Government-insured home-improvement production crept up during the final month of last year, and the book of business continued to runoff.
Data reported by the Department of Housing and Urban Development indicate that 40 Title I property-improvement mortgages were endorsed by the Federal Housing Administration during December.
Title I loans have loan amounts up to $25,000, minimum terms of six months, and maximum terms of 20 years.
Previous HUD reports said that Title I production inched higher from November, when units insured by FHA numbered an anemic 38. But business slipped from 45 endorsements in December 2021.
Last year closed out with FHA insurance in force on 11,049 loans for $216 million. FHA’s book of business contracted from 11,188 loans for $219 million as of Nov. 30, and 14,108 loans for $275 million as of Dec. 31, 2021.