Mortgage Daily

Published On: March 18, 2014

In the final month of last year, Federal Housing Administration originations and delinquency increased from November. Compared to a year earlier, however, production and delinquency sank.

Data released by the Department of Housing and Urban Development indicate that FHA endorsed 67,614 residential loans in December for $12.015 billion.

Activity included $10.868 billion in single-family loans, $1.139 billion in home-equity conversion mortgages and $0.008 billion in Title I loans.

Business edged up from a month earlier, when total FHA-insured originations were 66,666 loans for $11.804 billion.

However, endorsements sank compared to December 2012, when 109,862 mortgages were insured for $19.952 billion. Year-earlier figures excluded HECMs and Title I loans.

Since its fiscal-year 2014 started on Oct. 1, 2013, FHA has endorsed 223,019 loans for $39.205 billion.

During all of last year, 1.3 million loans were endorsed by FHA, off from the 1.4 million loans endorsed in 2012.

January 2014 single-family originations are poised for a decline based on new applications, which fell to 68,439 in the final month of last year from 75,371 in November.

However, HECM business looks to be headed higher, with HECM applications climbing to 5,203 in December from 4,964.

Insurance was in force on 8,482,201 mortgages for $1.2446 trillion as of Dec. 31, 2013. The total included $1.0970 trillion in single-family loans, $0.1466 trillion in HECMs and $0.0010 trillion in Title I loans.

FHA’s total residential book of business was down from 8,484,809 loans for $1.2456 trillion as of Nov. 30.

At the end of 2012, single-family insurance in force was 7,719,941 loans for $1.0883 trillion.

FHA delinquency of at least 30 days, including foreclosures and bankruptcies, was 14.87 percent at the end of last year, 5 basis points worse than at the end of November.

But delinquency has improved from Dec. 31, 2012, when the 30-day rate was 16.71 percent.

The latest 30-day rate reflected a foreclosure rate of 2.21 percent and a bankruptcy rate of 1.10 percent.

The serious delinquency rate — which reflects 90-day delinquency, foreclosures and bankruptcies — was 8.02 percent, the same as at the end of November. A year earlier, the 90-day rate was 9.59 percent.

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