FHA Commercial Mortgage Portfolio



center8201025June 202100June 20210000000000006794507296785FHA Commercial Mortgage Portfolio00FHA Commercial Mortgage Portfolio22098009246235Office of Risk Management and Regulatory Affairs, Office of Evaluation, Reporting & Analysis Division00Office of Risk Management and Regulatory Affairs, Office of Evaluation, Reporting & Analysis DivisionTable of Contents TOC \o "1-3" \h \z \u Table 1. FHA Multifamily Apartments Insured Portfolio, Transitions within Portfolio PAGEREF _Toc512950700 \h 3Table 2. FHA Multifamily Apartments Pipeline Summary PAGEREF _Toc512950701 \h 5Table 3. FHA Multifamily Apartments 60+ Day Default Rate PAGEREF _Toc512950702 \h 8Table 4. FHA Residential Care Facilities Insured Portfolio, Transitions within Portfolio PAGEREF _Toc512950703 \h 10Table 5. FHA Residential Care Facilities Pipeline Summary PAGEREF _Toc512950704 \h 12Table 6. FHA Residential Care Facilities 60+ Day Default Rate PAGEREF _Toc512950705 \h 13Table 7. FHA Hospital Facilities Insured Portfolio, Transitions within Portfolio PAGEREF _Toc512950706 \h 15Table 8. FHA Hospital Facilities Pipeline Summary PAGEREF _Toc512950707 \h 17Table 9. FHA Hospital Facilities 60+ Day Default Rate PAGEREF _Toc512950708 \h 18Table of Figures TOC \h \z \c "Figure" Figure 1: FHA Multifamily Apartments Insurance-in-Force and Count, Last 2 Years PAGEREF _Toc512950733 \h 4Figure 2: FHA Multifamily Apartments Endorsement UPB and Count for All Risk Categories for Last 2 Years PAGEREF _Toc512950734 \h 7Figure 3: FHA Multifamily Apartments Endorsement Amount by Risk Category for Last 2 Years PAGEREF _Toc512950735 \h 7Figure 4: FHA Multifamily Apartments Default UPB and Count for Last 2 Years PAGEREF _Toc512950736 \h 9Figure 5: FHA Residential Care Facilities Insurance-in-Force and Count, Last 2 Years PAGEREF _Toc512950737 \h 11Figure 6: FHA Residential Care Facilities Default UPB and Count for Last 2 Years PAGEREF _Toc512950738 \h 14Figure 7: FHA Hospital Facilities Insurance-in-Force and Count, Last 2 Years PAGEREF _Toc512950739 \h 16Figure 8: FHA Hospital Facilities Default UPB and Count for Last 2 Years PAGEREF _Toc512950740 \h 19Table 1. FHA Multifamily Apartments Insured Portfolio, Transitions within PortfolioInsured PortfolioNumber of LoansLoan Balance ($ millions)Insurance in Force (Beginning)11,304110,239.9Terminations(154)(1,622.3)Claims00.0Regular Claim00.0Mark to Market00.0Partial Payment Claim00.0Maturity(2)(0.1)Prepayment(94)(787.1)Refinanced with FHA Loans(58)(835.1)New Endorsements1212,412.6New Business27478.8221(d)(3)a00.0221(d)(4)b18354.7223(a)(7)c00.0241e323.0542(b) New Constructionf00.0542(c) New Constructiong6101.0223(d)h00.0Other Rentali00.0Refinance941,933.7223(a)(7)c26440.6223(f)d681,493.2241e00.0542(b) Refinancef00.0542(c) Refinanceg00.0223(d)h00.0Amortization / Principal Reductionna(156.2)Insurance in Force (Ending)11,271110,874.1Defaults.60+ Day Defaults (Beginning)41642.1No Longer in Default(7)(118.6)Reinstated(3)(20.1)Default to Delinquent(1)(68.7)Terminated Defaults(3)(29.8)Continuing Defaults34523.4New 60+ Day Defaults365.8Amortization / Principal Reductionna(0.5)60+ Day Defaults (Ending)37588.7na = not applicable.NOTE 1: Data are for June 2, 2021 – July 2, 2021.NOTE 2: The previously reported MF default data may have changed because we now consider the CARES Act forbearance exit date.a Section 221(d)(3): Insures mortgage loans in order to facilitate the new construction or rehabilitation of multi-family rental, cooperative housing, or single-room