AccessMyLibrary provides FREE access to over 30 million articles from top publications available through your library.
Create a link to this page
Copy and paste this link tag into your Web page or blog:
FHA Insurance Fund Posts Gain Despite Heavy Losses in '03.
The Federal Housing Administration's capital ratio rose to 5.21% in fiscal year 2003 from 4.52% in FY 2002, but capital reserves rose by only $100 million to $22.7 billion, according to the annual actuarial report prepared by Deloitte & Touche.
"Two large offsetting impacts" contributed to the increase in the capital ratio, the auditors said. The quality of FHA single-family loans endorsed in FY 2003 increased the economic value of the FHA mortgage insurance fund by $2.8 billion.
"Countering this effect is the extraordinarily high prepayment activity that has adversely impacted the FHA's economic value during FY 2003, as well as the claim activity that has exceeded the levels predicted in our 2002 study," the Deloitte & Touche report says.
FHA loan endorsements totaled $147.4 billion in FY 2003, but runoff totaled $193.2 billion. The FHA portfolio fell to $382.2 billion in FY 2003 from $435.4 billion the previous year, according to Bush administration budget documents.
Meanwhile, claims from defaulted loans jumped from $3.9 billion in FY 2002 to $7.3 billion in FY 2003. (The 2003 fiscal year ended Sept. 30, 2003.)
A rising serious default rate (90 days or more past due) and a higher number of foreclosures took their toll.
An FHA portfolio report shows that single-family foreclosures increased from 64,245 in FY 2002 to 73,254 in FY 2003. The number of loss mitigation claims filed by FHA lenders totaled 64,245 in FY 2003, ...
- NRMLA/FHA Tally FY '05 HECMs.
- Magazine article from: National Mortgage News November 14, 2005 700+ words
...from 21,838 one-year prior. Typically there is a four- to six-week delay between when a reverse mortgage closes and when FHA insurance is issued. Peter Bell, NRMLA president said year-end volume might have been higher had there not been a backlog...
- HECM Volume Up Nearly 44% In FY 2006: Wells Fargo led all FHA originators last...
- Magazine article from: National Mortgage News March 5, 2007 700+ words
...Mortgage LLC with 831, Home Center Mortgage with 814 and First Mariner Bank with 775. Top Retail HECM Originators Name FY 2006 FY 2005 Wells Fargo 23,271 14,346 Financial Freedom 7,492 4,726 Seattle Mortgage 2,961 1,806 Liberty Reverse...
- FHA Budget to Remain at FY 2005 Levels.
- News wire article from: Mortgage Line Collins, Brian January 19, 2006 700+ words
...housing finance programs at FY 2005 levels. The Federal...that started Oct. 1. FHA insured only $62.3 billion in SF loans in FY 2005, down sharply from $115.9 billion in FY 2004. The appropriators...Account, which insures FHA multifamily and reverse...
- FHA Had Record SF Volume in FY '99.
- Magazine article from: National Mortgage News October 11, 1999 700+ words
...will be an all-time record in volume," FHA commissioner William Apgar said. "It will...he added. In terms of number of loans, FHA expects to be just shy if 1.3 million...4 million loans. In fiscal year 1998, FHA endorsed 1.1 million single-family loans...
- FHA Claims Trend Downward.(Federal Housing Administration single-family...
- Magazine article from: National Mortgage News May 1, 2000 700+ words
...conveyance claim rate was 1.09% in FY 1999. Considering the FHA's mission of serving less qualified...as loss mitigation claims. In FY 1999, the FHA paid 4,495 claims on pre...compared to 20,815 for all of FY 1999. FHA officials believe that increased...
- FHA Sees Positive Outlook for 1-4.
- Magazine article from: National Mortgage News April 16, 2001 700+ words
...which ends Sept. 30) and $134.7 billion in FY 2002. FHA insured $94.1 billion in single family loans...Development made a large upward re-estimate in FHA claims. In FY 1999, FHA set aside $3.23 billion in reserves to cover...
- FHA Expects a Big Year.(Federal Housing Administration)
- Magazine article from: Origination News Collins, Brian April 1, 2009 700+ words
...to $300 billion. FHA endorsements totaled $171.8 billion in FY 2008, including...the first quarter of FY 2009, FHA single-family endorsements...as lenders are using FHA to modify and refinance...final passage of the FY 2009 omnibus appropriations...
- FHA Expects Single-Family to Lose Money Next Year.
- News wire article from: Mortgage Line Collins, Brian March 15, 2007 700+ words
...from 10% to 12% in 2006, based on recent projections. At the same time, FHA originations fell from $51.8 billion in FY 2006 to $44.4 billion in FY 2007. FHA production is projected to be $39.7 billion in FY 2008. "The administration...
Source: HighBeam Research, FHA Insurance Fund Posts Gain Despite Heavy Losses in '03.