The Federal Housing Administration's (FHA) reports that its rate of seriously delinquent loans, which includes loans in bankruptcy and foreclosure, dropped to 9.2% (553,929 mortgages) at the end of February from 9.4% at the end of January.
The agency's latest single-family operations report also notes that applications grew 31.1% last month to 165,239. This total consisted of about 97,000 purchase mortgage applications and 61,00 refinances, as well as more than 6,600 reverse mortgage applications.
The refinances include about 12,00 prior FHA mortgages and almost 49,000 conventional-to-FHA conversions.
During February, FHA endorsed almost 132,00 single-family mortgages, including approximately 73,038 purchase money mortgages, nearly 52,000 refinances and about 7,000 Home Equity Conversation Mortgages.
So far this fiscal year, the FHA has paid 100,428 claims, most of which have been loss mitigation retention claims, the agency adds.
SOURCE: Federal Housing Administration