Mortgage bankers originated $319 billion of Federal Housing Administration-backed single-family loans in fiscal 2010, a 12% decline from the previous record year.
FHA — whose fiscal year ended Sept. 30 — endorsed a record $361 billion of one- to four-family loans last year, accounting for 19% of all loans funded in the U.S., according to the Quarterly Data Report.
In September, FHA endorsed $24.4 billion of loans (including reverse mortgages), down 6% from the prior month.
Refinancings increased month over month by 20% to $10.1 billion in September while FHA purchase mortgage activity fell 20% from $15.8 billion in August to $12.8 billion in September.
Overall, FHA approved $191.7 billion of purchase mortgages and $106 billion in refinancings. The split between purchase mortgages and refinancings by loan count was 63.5%/32% with the remaining 4.5% consisting of FHA-insured reverse mortgages.
Mortgage bankers funded $21.1 billion of FHA Home Equity Conversion Mortgages in FY 2010, down from $30.2 billion the prior fiscal year.
The agency ended the fiscal year on a down note with its serious delinquencies remaining above 8%. FHA reported that 8.4% of its single-family loans are 90 days or more past due, up 0.2% from August.
