Despite a solid increase in new applications during the first month of the year, Federal Housing Administration production moved lower in the second month. But applications have continued to pile up — pointing to a strong gain ahead.
During February, there were 55,466
FHA mortgages endorsed for $10.205 billion, according to an analysis of data reported by the Department of Housing and Urban Development.
Business sank compare to the prior month, when FHA endorsed 71,478 loans for $13.085 billion.
But activity ascended from 53,197 endorsements for $9.555 billion in the same month last year.
During the first two months of 2015, endorsements amounted to
126,944 loans for $23.290 billion.
February 2015 endorsements included $8.891 billion in single-family loans, $1.307 billion in home-equity conversion mortgages and $0.007 billion in Title I loans.
The most-recent overall month came up short based on new applications, which had soared to 128,135 in the first month of this year from 71,754 in the final month of last year.
But applications again leapt — to 179,518 in February. Application activity hasn’t been this high since May 2013. The significant improvement points to a potentially blockbuster March.
Insurance in force ended the latest month at 8,405,042 loans for $1.2186 trillion.
FHA’s book of business was 8,427,841 loans for $1.2244 trillion as of Jan. 31 and 8,489,345 loans for $1.2448 trillion as of Feb. 28, 2014.
As of Feb. 28, 2015, delinquency of at least 30 days — including bankruptcies and foreclosures — was 12.61 percent.
FHA loan performance improved from a month earlier, when the rate was 13.30 percent, and a year earlier, when delinquency stood at 13.5 percent.
FHA’s 90-day rate was 6.76 percent as of the latest date.
FHA’s commercial real estate lending tumbled to 43 loans endorsed for $0.294 billion from the previous month’s 62 loans for $0.527 billion.
In the same month during 2014, 103 CRE loans were endorsed for $1.027 billion.
February 2015 endorsements included $0.181 billion in multifamily loans and $0.113 billion in nursing home loans.
FHA’s CRE book of business expanded to 13,967 loans for $102.446 billion from 13,965 loans for $103.359 billion as of Jan. 31, 2015.
The CRE book was 13,444 loans for $95.443 billion as of Feb. 28, 2014.
The Feb. 28, 2015, total included $71.131 billion in multifamily loans, $23.474 billion in nursing loans and $7.841 billion in hospital loans.
