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| Residential Finance Survey |
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1. How did you (the owner) acquire the property?
· By purchasing the residence/building(s) and land together
· By purchasing the residence/building(s) and renting the land
· By purchasing the land first, then building/constructing the residence/building
· Through a tax free exchange of other rental property (Rental and Vacant Property questionnaire only)
· By foreclosure or assignment (Rental and Vacant Property questionnaire only)
· By inheritance or gift
· By divorce
· Through some other manner
Survey: Homeowner questionnaire (4c), Rental and Vacant Property questionnaire (12c)
· The question helps stakeholders (e.g., mortgage banks, government agencies) identify patterns in property acquisition. This would help stakeholders develop lending tools that match patterns of property acquisition.
· The response option “by divorce” was added in 2001. The 1991 response option “by purchase” was split into “by purchasing the residence (building(s)) and land together”, “by purchasing the residence (building(s)) and renting the land”, and “by purchasing the land first, then constructing the residence (building(s)).” These added responses reflect changes in residential finance patterns during the past decade. (Minutes of the Second Meeting of the 2001 Residential Finance Survey Working Group, US Census Bureau, 1999)
2. What sources accounted for one third or more of the down payment and closing costs used for the purchase or construction of this property? (Mark all that apply.)
· If the entire purchase price for the property was paid with cash, report the source of the cash.
Homeowner Property |
Rental and Vacant Property |
· Sale of previous home · Sale of other real property or other investments (including stocks) · Savings (cash, bank deposits, share accounts, etc.) · Borrowing from a retirement plan* · Other borrowing using assets other than this property as collateral · Proceeds from an insurance policy* · Payments in a lease-purchase agreement* · From a state or local governmental source* · From a non-profit organization* · From parents or relatives · Other--specify · No down payment required |
· Sale of stock or partnership shares for this project · Sale of previously owned stocks, shares, or other securities · Sale of land or other real estate · Owner's cash, bank deposits, share accounts, or bonds · Borrowing from a retirement plan* · Other borrowing using assets other than this property as collateral · Proceeds from an insurance policy* · From a state or local governmental source* · From a non-profit organization* · Proceeds from sale of tax credits* · From parents or relatives* · Other cash source--Specify- __________ · Non-cash source--Specify- ___________ · No down payment required |
* New for 2001; changes in response options reflect information obtained from the 1991 survey and industry changes over the decade
Survey: Homeowner questionnaire (5c), Rental and vacant questionnaire (13c)
· This question helps stakeholders determine the most common sources of funding for down payments on homes.
· The data help give an overall understanding of the economy. In particular, the answers help estimate the income, savings, and debt of property owners.
3. How did you (the owner) apply for the CURRENT first mortgage on this property?*
· By computer over the Internet or by e-mail
· By telephone or fax
· By regular mail
· By personal visit
· Through third party (such as real estate agent or builder)
· Some other way--specify-
*New question for 2001.
Survey: Homeowner questionnaire (8c); Rental and Vacant Property questionnaire (6c)
· The data from this question will help stakeholders learn the preferred ways that mortgagors apply for first mortgages. Thus they can match their methods for reaching out to potential mortgagors.
· With the growth of information technology, the answers to this question can help show the extent to which property owners use the Internet to apply for mortgages. This may be of particular interest to mortgage lenders in how they market their products and to mortgage software development companies.
4. To whom do you make your current first mortgage, contract to purchase, or deed of trust payments? (second mortgage, third mortgage, home equity line of credit)
Survey: Homeowner questionnaire (13), Rental and Vacant Property questionnaire (11)
This question identifies to whom to send the lender questionnaire, so we can obtain more information about the mortgages.
5. Is your current first mortgage--
· The same mortgage that was PLACED on the property when you acquired it?
· The same mortgage that you ASSUMED from the previous owner?
· A REFINANCING of a previous loan made or assumed by you (the owner)?
· A mortgage placed on the property that you previously owned free and clear of debt?
Survey: Homeowner questionnaire (9a), Rental and Vacant Property questionnaire (7a)
· This question will allow stakeholders to know about the histories of first mortgages. It will help researchers and policymakers develop models of the "life" of a first mortgage.
· It will help lending institutions develop products and services that meet the needs of mortgagors.
· It will allow stakeholders to estimate the number of current mortgages that are refinancings of previous mortgages.
