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Seriously Delinquent FHA Loans Jump Four Percent in November
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You're Now Reading:
Seriously Delinquent FHA Loans Jump Four Percent in November
The Easy Way to Shop For a Mortgage Loan
Fill Out One Questionnare
Receive Multiple Offers. Save Money.
The Easy Way to Shop For a Mortgage Loan
Fill Out One Questionnare
Receive Multiple Offers. Save Money.
You're Now Reading:
Seriously Delinquent FHA Loans Jump Four Percent in November
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December 28, 2011 (Shirley Allen)

The number of seriously delinquent loans insured by the Federal Housing Administration (FHA) jumped up 4.2 percent from October to November and is 17.0 percent higher than a year ago according to the agency’s Single-Family Outlook report for November.

An additional 27,792 loans became 90 days or more past due in November bringing the total number of seriously delinquent loans in the FHA’s portfolio to 689,346. In the last year, the number of seriously delinquent loans has increased by 100,399.

A total of 125,596 FHA loan applications were submitted in November, 3.1 percent lower than the 129,675 applications submitted in the previous month of October. Total applications were also lower than in November of last year when 141,199 applications were submitted, a decline of 11.1 percent.

Refinance loan applications declined by 2.0 percent from October to November with a total of 50,730 applications submitted in November compared to 51,772 submitted in October.

Refinance applications continued to be significantly lower compared to last year despite the historically low interest rates in November. The total amount of applications submitted were 26.5 percent lower than the 69,062 refinance applications submitted in November of 2010.

The total number of purchase loan applications was also lower in November, declining by 4.6 percent compared to October. A total of 67,358 applications were submitted in November to purchase homes, down from 70,580 applications submitted in October. Purchase applications were 5.4 percent higher than in November of last year when 63,920 applications were submitted.

The total number of FHA insured loans that were completed in November increased 0.2 percent from October, rising from to 88,060 to 88,206. November’s loan completions continued to remain well behind last year’s pace of 131,258 loan completions.

Purchase money mortgages accounted for 64.7 percent of all completed FHA insured loans in November with 57,038 completed, a decline of 5.9 percent from October and 12.1 percent lower than the 64,896 purchase money mortgages in November of 2010.

Completed FHA insured refinance loans accounted for 30.1 percent of all completed loans in November, which was 55.7 percent lower than last year. The 26,514 loans completed in November were still 15.4 percent higher than in October.

The average FICO score for a homebuyer securing an FHA loan in November was 695, down from 696 in October and down from 700 a year ago. For refinanced transactions, the average FICO score in November was 703, unchanged from both the previous month and from a year earlier.

At the end of November, the FHA had 7,376,641 insured single-family mortgages in its portfolio with an amortized balance of $1.030 trillion.

The number of loans insured by the FHA has increased by 9.4 percent in the last year while the amortized balance has increased by 11.9 percent.

The serious delinquency rate, homes that were 90 days or more past due, was 9.3 percent in November, up from 9.0 percent in October and also up from 8.7 percent in November 2010.

Tags: FHA, Single-family Outlook report, loan originations, purchase loans, refinance loans, FICO score, serious delinquency rate

Source:
HUD

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FAST & EASY. DATA ENCRYPTED
Applying to multiple lenders is fast and easy with our one simple questionnaire. Choose the product you’re looking for, take a few moments to answer a few questions and you’re on your way to saving.
NO OBLIGATION. NO HIDDEN FEES
Any of the services on our website are 100% free, there is no obligation to use our services or any hidden fees. We’re not loan brokers so we don’t charge broker fees like other websites.
NO SSN OR CREDIT CHECK
No SSN or credit check is necessary to use our services. We bring lenders to you so they can compete for your business and you save. That information only becomes necessary after you choose a lender.
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Tips
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Tips
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Calculator
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Rates

December 28, 2011 (Shirley Allen)

The number of seriously delinquent loans insured by the Federal Housing Administration (FHA) jumped up 4.2 percent from October to November and is 17.0 percent higher than a year ago according to the agency’s Single-Family Outlook report for November.

