The Federal Housing Administration's capital ratio rose to 5.21% in fiscal year 2003 from 4.52% in fiscal 2002, but capital reserves rose by only $100 million to $22.7 billion, according to the annual actuarial report prepared by Deloitte & Touche."Two large offsetting impacts" contributed to the increase in the capital ratio, the auditors said. The quality of FHA single-family loans endorsed in fiscal 2003 increased the economic value of the FHA mortgage insurance fund by $2.8 billion. "Countering this effect is the extraordinarily high prepayment activity that has adversely impacted the FHA's economic value during FY 2003, as well as the claim activity that has exceeded the levels predicted in our 2002 study," the Deloitte & Touche report says. FHA loan endorsements totaled $147.4 billion in fiscal 2003, but runoff totaled $193.2 billion. The total FHA portfolio fell to $382.2 billion in fiscal 2003 from $435.4 billion the previous year. Meanwhile, claims from default loans jumped from $3.9 billion in fiscal 2002 to $7.3 billion in fiscal 2003.
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The lender recorded a $59 million net loss in the fourth quarter, an 83% improvement from its third quarter performance.
March 28 -
Initial analyses of Home Mortgage Disclosure Act data show UWM ahead in 2023 loan numbers and dollar volume, but Rocket's market share still looks competitive.
March 28 -
Last year, the Raleigh, N.C.-based Integrated called off a deal to sell itself to MVB Financial after bank stocks took a hit in the aftermath of the regional bank failures. Capital hopes to expand its government-guaranteed lending with the transaction.
March 28 -
The pending end of the program comes as over half of U.S. states have already ceased accepting new applicants for federal aid aimed to help struggling households with mortgage payments.
March 28 -
But the 30-year fixed rate mortgage is still near 7%, and that remains the overhang on the housing market, Freddie Mac said.
March 28 -
Mortgage payments rose 10% year-over-year to an all-time high for March, Redfin said.
March 28