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FHA Mortgage Delinquencies Continue to Rise, Originations Decline
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You're Now Reading:
FHA Mortgage Delinquencies Continue to Rise, Originations Decline
The Easy Way to Shop For a Mortgage Loan
Fill Out One Questionnare
Receive Multiple Offers. Save Money.
The Easy Way to Shop For a Mortgage Loan
Fill Out One Questionnare
Receive Multiple Offers. Save Money.
You're Now Reading:
FHA Mortgage Delinquencies Continue to Rise, Originations Decline
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January 31, 2012 (Shirley Allen)

The number of seriously delinquent loans insured by the Federal Housing Administration (FHA) continued to climb in December, increasing 3.2 percent from November and is 18.9 percent higher than a year ago according to the agency’s Single-Family Outlook report for December.

An additional 21,736 loans became 90 days or more past due in December bringing the total number of seriously delinquent loans in the FHA’s portfolio to 711,082. In the last year, the number of seriously delinquent loans has increased by 112,942.

The serious delinquency rate was 9.6 percent in December, up from 9.3 percent in November and also up from 8.8 percent in December 2010.

A total of 110,427 FHA loan applications were submitted in December, 12.1 percent lower than the 125,596 applications submitted in the previous month of November. The total number of applications submitted was slightly lower than in December of last year when 112,500 applications were submitted, a decline of 1.8 percent.

Refinance loan applications declined by 7.2 percent from November to December with a total of 47,101 applications submitted in December compared to 50,730 in November. Refinance applications were 0.6 percent higher than in December of last year when 46,840 applications were submitted.

The total number of purchase loan applications was also lower in December, declining by 15.0 percent compared to November. A total of 57,234 applications were submitted in December to purchase homes, down from 67,358 applications submitted in November. Purchase applications were 0.3 percent lower than in December of last year when 57,390 applications were submitted.

The total number of FHA insured loans that were completed in December increased 6.3 percent from November, rising from 88,206 to 93,739. December’s loan completions continued to remain well behind last year’s pace of 133,603 loan completions.

Loans for purchased homes accounted for 62.5 percent of all completed FHA insured loans in December with 58,589 completed, a gain of 2.7 percent from November but 11.5 percent lower than the 66,165 purchase money mortgages in December of 2010.

Completed FHA insured refinance loans accounted for 32.6 percent of all completed loans in December, which was 49.9 percent lower than last year. The 30,515 loans completed in December were still 15.1 percent higher than in November.

The average FICO score for a homebuyer securing an FHA loan in December was 696, up from 695 in November but down from 701 a year ago. For refinanced transactions, the average FICO score in December was 706, up from 703 the previous month and from 705 a year earlier.

At the end of December, the FHA had 7,414,979 insured single-family mortgages in its portfolio with an amortized balance of $1.036 trillion.

The number of loans insured by the FHA has increased by 8.8 percent in the last year while the amortized balance has increased by 10.9 percent.

Tags: FHA, Single-family Outlook report, loan originations, purchase loans, refinance loans, FICO score, serious delinquency rate

Source:
HUD

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ADVANTAGES OF USING
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FAST & EASY. DATA ENCRYPTED
Applying to multiple lenders is fast and easy with our one simple questionnaire. Choose the product you’re looking for, take a few moments to answer a few questions and you’re on your way to saving.
NO OBLIGATION. NO HIDDEN FEES
Any of the services on our website are 100% free, there is no obligation to use our services or any hidden fees. We’re not loan brokers so we don’t charge broker fees like other websites.
NO SSN OR CREDIT CHECK
No SSN or credit check is necessary to use our services. We bring lenders to you so they can compete for your business and you save. That information only becomes necessary after you choose a lender.
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Tips
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Tips
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Rates

January 31, 2012 (Shirley Allen)

The number of seriously delinquent loans insured by the Federal Housing Administration (FHA) continued to climb in December, increasing 3.2 percent from November and is 18.9 percent higher than a year ago according to the agency’s Single-Family Outlook report for December.

