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Residential Finance Survey - Detailed Regional Tables: 2001

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Residential Finance Survey: 2001 - United States
Table 5-12. Junior Mortgage Characteristics, Rental and Vacant 2- to 4-Housing-Unit Mortgaged Properties
^Number of junior mortgages in thousands.
For information on confidentiality protection, sampling error, nonsampling error, and definitions, see text.
For minimum base for derived figures (percent, median, etc.) and meaning of symbols, see text.
@6Columns may not add to total junior mortgages, because installment loans are included in total^^

All junior mortgages@6 Home equity lines of credit Traditional junior mortgages

Total junior mortgages		 166 78 88
Junior mortgages outstanding 97 10 88

MORTGAGE CHARACTERISTICS


Type of Junior Mortgage Instrument

Fixed-rate, level-payment mortgage		 70 0 70
Short-term with balloon payment mortgage 0 0 0
Reverse mortgage 0 0 0
Adjustable rate mortgage (ARM) 13 0 13
Other 15 10 5

Purpose of Junior Mortgage

Provide funds for the purchase of the
property		 41 0 41
Provide funds for additions,
improvements, or repairs to this
property		 29 3 27
Provide funds for consolidation of debts 3 0 3
Provide funds for investment in other
real estate		 2 2 0
Provide funds for other types of
investments		 0 0 0
Provide funds for educational or medical
expenses		 0 0 0
Provide funds to start a business 0 0 0
Provide funds to settle a divorce 0 0 0
Provide funds to pay taxes 0 0 0
Provide funds to purchase an automobile,
truck, or vehicle		 0 0 0
Provide funds to purchase consumer
product		 0 0 0
Other reasons 5 0 5
Not reported 16 5 11

Year Junior Mortgage Made or Assumed

Traditional junior
mortgages		 88 0 88
1999 to 2001 (part) 36 0 36
1997 and 1998 27 0 27
1995 and 1996 10 0 10
1990 to 1994 5 0 5
1985 to 1989 8 0 8
1980 to 1984 1 0 1
1979 or earlier 0 0 0
Other junior mortgages 10 10 0

Junior Mortgage Loan

Traditional junior mortgages		 88 0 88
Less than $5,000 3 0 3
$5,000 to $9,999 10 0 10
$10,000 to $14,999 5 0 5
$15,000 to $19,999 5 0 5
$20,000 to $29,999 23 0 23
$30,000 to $39,999 9 0 9
$40,000 to $49,999 9 0 9
$50,000 to $59,999 3 0 3
$60,000 to $79,999 6 0 6
$80,000 to $99,999 8 0 8
$100,000 to $149,999 5 0 5
$150,000 to $199,999 0 0 0
$200,000 to $249,999 0 0 0
$250,000 to $299,999 0 0 0
$300,000 or more 2 0 2
Not reported 0 0 0
Median 29108 5000- 29108
Mean 65520 0 65520
Other junior mortgages 10 10 0

Current Interest Rate on Junior Mortgage

Less than 6.0 percent		 38 0 38
6.0 percent 7 7 0
6.1 to 6.4 percent 0 0 0
6.5 to 6.9 percent 0 0 0
7.0 percent 6 0 6
7.1 to 7.4 percent 4 0 4
7.5 to 7.9 percent 9 3 6
8.0 percent 0 0 0
8.1 to 8.4 percent 2 0 2
8.5 to 8.9 percent 0 0 0
9.0 percent 3 0 3
9.1 to 9.4 percent 0 0 0
9.5 to 9.9 percent 0 0 0
10.0 percent 0 0 0
10.1 to 10.4 percent 0 0 0
10.5 to 10.9 percent 0 0 0
11.0 percent 3 0 3
11.1 to 12.9 percent 8 0 8
13.0 percent 0 0 0
13.1 percent or more 18 0 18
Not reported 0 0 0
Not borrowed 0 0 0
Median 7.1 6.1 7.1

Term of Junior Mortgage

Traditional junior mortgages		 88 0 88
Less than 5 years 1 0 1
5 years 3 0 3
6 to 9 years 3 0 3
10 years 7 0 7
11 to 14 years 0 0 0
15 years 3 0 3
16 to 19 years 0 0 0
20 years 1 0 1
21 to 24 years 2 0 2
25 years 0 0 0
26 to 29 years 2 0 2
30 years 7 0 7
More than 30 years 0 0 0
No stated term 59 0 59
Median 15 5- 15
Other junior mortgages 10 10 0

Holder of Junior Mortgage

Commercial bank or trust company		 21 4 17
Savings and loan association, federal
savings bank		 9 0 9
Mutual savings bank 0 0 0
Life insurance company 3 0 3
Mortgage banker or mortgage company 2 0 2
Federally-sponsored secondary market
agency or pool		 29 0 29
Conventional mortgage pool 0 0 0
Other federal agency 2 0 2
Real estate investment trust 0 0 0
Pension or retirement fund 0 0 0
Credit union 8 6 3
Finance company 0 0 0
State or municipal government or
housing finance agency		 12 0 12
Individual or individual's estate 5 0 5
Other 5 0 5

