010 billion.

Refinance share of single-family business declined to 28.4 percent from 32.8 percent in July.

Single-family and HECM applications totaled 148,757 during August, down from 157,083 the prior month and an indication September business might have eased.

FHA finished the latest month with insurance in force on 8,373,073 loans for $1.2160 trillion, more than 8,348,453 loans for $1.2091 trillion a month earlier but less than 8,455,725 loans for $1.2343 trillion a year earlier.

The Aug. 31, 2015, total included $1.0679 trillion in single-family mortgages, $0.1470 trillion in reverse mortgages and $0.0010 trillion in Title I loans.

Delinquency of at least 30 days
jumped to 12.09 percent from 11.17 percent at the end of July but retreated from 13.49 percent at the same point in 2014.

Ninety-day residential delinquency was
5.91 percent as of Aug. 31, 2015.

HUD reported that
86 commercial real estate loans were endorsed for $0.900 billion in August 2015.

CRE activity picked up from $0.607 billion previously reported for the prior month but slipped from $0.982 billion the same month the prior year.

Estimated calendar-year-to-date CRE volume was 693 loans for $5.384 billion, while fiscal-year-to-date endorsements totaled 1,071 loans for $8.211 billion.

The most-recent CRE endorsements included $0.709 billion in multifamily loans, $0.181 billion in nursing home endorsements and $0.010 billion in hospital loans.

FHA insurance was in force on 13,918 CRE loans for $104.166 billion as of Aug. 31, 2015.

The CRE book was 14,023 loans for $103.841 billion the previous month and 13,789 loans for $100.360 billion one year prior.

The most-recent CRE outstandings included $72.746 billion in multifamily loans, $23.790 billion in nursing home loans and $7.630 billion in hospital loans.

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