An additional 21,736 loans became 90 days or more past due in December bringing the total number of seriously delinquent loans in the FHA’s portfolio to 711,082. In the last year, the number of seriously delinquent loans has increased by 112,942.

The serious delinquency rate was 9.6 percent in December, up from 9.3 percent in November and also up from 8.8 percent in December 2010.

A total of 110,427 FHA loan applications were submitted in December, 12.1 percent lower than the 125,596 applications submitted in the previous month of November. The total number of applications submitted was slightly lower than in December of last year when 112,500 applications were submitted, a decline of 1.8 percent.

Refinance loan applications declined by 7.2 percent from November to December with a total of 47,101 applications submitted in December compared to 50,730 in November. Refinance applications were 0.6 percent higher than in December of last year when 46,840 applications were submitted.

The total number of purchase loan applications was also lower in December, declining by 15.0 percent compared to November. A total of 57,234 applications were submitted in December to purchase homes, down from 67,358 applications submitted in November. Purchase applications were 0.3 percent lower than in December of last year when 57,390 applications were submitted.

The total number of FHA insured loans that were completed in December increased 6.3 percent from November, rising from 88,206 to 93,739. December’s loan completions continued to remain well behind last year’s pace of 133,603 loan completions.

Loans for purchased homes accounted for 62.5 percent of all completed FHA insured loans in December with 58,589 completed, a gain of 2.7 percent from November but 11.5 percent lower than the 66,165 purchase money mortgages in December of 2010.

Completed FHA insured refinance loans accounted for 32.6 percent of all completed loans in December, which was 49.9 percent lower than last year. The 30,515 loans completed in December were still 15.1 percent higher than in November.

The average FICO score for a homebuyer securing an FHA loan in December was 696, up from 695 in November but down from 701 a year ago. For refinanced transactions, the average FICO score in December was 706, up from 703 the previous month and from 705 a year earlier.

At the end of December, the FHA had 7,414,979 insured single-family mortgages in its portfolio with an amortized balance of $1.036 trillion.

The number of loans insured by the FHA has increased by 8.8 percent in the last year while the amortized balance has increased by 10.9 percent.

Tags: FHA, Single-family Outlook report, loan originations, purchase loans, refinance loans, FICO score, serious delinquency rate

Source:
HUD

FILL OUT THE FORM
It all starts here. Select the loan product you want to apply for and complete the subsequent questionnaire.
WE VERIFY & TRANSMIT TO LENDERS
Once we receive your completed questionnaire we verify a couple vital pieces of information and direct your information to our network of lenders, all within minutes.
REVIEW YOUR OFFERS
With offers in hand you can now compare rates and costs and get the best possible deal. Comparison shopping made easy. You fill out one form and lenders compete for your business.
CHOOSE YOUR LENDER
Congratulations! With the great learning tools we provide for you at LoanRateUpdate and the offers you have received, you've found the right product and the best rate.
HOW
MORTGAGELOANRATEUPDATE
WORKS
Whether you're looking to refinance your current loan, purchasing a new home or looking for a home equity loan, we make it easy at MortgageLoanRateUpdate. Our questionnaire is simple and quick to use and your information is safely transmitted to us with SSL encryption. With just two minutes of your time, you could have multiple lenders competing for your business which could save you thousands.
ADVANTAGES OF USING
MORTGAGELOANRATEUPDATE
FAST & EASY. DATA ENCRYPTED
Applying to multiple lenders is fast and easy with our one simple questionnaire. Choose the product you’re looking for, take a few moments to answer a few questions and you’re on your way to saving.
NO OBLIGATION. NO HIDDEN FEES
Any of the services on our website are 100% free, there is no obligation to use our services or any hidden fees. We’re not loan brokers so we don’t charge broker fees like other websites.
NO SSN OR CREDIT CHECK
No SSN or credit check is necessary to use our services. We bring lenders to you so they can compete for your business and you save. That information only becomes necessary after you choose a lender.