Servicer of Junior Mortgage

Traditional junior mortgages		 88 0 88
Commercial bank or trust company 19 0 19
Savings and loan association, federal
savings bank		 14 0 14
Mutual savings bank 0 0 0
Life insurance company 3 0 3
Mortgage banker or mortgage company 29 0 29
Federally-sponsored secondary market
agency or pool		 0 0 0
Conventional mortgage pool 0 0 0
Other federal agency 2 0 2
Real estate investment trust 0 0 0
Pension or retirement fund 0 0 0
Credit union 3 0 3
Finance company 0 0 0
State or municipal government or housing
finance agency		 8 0 8
Individual or individual's estate 5 0 5
Other 5 0 5
Other junior mortgages 10 10 0

Holder's Acquisition of Junior Mortgage

Traditional junior mortgages		 88 0 88
Originated directly from borrower 50 0 50
Purchased from present servicer 24 0 24
Purchased from someone else 13 0 13
Other junior mortgages 10 10 0

Index Used to Adjust Interest Rate
on Junior Mortgage

Adjustable rate traditional
Junior mortgage		 17 0 17
Treasury security 2 0 2
Average cost of funds in bank district 2 0 2
National average cost of funds 5 0 5
OTS contract mortgage rate 0 0 0
Other method 0 0 0
No index used 2 0 2
Not reported 8 0 8
Other junior mortgages 80 10 70

Frequency With Which Rate Can Be
Adjusted

Adjustable rate traditional
junior mortgages		 17 0 17
Monthly 2 0 2
Every 3 months 0 0 0
Every 6 months 0 0 0
Yearly 5 0 5
Every 3 years 2 0 2
Every 5 years 0 0 0
Other 2 0 2
Not reported 8 0 8
Other junior mortgages 80 10 70

Interest Rate Changed Since
Mortgage Made

Adjustable rate traditional
junior mortgages		 17 0 17
Yes, rate has changed 3 0 3
No change since mortgage made 6 0 6
Not reported 8 0 8
Other junior mortgages 80 10 70

Caps on Interest Rate Per Adjustment
Period

Adjustable rate junior
mortgages		 27 10 17
Less than 1 percent 2 2 0
1 percent 0 0 0
1.1 to 1.9 percent 0 0 0
2 percent 2 0 2
2.1 to 2.9 percent 5 0 5
3 percent 0 0 0
3.1 to 3.9 percent 0 0 0
4.0 percent or more 0 0 0
No caps 9 8 2
Not reported 9 0 9
Not borrowed 0 0 0
Other junior mortgages 70 0 70

Caps on Interest Rate Over Life of ARM

Adjustable rate junior
mortgages		 27 10 17
Less than 1 percent 2 2 0
1 percent 0 0 0
1.1 to 1.9 percent 0 0 0
2 percent 0 0 0
2.1 to 2.9 percent 0 0 0
3 percent 0 0 0
3.1 to 3.9 percent 0 0 0
4.0 percent or more 9 3 6
No caps 6 4 2
Not reported 9 0 9
Not borrowed 0 0 0
Other junior mortgages 70 0 70

Change in Monthly Interest and Principal
Payments on Traditional Junior Mortgage
Other Than Change in Interest Rate

Monthly payments can change
(other than ch 		0 0 0
Payments can change monthly 0 0 0
Payments can change every three months 0 0 0
Payments can change every six months 0 0 0
Payments can change yearly 0 0 0
Payments can change every 3 years 0 0 0
Payments can change every 5 years 0 0 0
Other 0 0 0
Not reported 0 0 0
Monthly payments cannot
change		 80 0 80
Not reported or other junior
mortgages		 17 10 8

Traditional Junior Mortgage Allows for
Negative Amortization

Monthly payments can change
(other than change in interest
rate)		 0 0 0
Yes, unrestricted negative amortization 0 0 0
Yes, restricted negative amortization 0 0 0
No negative amortization allowed 0 0 0
Not reported 0 0 0
Monthly payments cannot change 80 0 80
Not reported or other
junior mortgages		 17 10 8

MORTGAGE PAYMENTS AND OTHER EXPENSES


Method of Payment of Traditional Junior
Mortgage

Regular payments of interest
and/or principal		 75 0 75
Interest and principal 75 0 75
Fully amortized 67 0 67
Not fully amortized 8 0 8
Interest only 0 0 0
No regular payments required 3 0 3
Not reported or other
junior mortgages		 19 10 9


Go to Residential Finance Survey: 2001 Detailed Regional Tables
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Source: U.S. Census Bureau, Housing and Household Economic Statistics Division
Last Revised: December 07, 2005