Mortgage Daily

Published On: December 26, 2017

Government-insured mortgage production was up from the preceding month but was down from a year ago. Delinquency deteriorated on both a month-over-month and year-over-year basis.

The Federal Housing Administration ended October with insurance in force on 8,595,615 residential loans for $1.3088 trillion, according to data from the Department of Housing and Urban Development.

The total consisted of $1.1618 trillion in single-family loans, $0.1461 trillion in home-equity conversion mortgages and $0.0010 trillion in Title I loans.

FHA’s total book of residential business was
8,578,803 loans for $1.3031 trillion at the end of fiscal-year 2017 and 8,460,037 loans for $1.2538 trillion at the same point in 2016.

The first month of fiscal-year 2018 saw FHA endorse 102,617 residential loans for $21.369 billion. Business accelerated from 97,871 loans for $20.394 billion in September but was lower than 120,551 loans for $24.701 billion in October 2016.

Endorsements
during October 2017 were comprised of $19.907 billion in single-family mortgages, $1.455 billion in HECMs and $0.007 billion in Title I loans.

During the 10 months ended Oct. 31, 2017, FHA endorsed
1,056,876 residential loans for $217.305 billion.

Refinance share on the most-recent month’s endorsements was 25.8 percent, widening from 24.2 percent in October.

New single-family and HECM applications during the latest month numbered 122,056 — the fewest since January 2017. However, the 7 percent month-over-month decline was solely the result of a spike in HECM applications in September as prospective HECM borrowers rushed to avoid an increase in mortgage insurance premiums in fiscal-year 2018. Single-family applications actually rose 8 percent from September 2017.

As of Oct. 31, 2017, single-family delinquency of at least 30 days, including foreclosures and bankruptcies, was 12.06 percent. The rate deteriorated from 11.79 percent the prior month and 11.06 percent a year prior.

The latest non-current rate reflected a 1.18 percent foreclosure rate and an 0.78 percent bankruptcy rate.

Ninety-day delinquency, including foreclosures and bankruptcies, was 4.42 percent, 10 basis points worse than at the end of September.

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