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FHA Loan Originations Down 22% From Last Year
FHA Loan Originations Down 22% From Last Year
FHA Loan Originations Down 22% From Last Year
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July 28, 2011 (Shirley Allen)

Mortgage loan applications to the Federal Housing Administration (FHA) were 22 percent lower in June than they were a year ago due to a nearly 50 percent drop in refinance applications according to the agency’s Single-Family Outlook report.

The FHA had a total of 131,796 loan applications in June of this year compared to 168,915 in June of 2010, a decrease of 22 percent. June’s loan applications still out paced May’s, which recorded a total of 118,784 applications.

The drop in loan applications is directly attributed to a 50 percent drop in year-over-year refinance applications. In June of last year, the FHA recorded 69,876 refinance loan applications, while in June of this year, there were only 35,367 refinance applications, a decrease of 34,509 applications.

Year-over-year, purchase loan applications were down 2.5 percent, with June 2011 registering 87,674 purchase applications compared to 89,951 purchase loan applications in June 2010.

The number of completed FHA insured loans also dropped in June, nearly 33 percent compared to last year. In June 2010, the FHA insured 150,911 loans, while in June of this year, the FHA insured 101,469 mortgages.

Completed purchase money mortgages were down nearly 36 percent from 115,831 in June 2010 to 74,370 in June 2011. Similarly, refinance transactions dropped nearly 29 percent from 29,776 in June of last year to 21,242 in June 2011.

The average FICO score for a homebuyer securing a FHA loan in June was 699. The average FICO score a year ago was 698. For refinanced transactions, the average FICO score in June was 698, while the average score a year earlier was 694.

At the end of June, the FHA had 7,151,199 insured single-family mortgages in its portfolio with an amortized balance of $994.6 billion.

The serious delinquency rate, homes that were 90 days or more past due, was 8.2 percent, down from 8.6 percent in June 2010.

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

Source:
HUD

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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.
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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.
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Congratulations! With the great learning tools we provide for you at LoanRateNetwork and the offers you have received, you've found the right product and the best rate.
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LOANRATENETWORK
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.
Information You Can Use
Helpful Tools
Mortgage
Calculator
Estimate your monthly mortgage payment
Auto Loan
Calculator
Determine how much car you can afford before buying
Learn About
Mortgage Loans
Learn about the different types of home loans
15 Year vs 30 Year
Loan Comparison
Compare 15 year and 30 year mortgage loans
Todays Mortgage
Rates
See today's mortgage rates. Shop, compare and save.

July 28, 2011 (Shirley Allen)

Mortgage loan applications to the Federal Housing Administration (FHA) were 22 percent lower in June than they were a year ago due to a nearly 50 percent drop in refinance applications according to the agency’s Single-Family Outlook report.

The FHA had a total of 131,796 loan applications in June of this year compared to 168,915 in June of 2010, a decrease of 22 percent. June’s loan applications still out paced May’s, which recorded a total of 118,784 applications.

The drop in loan applications is directly attributed to a 50 percent drop in year-over-year refinance applications. In June of last year, the FHA recorded 69,876 refinance loan applications, while in June of this year, there were only 35,367 refinance applications, a decrease of 34,509 applications.

Year-over-year, purchase loan applications were down 2.5 percent, with June 2011 registering 87,674 purchase applications compared to 89,951 purchase loan applications in June 2010.

The number of completed FHA insured loans also dropped in June, nearly 33 percent compared to last year. In June 2010, the FHA insured 150,911 loans, while in June of this year, the FHA insured 101,469 mortgages.

Completed purchase money mortgages were down nearly 36 percent from 115,831 in June 2010 to 74,370 in June 2011. Similarly, refinance transactions dropped nearly 29 percent from 29,776 in June of last year to 21,242 in June 2011.

The average FICO score for a homebuyer securing a FHA loan in June was 699. The average FICO score a year ago was 698. For refinanced transactions, the average FICO score in June was 698, while the average score a year earlier was 694.

At the end of June, the FHA had 7,151,199 insured single-family mortgages in its portfolio with an amortized balance of $994.6 billion.

The serious delinquency rate, homes that were 90 days or more past due, was 8.2 percent, down from 8.6 percent in June 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 LoanRateNetwork and the offers you have received, you've found the right product and the best rate.
HOW LOANRATENETWORK
LOAN CENTER WORKS
ADVANTAGES OF USING
LOANRATENETWORK
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.
Information You Can Use
Helpful Tools

July 28, 2011 (Shirley Allen)

Mortgage loan applications to the Federal Housing Administration (FHA) were 22 percent lower in June than they were a year ago due to a nearly 50 percent drop in refinance applications according to the agency’s Single-Family Outlook report.

The FHA had a total of 131,796 loan applications in June of this year compared to 168,915 in June of 2010, a decrease of 22 percent. June’s loan applications still out paced May’s, which recorded a total of 118,784 applications.

The drop in loan applications is directly attributed to a 50 percent drop in year-over-year refinance applications. In June of last year, the FHA recorded 69,876 refinance loan applications, while in June of this year, there were only 35,367 refinance applications, a decrease of 34,509 applications.

Year-over-year, purchase loan applications were down 2.5 percent, with June 2011 registering 87,674 purchase applications compared to 89,951 purchase loan applications in June 2010.

The number of completed FHA insured loans also dropped in June, nearly 33 percent compared to last year. In June 2010, the FHA insured 150,911 loans, while in June of this year, the FHA insured 101,469 mortgages.

Completed purchase money mortgages were down nearly 36 percent from 115,831 in June 2010 to 74,370 in June 2011. Similarly, refinance transactions dropped nearly 29 percent from 29,776 in June of last year to 21,242 in June 2011.

The average FICO score for a homebuyer securing a FHA loan in June was 699. The average FICO score a year ago was 698. For refinanced transactions, the average FICO score in June was 698, while the average score a year earlier was 694.

At the end of June, the FHA had 7,151,199 insured single-family mortgages in its portfolio with an amortized balance of $994.6 billion.

The serious delinquency rate, homes that were 90 days or more past due, was 8.2 percent, down from 8.6 percent in June 2010.

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

Source:
HUD

HOW LOANRATENETWORK
LOAN CENTER 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 LoanRateNetwork and the offers you have received, you've found the right product and the best rate.
ADVANTAGES OF USING
LOANRATENETWORK
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.
Information You Can Use

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