Monthly origination of mortgages insured by the Federal Housing Administration strengthened, and signs point to further improvement ahead. The rate of delinquency, meanwhile, moved lower.
During March, FHAÂ endorsed 56,452 loans for $9.936 billion, according to an analysis of government data released this week.
Business picked up from February, when 53,197 loans were endorsed for $9.555 billion.
The latest activity brought calendar year-to-date volume to 180,389 mortgages for $32.244 billion.
Since beginning fiscal-year 2014 on Oct. 1, 2013, FHA has insured 403,408 home loans for $71.449 billion.
March activity included 51,394 single-family loans for $8.715 billion, 4,614 home-equity conversion mortgages for $1.212 billion and 444 Title IÂ loans for $0.009 billion.
FHA is poised for another increase in new activity based on total applications, which jumped to 100,955 from 82,441 in February.
Insurance was in force on 8,482,366 loans for $1.2430 trillion as of March 31, retreating from 8,489,345 loans for $1.2448 trillion on Feb. 28.
The latest outstandings included $1.0935 trillion in single-family mortgages, $0.1484 trillion in HECMs and $0.0010 trillion in Title I loans.
Residential delinquency of at least 30 days closed out March at 12.61 percent, falling from 13.5 percent a month earlier and 14.47 percent a year earlier.
The March 31, 2014, rate included a 2.28 percent foreclosure rate and a 1.06 percent bankruptcy rate.
Ninety-day delinquency was 7.44 percent in the most recent month.
In its commercial real estate business, FHA endorsed 143 CRE loans for $1.378 billion, rising from 103 loans for $1.027 billion in February.
Calendar year-to-date endorsements amounted to 339 loans for $3.311 billion, while fiscal year-to-date CRE volume was 756 units for $7.6960 billion.
March activity included $1.013 billion in multifamily endorsements and $0.365 billion in nursing home production.
As of the end of March, FHAÂ insurance was in force on 13,474 CREÂ loans for $96.190 billion. The prior month, 13,444 CRE loans were outstanding for $95.443 billion.
Included in March’s total were $66.238 billion in apartment loans, $21.219 billion in nursing home loans and $8.733 billion in hospital loans.
