The Federal Housing Administration endorsed $217.8 billion of 'forward’ single-family loans in fiscal year 2011, down 27% from the previous year, according to new figures released by HUD.
The "FHA Single-Family Outlook" report shows that purchase money loans comprised 60% of FHA originations in FY 2011, which ended September 30. Nearly 80% of FHA purchase mortgages financed first-time homebuyers.
Purchase mortgage endorsements of $134 billion were down 30% from FY 2010. Refinancings fell 21% to $83.4 billion.
Reverse mortgage lenders originated 73,100 of FHA-backed home equity conversion mortgages in 2011, a 7.6% drop from the prior fiscal year. Lenders originated 3,800 of the new HECM Saver product, which was unveiled a year ago.
FHA ended the fiscal year with an 8.7% serious delinquency rate (90 days or more past due) on its book of business, up 30 basis points from September 2010.
