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FHA’s Endorsements Solidly Higher

FHA News

Residential endorsements jumped to the highest level in seven months at the Federal Housing Administration, while commercial real estate activity was the highest in at least four years. Delinquency worsened, however.

FHA insurance was in force on
8,571,759 residential loans for $1.2995 trillion as of Aug. 31, growing from from 8,563,549 loans for $1.2946 trillion a month earlier and 8,460,309 loans for $1.2497 trillion a year earlier.

Most recently, the book of business was comprised of $1.1553 trillion in single-family loans, $0.1433 trillion in home-equity conversion mortgages and $0.9880 trillion in Title I loans.

The statistics were based on an analysis of data reported by the Department of Housing and Urban Development.

FHA endorsed 117,033 residential loans for $24.289 billion during the latest month — the strongest month since January 2017 when volume was 119,126 loans for $24.412 billion.

Business was 104,847 loans endorsed for $21.612 billion in July and 134,722 loans for $27.229 billion in August 2016.

Included in the latest activity were $22.712 billion in single-family endorsements, $1.568 billion in HECMs and $0.009 billion in Title I loans.

From Jan. 1, 2017, through Aug. 31, residential endorsements amounted to 856,386 loans for $175.542 billion. Since starting its fiscal-year 2017 on Oct. 1, 2016, FHA endorsements worked out to 1,207,129 loans for $247.477 billion.

HUD’s data indicate that delinquency of at least 30 days, including foreclosures and bankruptcies,
climbed to 10.40 percent from 10.15 percent as of July 31 but was better than 10.98 percent as of Aug. 31, 2016.

Reflected in the latest rate was a 4.24 percent 90-day rate, a 1.30 percent foreclosure rate and an 0.81 percent bankruptcy rate.

Moving on to FHA’s commercial real estate business, which is reported a month sooner than residential metrics, there were 171 loans endorsed for $2.755 billion during September 2017 — the biggest monthly dollar amount since at least October 2013 based on the oldest data maintained by Mortgage Daily. Business was 164 mortgages endorsed for $1.932 billion the prior month and 147 loans for $1.750 billion a year prior.

September’s activity was made up of $2.456 billion in multifamily loans and $0.299 billion in resident-care mortgages.

For the first-nine months of this year, CRE endorsements came to 932 loans for $13.098 billion.

Full fiscal-year 2017 CRE endorsements totaled 1,317 loans for $17.992 billion. Annual activity ascended from 1,172 loans for $13.780 billion in fiscal-year 2016.

HUD reported that FHA insurance was in force on 14,644 CRE loans for $116.638 billion. The book climbed from 14,608 units for $115.162 billion as of Aug. 31, 2017, and was greater than 14,257 loans for $108.809 billion at the same point last year.

Included in the latest CRE book were $83.440 billion in multifamily mortgages, $26.086 billion in resident-care loans and $7.113 billion in hospital loans.

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