6. What was the one MAIN reason for refinancing your previous mortgage or for placing a mortgage on a property owned free and clear of debt?*
· To get a lower interest rate
· To increase the payment period for the mortgage
· To reduce the payment period for the mortgage
· To renew or extend a loan that had fallen due, without increasing the outstanding balance
· To receive cash or increase the outstanding balance of the loan
· Other reason -- Specify-
*This question and questions 7 and 8 below (questions 9d and 9e on the Homeowner questionnaire and 7d and 7e on the Rental and Vacant Property questionnaire) replaced one question that was used in 1991. The 2001 design provides information on the amount of cash received from refinancing which was not captured in 1991.
Survey: Homeowner questionnaire (9c), Rental and vacant property questionnaire (7c)
7. How much money did you receive as a result of refinancing your previous mortgage or for placing a mortgage on a property owned free and clear of debt?*
Enter amount received or check
or
none
*New for 2001. This question and question 6 above (question 9c on the Homeowner questionnaire and question 7c on the Rental and Vacant Property questionnaire) and question 8 below (question 9e on the Homeowner questionnaire and question 7e on the Rental and Vacant Property questionnaire) replaced one question that was used in 1991. The 2001 design provides information on the amount of cash received from refinancing which was not captured in 1991.
Survey: Homeowner Questionnaire (9d) and Rental and Vacant Property Questionnaire (7d)
- This question is used to determine the extent to which mortgages are used for obtaining cash for uses other than home purchase.
- Mortgage policy has generally been geared at promoting the goal of homeownership; so this question will tell policymakers if there needs to be a shift in mortgage policy to account for the changing uses of mortgages.
8. How did you use the money you received from refinancing your previous mortgage or for placing a mortgage on a property owned free and clear of debt?
· For additions, improvements, or repairs to this property
· To consolidate debts
· For investment in real estate
· For other types of investments
· For educational or medical expenses
· To start a business
· To settle a divorce
· To pay taxes
· To purchase an automobile, truck, or other vehicle
· To purchase another type of consumer product (furniture, electronic equipment, etc.)
· Other--Specify-
Survey: Homeowner questionnaire (9e), Rental and Vacant questionnaire (7e)
*This question and questions 6 and 7 above (questions 9c and 9d on the Homeowner questionnaire and questions 7c and 7d on the Rental and Vacant Property Questionnaire) replaced one question that was used in 1991. The 2001 design provides information on the amount of cash received from refinancing which was not captured in 1991.
· The answers to questions 6, 7, and 8 indicate the reasons that property owners refinance their mortgages or place a mortgage on a property previously owned free and clear. It helps give a picture of property owners' consumption habits, the amount of cash that is coming out of refinancing, and how much of this money is being used for nontraditional purposes.
· It was also of interest whether refinancing caused mortgage payments to increase or decrease. One interesting question is whether mortgagors are refinancing to decrease payments or for other purposes (U.S. Census Bureau. February 4, 1999. Minutes of Second Meeting of the 2001 Residential Finance Survey Working Group. Washington, DC.)
9. Is this property restricted to people age 55 or older?*
Are over half the residents of this property age 55 or older?*
Does this property provide meal service for the residents?*
Do the rent payments from residents include charges for meal service?*
*New questions for 2001.
Survey: Rental and Vacant Property Questionnaire (18a-d)
These questions are designed to determine characteristics of senior housing. The questions are "designed to identify both housing that is age restricted and housing that is primarily occupied by senior citizens due to marketing campaigns at this group." (US Census Bureau. 1999. Minutes of Second Meeting of the 2001 Residential Finance Survey Working Group. Washington, DC.)
10. Who owns this property?
· Individual investor(s) (includes joint ownership by two or more individuals, such as husband and wife, or by estate of deceased owner)
· Limited partnership
· Joint venture
· General partnership
· Life insurance company
· Depository institution (commercial bank, savings and loan, credit union)
· Public REIT (stock trades on a public stock exchange)+
· Private REIT (stock does not trade on a public stock exchange)+
· Corporation (other than REIT but including limited liability companies)
· Housing cooperative organization (stock cooperative)
· Non-profit or church-related institution
· Pension fund*
· Fraternal organization
· Other--Specify-
+These response options were combined in 1991.
*New for 2001.
Survey: Rental and Vacant Property Questionnaire (26)
This question determines the frequency distribution of owners of rental properties. Over the past decade, new types of organizations, such as Real Estate Investment Trusts, have invested in housing. A comparison between the distributions of owners in 2001 and 1991 illustrates how the share of ownership has changed over the past decade. Policy-makers can target their policies and programs towards those organizations with the greatest (or least) share.
11. Who services this mortgage?
· Commercial bank or trust company
· Savings and loan association, federal savings bank
· Mutual savings bank
· Life insurance company
· Mortgage banker or mortgage company
· Federally-sponsored secondary market agency (Freddie Mac, Fannie Mae, or Ginnie Mae)
· Conventional mortgage pool (not guaranteed by Freddie Mac, Fannie Mae, or Ginnie Mae)
· Other federal agency (e.g., VA, FHA, Rural Housing Service/Rural Development, SBA, etc.)
