Monthly residential production picked up at the Federal Housing Administration, with reverse mortgage endorsements spiking. Single-family delinquency was down, and commercial mortgage endorsements jumped.
Residential
As of Jan. 31, FHA insurance was in force on 8,614,126 residential loans for $1.3183 trillion, according to an analysis of data reported by the Department of Housing and Urban Development.
The total included $1.1699 trillion in single-family loans, $0.1474 trillion in home-equity conversion mortgages and $0.0001 trillion in Title I loans.
FHA’s book of business continued to expand from year-end 2017, when the total was 8,597,089 loans for $1.3128 trillion, and a year earlier, when it was 8,489,761 loans for $1.2658 trillion.
FHA endorsed 95,870 residential loans during the latest month for $20.663 billion — including $18.473 billion in single-family loans, $2.186 billion in HECMs and $0.004 billion in Title I loans.
HECM production was the most it’s been since at least 2012Â based on the oldest data maintained by Mortgage Daily. The jump reflected a surge of borrowers who applied in September 2017 to avoid the scheduled increase in FHA mortgage insurance premiums.
Total FHA endorsements came to 86,283 loans for $18.184 billion in December 2017, while 119,126 loans were endorsed for $24.412 billion in January 2017.
Since starting its fiscal-year 2018 on Oct. 1, 2017, FHA has endorsed 378,280 residential loans for $79.790 billion.
New business likely increased in February based on new single-family and HECM applications, which rose to 106,342 during the first month of this year from 91,534 in the final month of last year.
Refinance share of single-family volume thinned to 28.0 percent from 28.9 percent in December 2017.
Single-family delinquency of at least 30 days was 11.95 percent, declining from 12.72 percent as of Dec. 31, 2017, but worse than 11.25 percent as of Jan. 31, 2017.
Reflected in the latest rate was a 1.14 percent foreclosure rate and an 0.8 percent bankruptcy rate. Ninety-day delinquency, including foreclosures, finished February 2018 at 5.18 percent.
Commercial Real Estate
HUD reported that FHA endorsed 118 CRE loans for $1.893 billion in the most-recent month — including $1.668 billion in multifamily loans, $0.207 billion in resident-care properties and $0.018 billion in hospital loans.
CRE endorsements were 100 mortgages for $1.282 billion in December 2017 and just eight loans for only $0.039 billion in January 2017.
Insurance was in force on 14,971 CRE loans for $122.138 billion
as of Jan. 31, 2018 — including $87.592 billion in multifamily loans, $27.526 billion in resident care loans and $7.019 billion in hospital loans.
FHA”s CRE book was 14,913 loans for $120.904 billion a month earlier and 14,308 loans for $110.060 billion a year earlier.
