In the final month of its fiscal year, new business inched up and delinquency moved lower at the Federal Housing Administration.
FHA endorsed 76,998 residential loans for $13.588 billion during September, according to an analysis of data from the Department of Housing and Urban Development.
The total included $12.617 billion in single-family loans, $0.962 billion in home-equity conversion mortgages and $0.009 billion in Title I loans.
Total business inched up from the previous month’s 75,892 loans for $13.378 billion.
But activity slumped compared to September 2013, when 86,330 loans were endorsed for $14.930 billion.
Endorsements during the nine months ended Sept. 30 amounted to 620,699 loans for $109.175 billion.
For all of fiscal-year 2014, FHA endorsed 843,628 mortgages for $148.380 billion. Volume was nowhere near the 1,412,719 loans endorsed in fiscal-year 2013.
Monthly FHA originations likely weren’t much different in October based on loan applications, which dipped to 87,165 during September from 89,275 in August.
The latest activity left FHA insurance in force on 8,458,527 loans for $1.2338 trillion as of Sept. 30.
The total included $1.0835 trillion in single-family loans, $0.1493 trillion in HECMs and $0.0010 trillion in Title I loans.
FHA’s total book was off from 8,455,725 loans for $1.2343 trillion a month earlier and 8,470,292 loans for $1.2439 trillion a year earlier.
Delinquency of at least 30 days on FHA’s book of business, including foreclosures and bankruptcies, was 13.28 percent, improving from 13.49 percent as of Aug. 31.
As of Sept. 30, 2013, delinquency was 14.49 percent.
The 90-day rate was 6.99 as of September 2014, while the foreclosure rate was 2.08 percent.
Commercial Real Estate Loans
FHA endorsed 155 commercial mortgages for $1.419 billion in September.
CRE endorsements included $0.896 billion in multifamily loans and $0.523 billion in nursing home activity.
Total CRE activity increased from the prior month’s 114 loans for $0.982 billion.
Overall CRE endorsements from Jan. 1 through Sept. 30 totaled 1,150 loans for $10.790 billion, while fiscal-year 2014 endorsements finished at 1,567 loans for $15.175 billion.
As of Sept. 30, 2014, there was insurance in force on 13,834 CRE loans for $0.1009 trillion.
The commercial mortgage book of business was 13,789 loans for $0.1004 trillion at the end of the previous month.
The most-recent outstandings were comprised of $0.0693 trillion in multifamily loans, $0.0227 trillion in nursing home loans and $0.0085 trillion in hospital loans.