An additional 27,792 loans became 90 days or more past due in November bringing the total number of seriously delinquent loans in the FHA’s portfolio to 689,346. In the last year, the number of seriously delinquent loans has increased by 100,399.

A total of 125,596 FHA loan applications were submitted in November, 3.1 percent lower than the 129,675 applications submitted in the previous month of October. Total applications were also lower than in November of last year when 141,199 applications were submitted, a decline of 11.1 percent.

Refinance loan applications declined by 2.0 percent from October to November with a total of 50,730 applications submitted in November compared to 51,772 submitted in October.

Refinance applications continued to be significantly lower compared to last year despite the historically low interest rates in November. The total amount of applications submitted were 26.5 percent lower than the 69,062 refinance applications submitted in November of 2010.

The total number of purchase loan applications was also lower in November, declining by 4.6 percent compared to October. A total of 67,358 applications were submitted in November to purchase homes, down from 70,580 applications submitted in October. Purchase applications were 5.4 percent higher than in November of last year when 63,920 applications were submitted.

The total number of FHA insured loans that were completed in November increased 0.2 percent from October, rising from to 88,060 to 88,206. November’s loan completions continued to remain well behind last year’s pace of 131,258 loan completions.

Purchase money mortgages accounted for 64.7 percent of all completed FHA insured loans in November with 57,038 completed, a decline of 5.9 percent from October and 12.1 percent lower than the 64,896 purchase money mortgages in November of 2010.

Completed FHA insured refinance loans accounted for 30.1 percent of all completed loans in November, which was 55.7 percent lower than last year. The 26,514 loans completed in November were still 15.4 percent higher than in October.

The average FICO score for a homebuyer securing an FHA loan in November was 695, down from 696 in October and down from 700 a year ago. For refinanced transactions, the average FICO score in November was 703, unchanged from both the previous month and from a year earlier.

At the end of November, the FHA had 7,376,641 insured single-family mortgages in its portfolio with an amortized balance of $1.030 trillion.

The number of loans insured by the FHA has increased by 9.4 percent in the last year while the amortized balance has increased by 11.9 percent.

The serious delinquency rate, homes that were 90 days or more past due, was 9.3 percent in November, up from 9.0 percent in October and also up from 8.7 percent in November 2010.

Tags: FHA, Single-family Outlook report, loan originations, purchase loans, refinance loans, FICO score, serious delinquency rate

Source:
HUD

FILL OUT THE FORM
It all starts here. Select the loan product you want to apply for and complete the subsequent questionnaire.
WE VERIFY & TRANSMIT TO LENDERS
Once we receive your completed questionnaire we verify a couple vital pieces of information and direct your information to our network of lenders, all within minutes.
REVIEW YOUR OFFERS
With offers in hand you can now compare rates and costs and get the best possible deal. Comparison shopping made easy. You fill out one form and lenders compete for your business.
CHOOSE YOUR LENDER
Congratulations! With the great learning tools we provide for you at LoanRateUpdate and the offers you have received, you've found the right product and the best rate.
HOW
LOANRATEUPDATE
WORKS
Whether you're looking to refinance your current loan, purchasing a new home or looking for a home equity loan, we make it easy at LoanRateUpdate. Our questionnaire is simple and quick to use and your information is safely transmitted to us with SSL encryption. With just two minutes of your time, you could have multiple lenders competing for your business which could save you thousands.
ADVANTAGES OF USING
LOANRATEUPDATE
FAST & EASY. DATA ENCRYPTED
Applying to multiple lenders is fast and easy with our one simple questionnaire. Choose the product you’re looking for, take a few moments to answer a few questions and you’re on your way to saving.
NO OBLIGATION. NO HIDDEN FEES
Any of the services on our website are 100% free, there is no obligation to use our services or any hidden fees. We’re not loan brokers so we don’t charge broker fees like other websites.
NO SSN OR CREDIT CHECK
No SSN or credit check is necessary to use our services. We bring lenders to you so they can compete for your business and you save. That information only becomes necessary after you choose a lender.