· Real estate investment trust (REIT)
· Pension fund or retirement fund (state, local, or private)
· Credit union
· Finance company (including consumer discount company, industrial bank, cooperative bank)
· State or municipal government or housing finance agency
· Individual or individual's estate
· Other (e.g., real estate or construction company, philanthropic organization, fraternal society, educational endowment, bank-administered trust fund, etc.) -Specify-
Survey: Lender questionnaire (3)
This gives the frequency distribution of the companies that service mortgages. It helps federal agencies and other stakeholders determine the proportion of mortgages serviced by the various lending institutions, thus targeting program and policy development to the key lending institutions.
12. Does the servicer keep the principal and interest payments from this mortgage or remit them to another party?
· Keeps the payments
· Remits the payments to another party
Survey: Lender questionnaire (4)
This is a screening question. For those mortgage-servicing organizations that do not keep the principal and interest from the mortgage, the subsequent question (5a) helps us determine who eventually receives the principal and interest payments from the mortgage.
13. Who eventually receives the principal and interest payments from this mortgage?
(What type of institution holds this home equity line of credit?)
(What type of institution holds this installment loan?)
· Commercial bank or trust company
· Savings and loan association, federal savings bank
· Mutual savings bank
· Life insurance company (mortgages only)
· Mortgage banker or mortgage company (mortgages only)
· Federally-sponsored secondary market agency (Freddie Mac, Fannie Mae, or Ginnie Mae) (mortgages only)
· Conventional mortgage pool (not guaranteed by Freddie Mac, Fannie Mae, or Ginnie Mae) (mortgages only)
· Other federal agency (e.g., VA, FHA, Rural Housing Service/Rural Development, SBA, etc.) (mortgages only)
· Real estate investment trust (REIT) (mortgages only)
· Pension fund or retirement fund (state, local, or private) (mortgages only)
· Credit union
· Finance company (including consumer discount company, industrial bank, cooperative bank)
· State or municipal government or housing finance agency
· Individual or individual's estate
· Other (e.g., real estate or construction company, philanthropic organization, fraternal society, educational endowment, bank-administered trust fund, etc.)--Specify-
Survey: Lender questionnaire (5a, 22, 28)
This question will determine the percentage of residential loans held by the various lending institutions. It will help target government policies and programs to the proper institutions.
14. How is this mortgage insured or guaranteed?
· Federal Housing Administration
· Department of Veterans Affairs (VA)
· Rural Housing Service/Rural Development (formerly FmHA)
· Private mortgage insurance company (Do NOT include borrower's life insurance.)
· State or local housing finance agency only
· State or local housing finance agency with FHA insurance, VA, or Rural Housing Service/Rural Development (formerly FmHA) guarantees
· Other--Specify -
· Not insured or guaranteed
Survey: Lender questionnaire (6)
· This allows us to estimate the total number of outstanding mortgages and the number being insured under different programs at one point in time, instead of just year-to-year statistics on new mortgages from the different programs. (U.S. Census Bureau. Why We Ask the Questions We Do on the Residential Survey. P. 1. Internal document, undated. Washington, DC )
· The data could help determine whether there are potential lenders that could benefit from private mortgage insurance who currently are not using it.
15. What was the unpaid balance at the time of the assumption by the present property owner?
Survey: Lender questionnaire (9b)
· This determines how much debt was assumed by the current property owner.
16. What is the term of this mortgage (years from date ORIGINALLY made to scheduled maturity)?
Years OR Payable on demand
(What is the term of this [installment] loan (years from date made to scheduled maturity))?
Survey: Lender questionnaire (10b, 29b)
· The question is asked to help determine the frequency distribution of residential loans of varying terms.
· The distribution helps lending institutions compare their portfolio of loans with the national picture.
· The data help determine if mortgage terms are associated with borrower characteristics.
· Comparing with data from previous Residential Finance Surveys and other sources will help determine whether there has been any change in the frequency distribution of loan terms.
17. What was the amount of this mortgage when it was originally made?
· If refinanced or renewed, enter amount at time of most recent action.
Survey: Lender questionnaire (10c)
· This will help determine the characteristics of the mortgage when it was originated. (U.S. Census Bureau. Why We Ask the Questions We Do on the Residential Survey. P. 1. Internal document, undated. Washington, DC)
· This will help determine the frequency distribution of mortgages (e.g., $10,000 < $50,000, $50,000 < $100,000, etc.). This would help stakeholders know how much prospective homebuyers borrow to buy homes.