occupancy facilities (SROs) for moderate-income households, the elderly, and people with disabilities for up to 100 percent of replacement costs for public, nonprofit, and cooperative mortgagors.b Section 221(d)(4): Insures mortgage loans in order to facilitate the new construction or rehabilitation of multi-family rental, cooperative housing, or single-room occupancy facilities (SROs) for moderate-income households, the elderly, and people with disabilities for up to 90 percent of replacement costs irrespective of the type of mortgagor.c Section 223(a)(7): Permits refinancing of an existing loan to reduce interest rate and/or extend amortization period in order to reduce risk of default.d Section 223(f): Insures mortgage loans to facilitate the purchase or refinancing of existing multifamily rental housing. e Section 241: Insures mortgage loans to finance repairs, additions, and improvements to multifamily rental housing with FHA-insured first mortgages or HUD-held mortgages.f Section 542(b): Authorizes HUD to enter into reinsurance agreements with Fannie Mae, Freddie Mac, qualified financial institutions (QFIs), and the Federal Housing Finance Board. g Section 542(c): Enables HUD to carry out a program in conjunction with qualified state and local housing finance agencies (HFAs) to provide federal credit enhancement for loans for affordable multifamily housing through a system of risk-sharing agreements. h Section 223(d): Insures two-year operating loss loans that cover operating losses during the first 2 years after completion (or any other 2-year period within the first 10 years after completion) of multifamily projects with a HUD-insured first mortgage.i Other Rental: Mortgage loan insurance for Mobile Home Courts (Section 207), Management Cooperative (Section 213), Consumer Cooperative (Section 213(i)), Urban Renewal Housing (Section 220), and Elderly Housing (Section 231).SOURCE: U.S. Department of HUD/FHA, July 2021.Figure SEQ Figure \* ARABIC 1: FHA Multifamily Apartments Insurance-in-Force and Count, Last 2 YearsUnpaid Principal Balance (UPB) is the current outstanding principal balance due on the mortgage. SOURCE: U.S. Department of HUD/FHA, July 2021.Table 2. FHA Multifamily Apartments Pipeline SummaryJun 2021Jun 2020FY 2021 to-dateFY 2020 to-dateFY 2020 FinalNumber of LoansLoan Balance ($ millions)Number of LoansLoan Balance ($ millions)Number of LoansLoan Balance ($ millions)Number of LoansLoan Balance ($ millions)Number of LoansLoan Balance ($ millions)Applications1633,932.62524,759.81,89441,705.71,41329,163.42,17445,389.4221(d)(3)a, 223(d)b, 241(a)c00.011.6489.8979.21087.1221(d)(4)d431,413.4471,251.737211,873.52687,225.238110,424.7223(a)(7)e9146.1731,498.93346,081.83646,462.35729,971.8223(f)f912,043.01201,809.81,07321,017.068312,880.11,08521,532.6542 Risk Shareg,h18280.89139.0882,038.4671,687.2902,044.5Other Rentali249.2258.823605.222829.5361,328.8Commitments1492,496.91352,638.11,35725,436.678115,350.31,13721,849.8221(d)(3)a, 223(d)b, 241(a)c00.000.01068.2338.4440.0221(d)(4)d18451.523488.81683,793.71654,145.32095,333.0223(a)(7)e30428.436537.53816,234.51863,000.13245,457.0223(f)f911,408.6681,491.171813,669.63767,008.25269,532.2542 Risk Shareg,h9177.28120.7691,269.946974.2671,243.1Other Rentali131.300.011400.75184.07244.4Endorsements821,726.4871,666.11,12322,049.567912,967.099619,012.0221(d)(3)a, 223(d)b, 241(a)c00.000.0428.5554.2554.2221(d)(4)d12317.215363.11583,765.61574,051.22015,181.0223(a)(7)e15205.422307.73756,722.61222,257.12243,777.0223(f)f461,037.542893.952110,365.23355,760.64848,862.0542 