Although new business and delinquency worsened on a monthly basis at the Federal Housing Administration, annual metrics improved substantially.
During the final month of its fiscal year, FHA endorsed
124,334 residential loans for $24.580 billion.
The
level of activity was based on a Mortgage Daily analysis of monthly operational data released by the Department of Housing and Urban Development.
The total included $23.200 billion in single-family loans, $1.373 billion in home-equity conversion mortgages and $0.007 billion in Title I loans.
Overall business slowed from August, when 132,492 loans were endorsed for $26.727 billion.
But activity accelerated compared to September 2014, when FHA endorsed 76,998 loans for $13.588 billion.
During all of fiscal-year 2015, which started on Oct. 1, 2014, FHA endorsements amounted to 1,179,357 loans for $228.373 billion — significantly better than the 843,628 loans endorsed for $148.380 billion during fiscal-year 2014.
Fiscal-year 2015 business included
1,116,232 single-family loans for $212.140 billion, 57,990 HECMs for $16.128 billion and 5,135 Title I loans for $0.105 billion.
From Jan. 1, 2015, through Sept. 30, FHA endorsed 962,162 total residential loans for $189.467 billion.
Calendar-year 2015 endorsements reflected
914,617 single-family loans for $177.063 billion, 43,791 reverse mortgages for $12.326 billion and 3,754 Title I loans for $0.078 billion.
Refinances accounted for 27.5 percent of September 2015 endorsements. Refinance share narrowed from 28.4 percent a month earlier but widened from 21.2 percent a year earlier.
For the first month of fiscal-year 2016, endorsements are not likely to be much different than in September based on new applications, which inched up to 150,197 from 148,757 in August.
The latest activity left FHA with insurance in force on 8,389,328 residential loans for $1.2208 trillion as of Sept. 30, 2015.
FHA’s book of business grew from 8,373,073 loans for $1.2160 trillion as of the previous month and 8,458,527 loans for $1.2338 trillion as of the end of fiscal-year 2014.
The latest amount included $1.0728 trillion in single-family loans, $0.1469 trillion in HECMs and $0.0010 trillion in Title I loans.
Single-family delinquency of at least 30 days, including foreclosures and bankruptcies,
was 12.13 percent as of the end of September 2015 — worsening from 12.09 percent at the end of the prior month. As of the same date last year, the delinquency rate was 13.28 percent.
Ninety-day delinquency closed out fiscal-year 2015 at 5.86 percent.
In FHA’s commercial real estate business, 94 loans for $1.096 billion were endorsed.
Although the number of CRE loans endorsed was down from 97 in August, the dollar volume was up from $0.900 billion.
In September 2014, there were 158 CRE loans endorsed for $1.419 billion.
For all of fiscal-year 2015, FHA endorsed approximately 1,182 CRE loans for $9.307 billion, while calendar year-to-date volume came to 797 loans for $6.480 billion.
September 2015 CRE production included $0.872 billion in multifamily loans, $0.198 billion in nursing home mortgages and $0.026 billion in hospital loans.
FHA finished the most-recent month with insurance in force on 13,995 CRE loans for $104.492 billion. The commercial mortgage book of business expanded from 13,918 loans insured for $104.166 billion the prior month and 13,834 loans for $100.891 billion as of the year-earlier month.
The Sept. 30, 2015, outstanding was comprised of $73.354 billion in multifamily loans, $23.782 billion in nursing home loans and $7.356 billion in
hospital loans.
