November Originations Up, Up & Away, Says HUD
December 13th, 2007
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The FHA program continues to roar along while much of the rest of the mortgage market is stuck in park.
The latest numbers from HUD show that in the first 15 days of November applications are coming in at an annualized rate of 1.4 million. That’s twice the 680,000 applications actually received in fiscal 2007, the period which ended September 30th.
HUD endorsed (insured) 20,152 loans in the first two weeks of November. Of this number 18,953 were “forward” loans and 1,199 were reverse mortgage products.
The HUD statistics reflect real-world marketplace realities: Lenders are running as fast as they can from toxic mortgages, neither borrowers nor investors want such products and the result is that the FHA program stands out as a model of clarity and common sense. Unfortunately, too many people did not take FHA loans in the past few years and that is a key reason for the mortgage meltdown we face today.
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