Risk Shareg,h7106.68101.357851.454709.9761,003.9Other Rentali259.700.08316.36133.96133.9a Section 221(d)(3): Insures mortgage loans in order to facilitate the new construction or rehabilitation of multi-family rental, cooperative housing, or single-room occupancy facilities (SROs) for moderate-income households, the elderly, and people with disabilities for up to 100 percent of replacement costs for public, nonprofit, and cooperative mortgagors.b Section 223(d): Insures two-year operating loss loans that cover operating losses during the first 2 years after completion (or any other 2-year period within the first 10 years after completion) of multifamily projects with a HUD-insured first mortgage.c 241(a): Insures mortgage loans to finance repairs, additions, and improvements to multifamily rental housing and health care facilities with FHA-insured first mortgages or HUD-held mortgages.d Section 221(d)(4): Insures mortgage loans in order to facilitate the new construction or rehabilitation of multi-family rental, cooperative housing, or single-room occupancy facilities (SROs) for moderate-income households, the elderly, and people with disabilities for up to 90 percent of replacement costs irrespective of the type of mortgagor.e Section 223(a)(7): Permits refinancing of an existing loan to reduce interest rate and/or extend amortization period in order to reduce risk of default.f Section 223(f): Insures mortgage loans to facilitate the purchase or refinancing of existing multifamily rental housing. These projects may have been financed originally with conventional or FHA-insured mortgages. Properties requiring substantial rehabilitation are not eligible for mortgage insurance under this program. HUD permits the completion of non-critical repairs after endorsement for mortgage insurance.g Section 542(b): Authorizes HUD to enter into reinsurance agreements with Fannie Mae, Freddie Mac, qualified financial institutions (QFIs), and the Federal Housing Finance Board. The agreements provide for risk-sharing on a 50-50 basis. Currently, only Fannie Mae and Freddie Mac have active risk-sharing programs with HUD.h Section 542(c): Enables HUD to carry out a program in conjunction with qualified state and local housing finance agencies (HFAs) to provide federal credit enhancement for loans for affordable multifamily housing through a system of risk-sharing agreements. Agreements provide for risk-sharing between 10 percent and 90 percent.i Other Rental: Mortgage loan insurance for Mobile Home Courts (Section 207), Management Cooperative (Section 213), Consumer Cooperative (Section 213(i)), Urban Renewal Housing (Section 220), and Elderly Housing (Section 231).SOURCE: U.S. Department of HUD/FHA, July 2021.Figure SEQ Figure \* ARABIC 2: FHA Multifamily Apartments Endorsement UPB and Count for All Risk Categories, Last 2 YearsUnpaid Principal Balance (UPB) is the current outstanding principal balance due on the mortgage.SOURCE: U.S. Department of HUD/FHA, July 2021.Figure SEQ Figure \* ARABIC 3: FHA Multifamily Apartments Endorsement Amount by Risk Category, Last 2 YearsUnpaid Principal Balance (UPB) is the current outstanding principal balance due on the mortgage.Other Rental: Mortgage loan Insurance for Mobile Home Courts (Section 207), Management Cooperative (Section 213), Consumer Cooperative (Section 213(i)), Urban Renewal Housing (Section 220) and Elderly Housing (Section 231).SOURCE: U.S. Department of HUD/FHA, July 2021.Table 3. FHA