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Residential Finance Survey - Detailed Regional Tables: 2001

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Residential Finance Survey: 2001 - United States
Table 4-12. Junior Mortgage Characteristics, 1-Housing-Unit Rental and Vacant 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		 499 222 278
Junior mortgages outstanding 308 30 278

MORTGAGE CHARACTERISTICS


Type of Junior Mortgage Instrument

Fixed-rate, level-payment mortgage		 243 0 243
Short-term with balloon payment mortgage 19 0 19
Reverse mortgage 0 0 0
Adjustable rate mortgage (ARM) 16 0 16
Other 30 30 0

Purpose of Junior Mortgage

Provide funds for the purchase of the
property		 44 0 44
Provide funds for additions,
improvements, or repairs to this
property		 95 10 85
Provide funds for consolidation of debts 38 0 38
Provide funds for investment in other
real estate		 5 0 5
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 6 0 6
Provide funds to purchase an automobile,
truck, or vehicle		 0 0 0
Provide funds to purchase consumer
product		 0 0 0
Other reasons 21 0 21
Not reported 100 20 80

Year Junior Mortgage Made or Assumed

Traditional junior
mortgages		 278 0 278
1999 to 2001 (part) 150 0 150
1997 and 1998 42 0 42
1995 and 1996 32 0 32
1990 to 1994 23 0 23
1985 to 1989 25 0 25
1980 to 1984 0 0 0
1979 or earlier 5 0 5
Other junior mortgages 30 30 0

Junior Mortgage Loan

Traditional junior mortgages		 278 0 278
Less than $5,000 0 0 0
$5,000 to $9,999 52 0 52
$10,000 to $14,999 18 0 18
$15,000 to $19,999 11 0 11
$20,000 to $29,999 47 0 47
$30,000 to $39,999 33 0 33
$40,000 to $49,999 27 0 27
$50,000 to $59,999 20 0 20
$60,000 to $79,999 16 0 16
$80,000 to $99,999 13 0 13
$100,000 to $149,999 6 0 6
$150,000 to $199,999 0 0 0
$200,000 to $249,999 4 0 4
$250,000 to $299,999 7 0 7
$300,000 or more 18 0 18
Not reported 6 0 6
Median 32314 5000- 32314
Mean 137864 0 137864
Other junior mortgages 30 30 0

Current Interest Rate on Junior Mortgage

Less than 6.0 percent		 140 14 126
6.0 percent 0 0 0
6.1 to 6.4 percent 0 0 0
6.5 to 6.9 percent 6 0 6
7.0 percent 2 0 2
7.1 to 7.4 percent 0 0 0
7.5 to 7.9 percent 30 10 20
8.0 percent 0 0 0
8.1 to 8.4 percent 14 0 14
8.5 to 8.9 percent 4 0 4
9.0 percent 0 0 0
9.1 to 9.4 percent 0 0 0
9.5 to 9.9 percent 5 0 5
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 6 0 6
11.1 to 12.9 percent 35 6 28
13.0 percent 0 0 0
13.1 percent or more 65 0 65
Not reported 0 0 0
Not borrowed 0 0 0
Median 7.6 7.6 7.6

Term of Junior Mortgage

Traditional junior mortgages		 278 0 278
Less than 5 years 6 0 6
5 years 14 0 14
6 to 9 years 0 0 0
10 years 12 0 12
11 to 14 years 0 0 0
15 years 29 0 29
16 to 19 years 0 0 0
20 years 0 0 0
21 to 24 years 0 0 0
25 years 4 0 4
26 to 29 years 0 0 0
30 years 14 0 14
More than 30 years 8 0 8
No stated term 191 0 191
Median 15 5- 15
Other junior mortgages 30 30 0

Holder of Junior Mortgage

Commercial bank or trust company		 74 14 61
Savings and loan association, federal
savings bank		 45 0 45
Mutual savings bank 0 0 0
Life insurance company 0 0 0
Mortgage banker or mortgage company 22 0 22
Federally-sponsored secondary market
agency or pool		 86 0 86
Conventional mortgage pool 0 0 0
Other federal agency 0 0 0
Real estate investment trust 0 0 0
Pension or retirement fund 0 0 0
Credit union 34 10 24
Finance company 15 0 15
State or municipal government or
housing finance agency		 6 0 6
Individual or individual's estate 6 0 6
Other 19 6 13

Servicer of Junior Mortgage

Traditional junior mortgages		 278 0 278
Commercial bank or trust company 57 0 57
Savings and loan association, federal
savings bank		 39 0 39
Mutual savings bank 0 0 0
Life insurance company 0 0 0
Mortgage banker or mortgage company 118 0 118
Federally-sponsored secondary market
agency or pool		 0 0 0
Conventional mortgage pool 0 0 0
Other federal agency 0 0 0
Real estate investment trust 0 0 0
Pension or retirement fund 0 0 0
Credit union 24 0 24
Finance company 15 0 15
State or municipal government or housing
finance agency		 6 0 6
Individual or individual's estate 6 0 6
Other 13 0 13
Other junior mortgages 30 30 0

Holder's Acquisition of Junior Mortgage

Traditional junior mortgages		 278 0 278
Originated directly from borrower 141 0 141
Purchased from present servicer 37 0 37
Purchased from someone else 100 0 100
Other junior mortgages 30 30 0

Index Used to Adjust Interest Rate
on Junior Mortgage

Adjustable rate traditional
Junior mortgage		 16 0 16
Treasury security 4 0 4
Average cost of funds in bank district 0 0 0
National average cost of funds 0 0 0
OTS contract mortgage rate 0 0 0
Other method 6 0 6
No index used 0 0 0
Not reported 6 0 6
Other junior mortgages 292 30 262

Frequency With Which Rate Can Be
Adjusted

Adjustable rate traditional
junior mortgages		 16 0 16
Monthly 6 0 6
Every 3 months 0 0 0
Every 6 months 0 0 0
Yearly 4 0 4
Every 3 years 0 0 0
Every 5 years 0 0 0
Other 0 0 0
Not reported 6 0 6
Other junior mortgages 292 30 262

Interest Rate Changed Since
Mortgage Made

Adjustable rate traditional
junior mortgages		 16 0 16
Yes, rate has changed 10 0 10
No change since mortgage made 0 0 0
Not reported 6 0 6
Other junior mortgages 292 30 262

Caps on Interest Rate Per Adjustment
Period

Adjustable rate junior
mortgages		 36 20 16
Less than 1 percent 0 0 0
1 percent 0 0 0
1.1 to 1.9 percent 0 0 0
2 percent 10 0 10
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 0 0 0
No caps 14 14 0
Not reported 12 6 6
Not borrowed 0 0 0
Other junior mortgages 272 10 262

Caps on Interest Rate Over Life of ARM

Adjustable rate junior
mortgages		 36 20 16
Less than 1 percent 0 0 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 18 14 4
No caps 6 0 6
Not reported 12 6 6
Not borrowed 0 0 0
Other junior mortgages 272 10 262

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		 268 0 268
Not reported or other junior
mortgages		 40 30 10

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 268 0 268
Not reported or other
junior mortgages		 40 30 10

MORTGAGE PAYMENTS AND OTHER EXPENSES


Method of Payment of Traditional Junior
Mortgage

Regular payments of interest
and/or principal		 229 0 229
Interest and principal 229 0 229
Fully amortized 204 0 204
Not fully amortized 25 0 25
Interest only 0 0 0
No regular payments required 0 0 0
Not reported or other
junior mortgages		 79 30 49


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