January 31, 2012 (Shirley Allen)

The number of seriously delinquent loans insured by the Federal Housing Administration (FHA) continued to climb in December, increasing 3.2 percent from November and is 18.9 percent higher than a year ago according to the agency’s Single-Family Outlook report for December.

An additional 21,736 loans became 90 days or more past due in December bringing the total number of seriously delinquent loans in the FHA’s portfolio to 711,082. In the last year, the number of seriously delinquent loans has increased by 112,942.

The serious delinquency rate was 9.6 percent in December, up from 9.3 percent in November and also up from 8.8 percent in December 2010.

A total of 110,427 FHA loan applications were submitted in December, 12.1 percent lower than the 125,596 applications submitted in the previous month of November. The total number of applications submitted was slightly lower than in December of last year when 112,500 applications were submitted, a decline of 1.8 percent.

Refinance loan applications declined by 7.2 percent from November to December with a total of 47,101 applications submitted in December compared to 50,730 in November. Refinance applications were 0.6 percent higher than in December of last year when 46,840 applications were submitted.

The total number of purchase loan applications was also lower in December, declining by 15.0 percent compared to November. A total of 57,234 applications were submitted in December to purchase homes, down from 67,358 applications submitted in November. Purchase applications were 0.3 percent lower than in December of last year when 57,390 applications were submitted.

The total number of FHA insured loans that were completed in December increased 6.3 percent from November, rising from 88,206 to 93,739. December’s loan completions continued to remain well behind last year’s pace of 133,603 loan completions.

Loans for purchased homes accounted for 62.5 percent of all completed FHA insured loans in December with 58,589 completed, a gain of 2.7 percent from November but 11.5 percent lower than the 66,165 purchase money mortgages in December of 2010.

Completed FHA insured refinance loans accounted for 32.6 percent of all completed loans in December, which was 49.9 percent lower than last year. The 30,515 loans completed in December were still 15.1 percent higher than in November.

The average FICO score for a homebuyer securing an FHA loan in December was 696, up from 695 in November but down from 701 a year ago. For refinanced transactions, the average FICO score in December was 706, up from 703 the previous month and from 705 a year earlier.

At the end of December, the FHA had 7,414,979 insured single-family mortgages in its portfolio with an amortized balance of $1.036 trillion.

The number of loans insured by the FHA has increased by 8.8 percent in the last year while the amortized balance has increased by 10.9 percent.

Tags: FHA, Single-family Outlook report, loan originations, purchase loans, refinance loans, FICO score, serious delinquency rate

Source:
HUD

Home Buying Tips
Home Selling Tips
About
Mortgages
HOW
MORTGAGELOANRATEUPDATE
WORKS
FILL OUT THE FORM
It all starts here. Select the loan product you want to apply for and complete the subsequent questionnaire.
WE VERIFY & TRANSMIT TO LENDERS
Once we receive your completed questionnaire we verify a couple vital pieces of information and direct your information to our network of lenders, all within minutes.
REVIEW YOUR OFFERS
With offers in hand you can now compare rates and costs and get the best possible deal. Comparison shopping made easy. You fill out one form and lenders compete for your business.
CHOOSE YOUR LENDER
Congratulations! With the great learning tools we provide for you at MortgageLoanRateUpdate and the offers you have received, you've found the right product and the best rate.
ADVANTAGES OF USING
MORTGAGELOANRATEUPDATE
FAST & EASY. DATA ENCRYPTED
Applying to multiple lenders is fast and easy with our one simple questionnaire. Choose the product you’re looking for, take a few moments to answer a few questions and you’re on your way to saving.
NO OBLIGATION. NO HIDDEN FEES
Any of the services on our website are 100% free, there is no obligation to use our services or any hidden fees. We’re not loan brokers so we don’t charge broker fees like other websites.
NO SSN OR CREDIT
CHECK
No SSN or credit check is necessary to use our services. We bring lenders to you so they can compete for your business and you save. That information only becomes necessary after you choose a lender.