Mortgage Daily

Published On: July 20, 2018

Monthly new business was moderately higher in the Federal Housing Administration’s residential business, while loan performance improved. But commercial mortgage endorsements plunged.

Data reported by the Department of Housing and Urban Development indicate FHA insurance was in force on 8,613,099 residential loans for $1.3269 trillion as of May 31.

Reflected in the total were $1.1795 trillion in single-family loans, $0.1464 trillion in home-equity conversion mortgages and $0.0010 trillion in Title I loans.

FHA’s book of business grew from
8,614,868 loans for $1.3248 trillion the previous month. As of the same date last year, the balance was 8,539,404 loans for $1.2848 trillion.

Most recently, 90,295 residential loans were endorsed by FHA for $18.701 billion — including $17.582 billion in single-family loans, $1.112 billion in HECMs and $0.007 billion in Title I loans.

Business improved from April, when 82,470 loans were endorsed for $17.192 billion. But FHA activity receded from May 2017, a month that saw 112,422 loans endorsed for $22.896 billion.

FHA endorsed 424,630 loans for $90.143 billion during the five months ended May 31, while the total was 707,034 loans for $149.270 billion since HUD started fiscal-year 2018 on Oct. 1, 2017.

Refinance share fell to 19.6 percent from 22.4 percent in April and
24.2 percent in May of last year.

New applications totaled 130,150 in May, up from 124,032 during April and an indication that endorsements during July are likely seeing an up tick.

Including bankruptcies and foreclosures, delinquency of at least 30 days was 9.98 percent at end of May. The rate subsided 19 basis points from a month earlier and was 7 BPS better than a year earlier.

Reflected in the latest rate was a 4.35 percent 90-day rate, an 0.83 percent bankruptcy rate and a 1.11 percent foreclosure rate.

In its commercial real estate business, FHA endorsed 83 loans for $1.344 billion — including $1.117 billion in multifamily loans and $0.166 billion in resident-care loans. Production sank from 135 loans for $2.295 billion in April but was better than 43 loans endorsed for $0.910 billion during May 2017.

Year-to-date endorsements amounted to 569 loans for $9.027 billion, and fiscal year-to-date volume came to 926 loans for $14.395 billion.

Insurance was in force on 15,141 CRE loans for $126.274 billion as of May 31, 2018 — including $91.513 billion in multifamily loans, $28.007 billion in resident-care loans and $6.755 billion in hospital loans.

The CRE book of business was
15,129 loans for $125.602 billion the preceding month and 14,347 loans for $111.908 billion the same week a year ago.

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