18. What was the appraised value of this mortgage when it was ORIGINALLY made?*
· If refinanced or renewed, enter the amount at the time of the most recent action.
*New question for 2001.
Survey: Lender questionnaire (10d)
- Together with Question 17 (above; Lender questionnaire 10d), this allows researchers and policymakers to determine the Loan to Value (LTV) ratio, which is an indicator of the riskiness of the loan. The distribution of the LTVs will illustrate the riskiness of the nation =s loan portfolio.
19. What is the current unpaid balance on this mortgage (home equity line of credit, installment loan)?
Survey: Lender questionnaire (11a, 25a, 31a)
· This question helps determine the total amount of outstanding residential debt.
· The data user can cross tabulate the data to find out characteristics of property owners that owe varying amounts on their residential loans.
20. What is the current interest rate on this mortgage (home equity line of credit, installment loan)?
Survey: Lender questionnaire (11c, 25d, 31c)
· The data can help determine whether interest rates are consistent with discount rates offered by the Fed. Also, cross-tabulations can determine whether different groups are offered different interest rates based on subjective criteria.
· This question helps determine the frequency distribution of the various rates of interest on mortgages and installment loans. Different frequency distributions of interest rates will inform different policy choices.
21. What type of mortgage instrument is this?
· Fixed-rate, level payment
· Short-term with balloon payment
· Reverse mortgage
· Adjustable rate mortgage (ARM)
· Other--Specify -
Survey: Lender questionnaire (12)
· The question is asked to give the frequency distribution of different types of mortgage instruments. The distribution will show the "popularity" of different types of mortgages, and help lenders create and promote lending instruments that meet customer preferences.
22. What are the regular required payments from the borrower on this [mortgage, home equity line of credit, installment loan] for--
· Principal and interest?
· Interest only?
· Real estate taxes? (mortgages only)
· Fire, hazard, flood, or earthquake insurance? (mortgages only)
· Mortgage insurance premium? (mortgages only)
· Other payments (escrow shortage, cushion, life insurance, accident, health, or disability insurance, etc.)?
· TOTAL PAYMENT
Survey: Lender questionnaire (17, 26, 32)
· The question is asked to give the frequency distribution of amounts paid for various components of a residential loan. This may help policy makers and lenders make adjustments in the structure of lending instruments to make it easier for prospective homebuyers to buy homes.
· When combined with other characteristics, such as income or rental receipts, it shows the shelter cost burden of homeowners and the profitability of rental properties.
· The data will allow researchers to cross-tabulate regular payments with other characteristics of property owners.
23. How often are these payments (on the mortgage, home equity line of credit, and installment loan) required to be made?
· Monthly
· Biweekly
· Quarterly
· Other--specify -
Survey: Lender questionnaire (18, 27, 33)
· This question is asked to develop a frequency distribution of how often mortgagors need to make mortgage payments.
· This will help lenders to develop cash flow models of mortgagees. In addition to the amounts of the mortgages, lenders must also anticipate when they can expect to receive the mortgage payments in order to make payments to their own creditors and investors.
· In addition, the question helps determine whether different mortgagors receive different terms based on subjective criteria.
Stakeholders for the Residential Finance Survey
Information has been gleaned from the web pages of these organizations.
Department of Housing and Urban Development (HUD)
The mission of HUD is to provide:
· A decent, safe, and sanitary home and suitable living environment for every American
· Fighting for fair housing
· Increasing affordable housing & home ownership
· Reducing homelessness
· Promoting jobs and economic opportunity
· Empowering people and communities
· Restoring the public trust
HUD has the following programs and offices:
· Office of Housing/FHA Single Family Housing Program
· Multifamily Housing
· Office Of Fair Housing And Equal Opportunity
· Office Of Public And Indian Housing
· Office Of Community Planning And Development
· Office Of Policy Development And Research
· Government National Mortgage Association
· Office Of Lead Hazard Control
Office of Federal Housing Enterprise Oversight (OFHEO)
www.ofheo.gov
The role of the Office of Federal Housing Enterprise Oversight (OFHEO), a largely independent office within HUD, is to ensure that Fannie Mae and Freddie Mac are adequately capitalized and operate safely, and OFHEO is granted a broad range of powers to that end. The powers include the right to conduct examinations, issue subpoenas, report to Congress, and limit executive compensation levels.
Bureau of Economic Analysis
The mission of BEA is to produce and disseminate accurate, timely, relevant, and cost-effective economic accounts statistics that provide government, businesses, households, and individuals with a comprehensive, up-to-date picture of economic activity. BEA's national, regional, and international economic accounts present basic information on such key issues as U.S. economic growth, regional economic development, and the Nation's position in the world economy.
