The rate of past-due payments on government-insured home loans surged nearly 70 basis points despite a decline in the foreclosure rate. New government loan production softened.
For the month of May, the Federal Housing Administration endorsed 107,562 residential loans for $21.322 billion. The total included single-family loans, home-equity conversion mortgages and Title I loans.
The data, based on a Mortgage Daily analysis of operational reports from the Department of Housing and Urban Development, indicate volume was off from 108,386 endorsements for $21.624 billion a month previous.
A year previous, FHA endorsed 68,040 loans for $11.687 billion.
From Jan. 1 through May 31 of this year, FHA endorsements totaled 431,411 for $83.881 billion.
Fiscal-year 2015 endorsements amount to 648,589 for $122.787 billion so far.
Single-family endorsements
slipped one percent from April to $20.141 billion. HECM production fell 5 percent to $1.171 billion last month, and Title I endorsements were unchanged at $0.010 billion during May.
Refinance share on FHA-insured loans fell to 40.7 percent from 44.0 percent in April but has widened considerably from 24.2 percent in May 2014.
Upcoming business is unlikely to ascend based on loan applications, which fell to 161,130 in May from the previous month’s 188,925.
FHA insurance was in force on 8,319,924 residential loans for $1.2011 trillion as of May 31, 2015. The book of business slipped from 8,339,609 loans for $1.2049 trillion a month earlier and 8,477,648 loans for $1.2405 trillion a year earlier.
The most recent total included $1.0528 trillion in single-family loans, $0.1473 trillion in HECMs and $0.0010 trillion in Title I loans.
HUD delinquency of at least 30 days, including foreclosures and bankruptcies, jumped to 12.31 percent from 11.62 percent as of April 30, 2015.
As of the same date in 2014, delinquency was 12.92 percent.
Although the foreclosure rate improved 11 BPS to 2.04 percent — thirty-day delinquency soared 61 BPS to 4.59 percent.
The 90-day delinquency rate dropped four basis points to 6.24 percent at the close of May.
FHA endorsed 67 commercial real estate loans for $0.636 billion
during May, HUD data indicate. Business slowed from 97 endorsements for $0.933 billion previously reported.
The year-earlier CRE endorsements were 109 loans for $1.042 billion.
May 2015 CRE activity included $0.467 billion in multifamily loans and $0.169 billion in nursing homes.
Total CRE endorsements for the five months ended May 31, 2015, were 386 loans for $2.779 billion, while fiscal-year 2015 volume since Oct. 1, 2014, works out to 741 loans for $5.606 billion.
FHA insurance was in force on 14,000 loans for $103.322 billion as of the latest date, more than the 13,996 for $103.232 billion the prior month and 13,607 loans for $98.229 billion as of the same month the prior year.
The CRE book included $71.944 billion in multifamily loans, $23.684 billion in nursing home loans and $7.694 billion in hospital loans.