Multifamily Apartments 60+ Day Default RateCalendar YearMonthDefault Ratea (%)2018Jun0.09Jul0.10Aug0.13Sep0.09Oct0.08Nov0.10Dec0.112019Jan0.12Feb0.12Mar0.13Apr0.14May0.08Jun0.10Jul0.04Aug0.06Sep0.09Oct0.04Nov0.03Dec0.072020Jan0.06Feb0.06Mar0.07Apr0.20May0.32Jun0.60Jul0.68Aug0.91Sep1.02Oct1.09Nov1.05Dec0.942021Jan0.90Feb0.86Mar0.79Apr0.67May0.58Jun0.53a The percentage of the total outstanding balance of FHA-insured multifamily loans that are 60 days or more past due.NOTE: The previously reported MF default data may have changed because we now consider the CARES Act forbearance exit date.SOURCE: U.S. Department of HUD/FHA, July 2021.Figure SEQ Figure \* ARABIC 4: FHA Multifamily Apartments Default UPB and Count, Last 2 YearsUnpaid Principal Balance (UPB) is the current outstanding principal balance due on the mortgage. NOTE: The previously reported MF default data may have changed because we now consider the CARES Act forbearance exit date.SOURCE: U.S. Department of HUD/FHA, July 2021.Table 4. FHA Residential Care Facilities Insured Portfolio, Transitions within PortfolioInsured PortfolioNumber of LoansLoan Balance ($ millions)Insurance in Force (Beginning)3,85133,000.4Terminations(77)(521.4)Claims(2)(13.0)Regular Claim(2)(13.0)Mark to Market00.0Partial Payment Claim00.0Maturity00.0Prepayment(35)(136.4)Refinanced with FHA Loans(40)(372.1)New Endorsements51484.4New Business00.0223(d)a00.0232 New Constructionb00.0241c00.0Refinance51484.4223(d)a00.0232 Refinanceb51484.4Amortization / Principal Reductionna(66.1)Insurance in Force (Ending)3,82532,897.3Defaults.60+ Day Defaults (Beginning)73595.1No Longer in Default(3)(21.4)Reinstated00.0Default to Delinquent00.0Terminated Defaults(3)(21.4)Continuing Defaults70573.6New 60+ Day Defaults311.9Amortization / Principal Reductionna(1.4)60+ Day Defaults (Ending)73584.2na = not applicable.NOTE: Data are for June 2, 2021 – July 2, 2021.a Section 223(d): Insures 2-year operating loss loans that cover operating losses during the first 2 years after completion (or any other 2-year period within the first 10 years after completion) of residential care projects with a HUD-insured first mortgage.b Section 232: Insures loans to finance nursing homes, assisted living facilities, and board and care facilities. c Section 241: Insures loans to finance repairs, additions, and improvements to residential care facilities with FHA-insured first mortgages or HUD-held mortgages.SOURCE: U.S. Department of HUD/FHA, July 2021.Figure SEQ Figure \* ARABIC 5: FHA Residential Care Facilities Insurance-in-Force and Count, Last 2 YearsUnpaid Principal Balance (UPB) is the current outstanding principal balance due on the mortgage.SOURCE: U.S. Department of HUD/FHA, July 2021.Table 5. FHA Residential Care Facilities Pipeline SummaryJun 2021Jun 2020FY 2021 to-dateFY 2020 to-dateFY 2020 FinalNumber of LoansLoan Balance ($ millions)Number of LoansLoan Balance ($ millions)Number of LoansLoan Balance ($ millions)Number of LoansLoan Balance ($ millions)Number of LoansLoan Balance ($ millions)Applicationsa62486.044597.45476,358.54576,226.56949,550.6223(d)b3121.100.03833.200.0110.0232 New Constructionc113.0125.125607.312246.416333.1232 Refinancec29426.443572.34785,611.04355,891.96679,119.2241d125.500.06106.91088.21088.2Commitmentse45514.430373.43073,839.82483,162.73364,106.2223(d)b00.000.000.010.810.8232 New Constructionc00.000.0126.8490.05104.9232 Refinancec45514.430373.43063,813.02333,013.73193,939.4241d00.000.000.01058.21161.1Endorsementsf14122.329385.72422,888.32383,383.33224,375.3223(d)b00.000.000.010.810.8232 