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FHA ’09 Endorsements Exceed $0.25 Trillion

FHA ’09 Endorsements Exceed $0.25 Trillion$36.9 billion June FHA volume

July 20, 2009

By MortgageDaily.com staff

The origination of loans insured by the Federal Housing Administration during the current fiscal year, including reverse mortgages, has exceeded a quarter-trillion dollars.

During June, 194,528 FHA loans were endorsed for $36.9 billion, according to data reported by the U.S. Department of Housing and Urban Development.

Refinances accounted for 96,920 of June’s endorsements, while purchases represented 88,975.

HUD said 8,633 home-equity conversion mortgages were funded in June for $2.6 billion.

So far in fiscal 2009, 1,387,209 FHA loans have been endorsed for $256 billion. During the same period last year, 757,700 loans for roughly $140 billion were endorsed. For all of fiscal 2009, HUD projects 2,100,000 endorsements.

Fiscal year-to-date HECM volume through June 30 reached 121,329 units, up from 108,843 at the same point during 2008. HUD projected 165,000 in HECM fundings for this entire fiscal year.

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