Slight Drop In Rate Of Seriously Delinquent FHA Loans

Posted by Orb Staff on July 27, 2010 No Comments
Categories : Residential Mortgage

riously delinquent rate for Federal Housing Administration (FHA)-insured loans fell 0.1% in June, according to the FHA's [link=http://www.hud.gov/offices/hsg/comp/rpts/ooe/olcurr.pdf]single-family operations report[/link]. The FHA considers a loan seriously delinquent once it is past due by 90 days or more. While the rate fell from 8.4% to 8.3% month over month, the number of seriously delinquent loans grew from 530,140 in May to 532,757 in June. The federal insurer has paid 207,715 claims so far this fiscal year. In June, the FHA paid 9,910 claims for loss mitigation and 20,505 claims for property conveyances. On the application front, the FHA received 89,951 purchase applications, 69,876 refinance applications and 9,088 Home Equity Conversion Mortgage applications in June. The FHA estimates the seasonally adjusted annual rate of applications received in June to be about 1.89 million – down 13% from May and the lowest rate since January. More than 92% of the 150,911 mortgages endorsed last month were accepted and endorsed using the FHA TOTAL score card. SOURCE: [link=http://www.hud.gov/offices/hsg/comp/rpts/ooe/olcurr.pdf]Federal Housing Administration

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