For the second month in a row, new business improved and mortgage delinquency declined at the Federal Housing Administration.
Business moved higher in the first month of FHA’s fiscal-year 2015, with 81,020 residential loans endorsed for $14.431 billion during October.
The total was culled from operational data provided by the Department of Housing and Urban Development and reflects activity from traditional home loans, home-equity conversion mortgages and Title I loans.
One month previous, the agency insured 76,998 loans for $13.588 billion, while the total was 88,739 units for $15.386 billion during the same month last year.
In the 10 months ended Oct. 31, 2014, FHA endorsed 701,629 loans for $123.606 billion.
Included in the latest month’s activity was $13.140 billion in single-family mortgages, $1.280 billion in HECMs and $0.011 billion in Title I loans.
Refinance share rose to 22.3 percent from 21.2 percent in September but tumbled from 28.8 percent in October 2013.
November endorsements likely increased based on new applications for FHA insurance, which rose to 101,601 in October from 94,953 the prior month.
Insurance was in force on 8,450,688 FHA loans for $1.2318 trillion as of Oct. 31, 2014.
FHA’s book of business was 8,458,527 loans for $1.2338 trillion a month earlier and 8,484,806 loans for $1.2449 trillion a year earlier.
Single-family loans made up $1.0814 trillion of the latest outstandings, while another $0.1494 trillion were HECMs and $0.0010 trillion were Title I mortgages.
The data indicate that 30-day delinquency, including foreclosures and bankruptcies, fell to 12.98 percent from 13.28 percent as of Sept. 30. The rate has significantly improved from 14.54 percent as of Oct. 31, 2013.
FHA’s 90-day rate was trimmed by 5 basis points from September to 6.94 percent.
FHA additionally endorsed 110 commercial real estate loans for $1.115 billion during the most-recent month. CRE activity fell from 158 loans endorsed for $1.419 billion in September and 113 units for $1.301 trillion in October 2013.
From Jan. 1 through Oct. 31, CRE loan endorsements amounted to 1,263 mortgages for $11.905 billion.
October’s CRE production included $0.901 billion in multifamily loans and $0.214 billion in nursing home loans.
FHA insurance was in force on 13,906 CRE loans for $0.1017 trillion as of the latest report.
Outstandings slipped from 13,834 loans for $0.1009 trillion the previous month but has expanded from 13,361 units for $0.0935 trillion as of the same date last year.
The Oct. 31, 2014, total reflected $0.0703 trillion in multifamily loans, $0.0230 trillion in nursing home loans and $0.0084 trillion in hospital loans.
