Residential business held up at the Federal Housing Administration, with refinances accounting for a bigger share of endorsements. But monthly loan performance deteriorated.
FHA finished the first month of its fiscal-year 2017 with insurance in force on
8,460,037 single-family loans, home-equity conversion mortgages and Title I loans for $1.2538 trillion.
The agency’s book of business was 8,461,151 loans for $1.2518 trillion as of Sept. 30, 2016, while it stood at 8,410,847 insured loans for $1.2261 trillion as of Nov. 30, 2015.
The findings were determined from an analysis by Mortgage Daily of operational data for October 2016 reported by the Department of Housing and Urban Development.
The Oct. 31, 2016, total consisted of $1.1086 trillion in single-family loans, $0.1442 trillion in HECMs and $0.0010 trillion in Title I loans.
FHA endorsed 120,550 residential loans for $24.701 billion during October 2016.
Activity
was little changed from a month earlier, when 120,943 loans were endorsed for $24.677 billion, and from a year earlier, when there were 123,854 endorsements for $24.233 billion.
The most-recent total was comprised of $23.472 billion in single-family loans, $1.223 billion in HECMs and $0.006 billion in Title I loans.
During the first-10 months of 2016, FHA endorsed 1,116,305 loans for $222.185 billion.
Single-family refinance share was
34.0 percent in October 2016, widening from 30.9 percent the prior month and 29.4 percent a year prior.
FHA business during November was likely close to October’s levels based on new applications, which dipped to 145,082 in October from 152,714 in September.
Delinquency of at least 30 days climbed to 11.06 percent from 10.97 percent at the end of September. But the past-due rate retreated from 12.09 percent at the same point last year.
The October 2016 total reflected a 4.91 percent 90-day rate, a 1.47 percent foreclosure rate and an 0.86 percent bankruptcy rate.
In FHA’s commercial business, which HUD reports data on a month sooner than its residential business, there were 110 loans endorsed for $1.062 billion during November.
CRE endorsements were 104 loans for $1.527 billion the previous month and 103 loans for $0.610 billion in November 2015.
Last month’s endorsements were made up of $0.906 billion in multifamily loans and $0.157 billion in resident care loans.
Insurance was in force on 14,296 CRE loans for $109.733 billion as of Nov. 30, 2016. The CRE book of business grew from 14,276 loans for $109.675 billion at the end of October and 14,041 loans for $105.443 billion at the same point last year.
The latest insurance in force included $77.957 billion in multifamily loans, $25.034 billion in resident care loans and $6.743 billion in hospital loans.
