Mortgage Daily

Published On: October 19, 2018

Monthly residential government-insured mortgage production was nudged up, though commercial real estate endorsements plunged. The book of business continued to grow.

At the end of August, the
Federal Housing Administration had insurance in force on 8,622,052 residential loans for $1.3376 trillion based on monthly operating data.

Making up the most-recent total were $1.1924 trillion in single-family loans, $0.1442 trillion in home-equity conversion mortgages, and $0.0010 trillion in Title I loans.

FHA’s residential book of business has steadily expanded since the same month in 2017, when it stood at 8,571,759 loans for $1.2995 trillion.

The report indicated FHA endorsed 97,408 residential loans for $20.570 billion. Production was a little stronger than 90,328 loans for $19.009 billion during July. But business slowed from August of last year, when the agency endorsed 117,035 loans for $24.289.

Single-family loans accounted for $19.477 billion of endorsements, while HECMs made up $1.089 billion, and $0.004 billion were Title I loans. Refinance share widened to 18.4 percent from 17.2 percent in July.

Residential endorsements during the first-eight months of 2018 came to
702,314 loans for $148.466 billion. Fiscal year-to-date activity amounted to 984,717 loans for $207.593 billion.

Based on the 118,832 single-family and HECM applications taken in July versus 121,505 in June,
residential endorsements likely eased during September. But with applications rising to 121,344 in August, this month’s endorsements could see a bump.

FHA single-family delinquency of at least 30 days, including bankruptcies and foreclosures, climbed to 10.29 percent from 10.14 percent as of July 31. The rate was down, however, from 10.40 percent as of Aug. 31, 2017.

Serious mortgage delinquency was 4.11 percent, the foreclosure rate was 1.06 percent, and the bankruptcy rate was 0.86 percent.

In addition to its residential activity, FHA endorsed 88 CRE loans for $1.240 billion during August. Production sank from 127 units endorsed for $2.543 billion the prior month and 164 loans for $1.932 billion a year prior.

Included in August 2018 CRE endorsements were $1.011 billion in multifamily endorsements and $0.229 billion in resident-care endorsements.

Calendar year-to-date CRE endorsements amounted to 962 loans for $15.497 billion, and fiscal year-to-date volume came to 1,319 loans for $20.865 billion.

Insurance was in force on 15,202 CRE loans for $128.992 billion as of Aug. 31, 2018, including $94.178 billion in multifamily loans, $28.551 billion in resident-care loans and $6.264 billion in hospital loans.

The CRE book of business has grown from 14.608 loans for $115.162 billion as of a year previous.

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