New Constructionc00.000.0126.96133.56133.5232 Refinancec14122.329385.72392,851.72243,199.33064,183.2241d00.000.029.7749.9957.9a Application data may differ from data reported on the Office of Residential Care Facilities website due to data in the queue that are not yet assigned when this table is prepared.b Section 223(d): Insures two-year operating loss loans that cover operating losses during the first 2 years after completion (or any other 2-year period within the first 10 years after completion) of residential care projects with a HUD-insured first mortgage.c Section 232: Insures loans to finance nursing homes, assisted living facilities, and board and care facilities. d Section 241: Insures loans to finance repairs, additions, and improvements to residential care facilities with FHA-insured first mortgages or HUD-held mortgages.e Commitment data may differ from data reported on the Office of Residential Care Facilities website due to differences in when the reports are created.f Endorsement data may differ from data reported on the Office of Residential Care Facilities website due to differences in when the reports are created.SOURCE: U.S. Department of HUD/FHA, July 2021.Table 6. FHA Residential Care Facilities 60+ Day Default RateCalendar YearMonthDefault Ratea (%)2018Jun1.37Jul1.74Aug1.17Sep1.19Oct1.16Nov1.19Dec1.342019Jan1.35Feb1.35Mar1.34Apr1.19May1.63Jun1.70Jul1.63Aug1.83Sep1.68Oct1.76Nov1.82Dec2.042020Jan1.78Feb1.78Mar1.87Apr1.89May2.13Jun2.00Jul2.00Aug1.91Sep1.89Oct1.93Nov2.18Dec1.752021Jan1.75Feb1.74Mar1.69Apr1.78May1.80Jun1.78a The percentage of the total outstanding balance of FHA-insured residential care loans that are 60 days or more past due.SOURCE: U.S. Department of HUD/FHA, July 2021.Figure SEQ Figure \* ARABIC 6: FHA Residential Care Facilities Default UPB and Count, Last 2 YearsUnpaid Principal Balance (UPB) is the current outstanding principal balance due on the mortgage.SOURCE: U.S. Department of HUD/FHA, July 2021.Table 7. FHA Hospital Facilities Insured Portfolio, Transitions within PortfolioInsured PortfolioNumber of LoansLoan Balance ($ millions)Insurance in Force (Beginning)896,007.1Terminations(2)(47.1)Claims00.0Regular Claim00.0Mark to Market00.0Partial Payment Claim00.0Maturity00.0Prepayment(2)(47.1)Refinanced with FHA Loans00.0New Endorsements1366.2New Business00.0242 Construction – Non-Portfolio Hospitala00.0241 Construction or Addition – Portfolio Hospitalb00.0223(a)(7) Refinancing – Portfolio Hospitalc00.0223(f) Refinancing or Acquisition – Non-Portfolio Hospitald00.0Refinance1366.2223(a)(7) Refinancing – Portfolio Hospitalc00.0223(f) Refinancing or Acquisition – Non-Portfolio Hospitald1366.2Amortization / Principal Reductionna(21.6)Insurance in Force (Ending)886,304.6Defaults.60+ Day Defaults (Beginning)00.0No Longer in Default00.0Reinstated00.0Default to Delinquent00.0Terminated Defaults00.0Continuing Defaults00.0New 60+ Day Defaults00.0Amortization / Principal Reductionna0.060+ Day Defaults (Ending)00.0na = not applicable.NOTE: Data are for June 2, 2021 – July 2, 2021.a Section 242: Provides mortgage insurance for acute care hospital facility construction loans. b Section 241: Insures mortgage loans to finance repairs, additions, and improvements to hospital facilities with FHA-insured first mortgages or HUD-held mortgages.c Section 223(a)(7): Permits refinancing of an existing loan to reduce interest rate and/or extend amortization period in order to reduce risk of default.d Section 