FHA refinance mortgages surpassed the records set during the refinance boom of 2003. More than 80,000 refinance mortgages were endorsed for FHA insurance in March 2009. the previous record was 71,487 set back in September 2003.
The total mortgage dollar amounts have set records most months since May 2008 with $8.85 billion dollars in FHA refinance mortgages. In March 2009, the total dollar volume of FHA refinance mortgages exceeded $15 billion dollars. FHA continues to grab more market share across the nation as lenders have become reluctant to offer conventional financing not meeting Fannie Mae and Freddie Mac guidelines.
The leading FHA funding mortgage originators for the first quarter of 2009 are Countrywide Bank, Wells Fargo Mortgage, Taylor Bean & Whitaker, Flagstar Bank, and MetLife Bank.