December 28, 2011 (Shirley Allen)

The number of seriously delinquent loans insured by the Federal Housing Administration (FHA) jumped up 4.2 percent from October to November and is 17.0 percent higher than a year ago according to the agency’s Single-Family Outlook report for November.

An additional 27,792 loans became 90 days or more past due in November bringing the total number of seriously delinquent loans in the FHA’s portfolio to 689,346. In the last year, the number of seriously delinquent loans has increased by 100,399.

A total of 125,596 FHA loan applications were submitted in November, 3.1 percent lower than the 129,675 applications submitted in the previous month of October. Total applications were also lower than in November of last year when 141,199 applications were submitted, a decline of 11.1 percent.

Refinance loan applications declined by 2.0 percent from October to November with a total of 50,730 applications submitted in November compared to 51,772 submitted in October.

Refinance applications continued to be significantly lower compared to last year despite the historically low interest rates in November. The total amount of applications submitted were 26.5 percent lower than the 69,062 refinance applications submitted in November of 2010.

The total number of purchase loan applications was also lower in November, declining by 4.6 percent compared to October. A total of 67,358 applications were submitted in November to purchase homes, down from 70,580 applications submitted in October. Purchase applications were 5.4 percent higher than in November of last year when 63,920 applications were submitted.

The total number of FHA insured loans that were completed in November increased 0.2 percent from October, rising from to 88,060 to 88,206. November’s loan completions continued to remain well behind last year’s pace of 131,258 loan completions.

Purchase money mortgages accounted for 64.7 percent of all completed FHA insured loans in November with 57,038 completed, a decline of 5.9 percent from October and 12.1 percent lower than the 64,896 purchase money mortgages in November of 2010.

Completed FHA insured refinance loans accounted for 30.1 percent of all completed loans in November, which was 55.7 percent lower than last year. The 26,514 loans completed in November were still 15.4 percent higher than in October.

The average FICO score for a homebuyer securing an FHA loan in November was 695, down from 696 in October and down from 700 a year ago. For refinanced transactions, the average FICO score in November was 703, unchanged from both the previous month and from a year earlier.

At the end of November, the FHA had 7,376,641 insured single-family mortgages in its portfolio with an amortized balance of $1.030 trillion.

The number of loans insured by the FHA has increased by 9.4 percent in the last year while the amortized balance has increased by 11.9 percent.

The serious delinquency rate, homes that were 90 days or more past due, was 9.3 percent in November, up from 9.0 percent in October and also up from 8.7 percent in November 2010.

Tags: FHA, Single-family Outlook report, loan originations, purchase loans, refinance loans, FICO score, serious delinquency rate

Source:
HUD

Home Buying Tips
Home Selling Tips
About
Mortgages
HOW
LOANRATEUPDATE
WORKS
FILL OUT THE FORM
It all starts here. Select the loan product you want to apply for and complete the subsequent questionnaire.
WE VERIFY & TRANSMIT TO LENDERS
Once we receive your completed questionnaire we verify a couple vital pieces of information and direct your information to our network of lenders, all within minutes.
REVIEW YOUR OFFERS
With offers in hand you can now compare rates and costs and get the best possible deal. Comparison shopping made easy. You fill out one form and lenders compete for your business.
CHOOSE YOUR LENDER
Congratulations! With the great learning tools we provide for you at LoanRateUpdate and the offers you have received, you've found the right product and the best rate.
ADVANTAGES OF USING
LOANRATEUPDATE
FAST & EASY. DATA ENCRYPTED
Applying to multiple lenders is fast and easy with our one simple questionnaire. Choose the product you’re looking for, take a few moments to answer a few questions and you’re on your way to saving.
NO OBLIGATION. NO HIDDEN FEES
Any of the services on our website are 100% free, there is no obligation to use our services or any hidden fees. We’re not loan brokers so we don’t charge broker fees like other websites.
NO SSN OR CREDIT
CHECK
No SSN or credit check is necessary to use our services. We bring lenders to you so they can compete for your business and you save. That information only becomes necessary after you choose a lender.