Monthly government-insured mortgage originations moved up but could retreat based on new applications. Delinquency on government home loans worsened.
May 2014 saw 68,040 residential loans endorsed by the Federal Housing Administration for $11.687 billion, monthly operational data from the agency indicated.
Business was minimally better than a month earlier, when endorsements totaled 66,108 loans for $11.400 billion.
But FHA business was just a shadow of the 129,788 mortgages endorsed for $21.937 billion in the same month during 2013.
From Jan. 1 through May 31, endorsements amounted to 314,537 loans for $55.331 billion, while activity since FHA started its fiscal-year 2014 on Oct. 1, 2013, totaled 537,556 loans for $94.536 billion.
May 2014 activity included 62,959 single-family loans for $10.542 billion, 4,493 home-equity conversion mortgages for $1.134 billion and 588 Title IÂ loans for $0.011 billion.
Upcoming business appears poised for a drop based on new single-family and HECM applications, which fell to 105.300 from 109,499 in April.
As of May 31, FHA had insurance in force on 8,477,648 loans for $1.2405 trillion.
Outstandings were 8,479,954 loans for $1.2418 trillion at the end of April and 8,454,988 loans for $1.2408 trillion at the same point during 2013.
The most recent balance reflected 7.8 million single-family loans for $1.091 trillion, 0.6 million HECMs for $0.1489 trillion and fewer than 0.1 million Title I loans for $0.001 trillion.
Thirty-day delinquency, including loans in foreclosure and bankruptcy, was 12.92 percent, worsening from 12.79 percent as of April 30.
But delinquency declined from 13.80 percent as of May 31, 2013.
The May 31, 2014, rate reflected a 2.15 percent foreclosure rate and an 0.98 percent bankruptcy rate.
Delinquency of at least 90 days closed out May at 7.19 percent.
FHA endorsed 107 commercial real estate loans for $1.042 billion during the latest month. Activity slipped from 143 loans for $1.192 billion the prior month.
CRE originations during the five months ended May 31 came to 1,006 loans for $9.930 billion. Fiscal year-to-date volume was 1,006 loans for $9.930 billion.
May’s CRE originations were comprised of 77 multifamily loans for $0.800 billion and 30 nursing home loans for $0.242 billion.
For the third consecutive month, no hospital loans were endorsed.
The most recent activity brought the CREÂ book of business to 13,607 insured mortgages for $98.229 billion. The total rose from 13,548 loans for $97.412 billion as of the end of April.
The May 31 total reflected 10,511 multifamily mortgages for $67.865 billion, 2,984 nursing home loans for $21.683 billion and 112 hospital loans for $8.681 billion.
