FHA Serious Delinquency Rate At 8.5% In April

Posted by Orb Staff on June 07, 2010 No Comments
Categories : Mortgage Servicing

+ day delinquency rate for mortgages insured by the Federal Housing Administration (FHA) fell slightly in April, totaling 8.5% (527,504 loans), according to the FHA's monthly report. A month earlier, seriously delinquent loans backed by the agency totaled 536,858, for an 8.8% delinquency rate. So far this fiscal year, the agency has paid 153,540 claims – 88,822 of which were loss mitigation retention claims and 55,653 of which were property conveyances. Fewer applications were submitted to the FHA for endorsement in April. The number of applications for FHA mortgage insurance was 215,578, down from March's total of 246,406 applications. April's total consisted of 150,935 purchase applications, 56,474 refinance applications and 8,169 home equity conversion mortgage applications. Of the 84,723 purchase money mortgages endorsed for insurance during April, 67,218 were for first-time home buyers, the FHA data show. SOURCE: [link=hyperlink url]Federal Housing Administration

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