223(f): Insures mortgage loans to facilitate the purchase of a hospital facility or the refinancing of an existing hospital facility loan.SOURCE: U.S. Department of HUD/FHA, July 2021.Figure SEQ Figure \* ARABIC 7: FHA Hospital Facilities Insurance-in-Force and Count, Last 2 YearsUnpaid Principal Balance (UPB) is the current outstanding principal balance due on the mortgage.SOURCE: U.S. Department of HUD/FHA, July 2021.Table 8. FHA Hospital Facilities Pipeline SummaryJun 2021Jun 2020FY 2021 to-dateFY 2020 to-dateFY 2020 FinalNumber of LoansLoan Balance ($ millions)Number of LoansLoan Balance ($ millions)Number of LoansLoan Balance ($ millions)Number of LoansLoan Balance ($ millions)Number of LoansLoan Balance ($ millions)Applicationsa00.03256.271,028.63256.28883.6242 Construction – Non-Portfolio Hospitalb00.000.000.000.000.0241 Construction or Addition – Portfolio Hospitalc00.000.03453.600.0161.7223(a)(7) Refinancing – Portfolio Hospitald00.02114.200.02114.23133.1223(f) Refinancing or Acquisition – Non-Portfolio Hospitale00.01142.04575.01142.04688.8Commitmentsf00.000.061,143.73412.26695.7242 Construction – Non-Portfolio Hospitalb00.000.000.000.000.0241 Construction or Addition – Portfolio Hospitalc00.000.03442.31141.21141.2223(a)(7) Refinancing – Portfolio Hospitald00.000.000.000.02126.7223(f) Refinancing or Acquisition – Non-Portfolio Hospitale00.000.03701.42271.03427.8Endorsementsg00.000.06878.83359.25702.4242 Construction – Non-Portfolio Hospitalb00.000.000.000.000.0241 Construction or Addition – Portfolio Hospitalc00.000.0160.61141.21141.2223(a)(7) Refinancing – Portfolio Hospitald00.000.02126.400.000.0223(f) Refinancing or Acquisition – Non-Portfolio Hospitale00.000.03691.82218.04561.2a Application data from previous months may change as data are added to the HUD database after the creation date of this report.b Section 242: Provides mortgage insurance for acute care hospital facility construction loans. c Section 241: Insures mortgage loans to finance repairs, additions, and improvements to hospital facilities with FHA-insured first mortgages or HUD-held mortgages.d Section 223(a)(7): Permits refinancing of an existing loan to reduce interest rate and/or extend amortization period in order to reduce risk of default.e Section 223(f): Insures mortgage loans to facilitate the purchase of a hospital facility or the refinancing of an existing hospital facility loan.f Commitment data from previous months may change as data are added to the HUD database after the creation date of this report.g Endorsement data from previous months may change as data are added to the HUD database after the creation date of this report.SOURCE: U.S. Department of HUD/FHA, July 2021.Table 9. FHA Hospital Facilities 60+ Day Default RateCalendar YearMonthDefault Ratea (%)2018Jun0.47Jul0.22Aug0.23Sep0.22Oct0.22Nov0.22Dec0.002019Jan0.00Feb0.00Mar0.00Apr0.00May0.00Jun0.00Jul0.00Aug0.00Sep0.00Oct0.00Nov0.00Dec0.002020Jan0.00Feb0.00Mar0.00Apr0.00May0.00Jun0.00Jul0.00Aug0.00Sep0.00Oct0.00Nov0.00Dec0.002021Jan1.59Feb1.61Mar0.00Apr0.00May0.00Jun0.00a The percentage of the total outstanding balance of FHA-insured hospital loans that are 60 days or more past due.SOURCE: U.S. Department of HUD/FHA, July 2021.Figure SEQ Figure \* ARABIC 8: FHA Hospital Facilities Default UPB and Count, Last 2 YearsUnpaid Principal Balance (UPB) is the current outstanding principal balance due on the mortgage.SOURCE: U.S. Department of HUD/FHA, July 2021. ................
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