The national economic accounts provide a quantitative view of the production, distribution, and use of the Nation's output; one of the most widely known measures is gross domestic product (GDP). BEA also prepares estimates of the Nation's tangible wealth and input-output tables that show how industries interact. The regional economic accounts provide estimates and analyses of personal income, population, and employment for regions, States, metropolitan areas, and counties. BEA also prepares estimates of gross state product. The international economic accounts encompass the international transactions accounts (balance of payments) and the estimates of U.S. direct investment abroad and foreign direct investment in the United States.
United States Department of Agriculture
Enhance the quality of life for the American people by supporting production of agriculture:
· Ensuring a safe, affordable, nutritious, and accessible food supply;
· Caring for agricultural, forest, and range lands;
· Supporting sound development of rural communities;
· Providing economic opportunities for farm and rural residents;
· Expanding global markets for agricultural and forest products and services; And,
· Working to reduce hunger in America and throughout the world.
The Office of Community Development (OCD) provides support for the community development programs of the Rural Development mission area within the U.S. Department of Agriculture.
The Rural Housing Service (RHS) includes rural housing programs as well as rural community loan programs.
The Rural Utilities Service (RUS) offers telecommunications and electric programs along with water and sewer programs.
Department of Veterans Affairs
The mission of the Department of Veterans Affairs is to serve America's veterans and their families with dignity and compassion and be their principal advocate in ensuring that they receive medical care, benefits, social support, and lasting memorials promoting the health, welfare, and dignity of all veterans in recognition of their service to this Nation.
Program: Home Loan Guaranty Service
The Veterans Administration has a broad interest in whether veterans are taking advantage of their services or other programs.
Federal Reserve Board
To provide the nation with a safer, more flexible, and more stable monetary and financial system.
The Federal Reserve's duties fall into four general areas: (1) conducting the nation's monetary policy; (2) supervising and regulating banking institutions and protecting the credit rights of consumers; (3) maintaining the stability of the financial system; and (4) providing certain financial services to the U.S. government, the public, financial institutions, and foreign official institutions.
Fannie Mae
The mission of Fannie Mae is to tear down barriers, lower costs, and increase the opportunities for homeownership and affordable rental housing for all Americans.
Fannie Mae provides financial products and services that make it possible for low-, moderate- and middle-income families to buy homes of their own.
Freddie Mac
The mission of Freddie Mac is to stabilize the nation's mortgage markets and expand opportunities for homeownership and affordable rental housing.
As a secondary market for mortgage loans, Freddie Mac purchases mortgages from lenders across the country and packages them into securities that can be sold to investors. By doing so, it ultimately provides low- to middle-income homeowners and renters with lower housing costs and better access to home financing.
Office of Thrift Supervision
The mission of OTS is to effectively and efficiently supervise thrift institutions to maintain their safety and soundness in a manner that encourages a competitive industry to meet America's housing, community credit and financial service needs and to provide access to financial services for all Americans.
· Supervision of thrift institutions
· Processing applications from individuals and entities to be regulated by Office of Thrift Supervision (OTS)
· Industry and Institution Data
Mortgage Bankers Association
MBA serves its membership by representing their legislative and regulatory interests before the United States Congress and federal agencies; by meeting their educational needs through programs and a range of periodicals and publications; and by supporting their business interests with a variety of research initiatives and other products and services.
Though the objectives of MBA and its members are many and varied, there a few overriding goals that remain constant – MBA provides focus and continuity to what we do. These are to:
· Achieve the lowest possible cost of credit for homebuyers and other real estate borrowers;
· Maintain a stable, efficient and assured source of mortgage credit;
· Create an environment for an efficient, profitable real estate finance industry;
· Work in partnership with the Federal National Mortgage Association (Fannie Mae), the Federal Home Loan Mortgage Corporation (Freddie Mac) and the Government National Mortgage Association (Ginnie Mae) to preserve an efficient secondary mortgage market.
· Ensure that federal legislation and regulation provide for safety and soundness, and consumer protection, without undue burdens and costs on private industry or on consumer choice.
National Association of Realtors
Working for America's property owners, the National Association provides a facility for professional development, research and exchange of information among its members and to the public and government for the purpose of preserving the free enterprise system and the right to own real property.
· Legislative and Regulatory Lobbying Campaigns
· Information Services & Business Products
· Business Management Products and Services
· Research Products and Services
· Marketing
National Multi Housing Council
The National Multi Housing Council provides leadership for the apartment industry on legislative and regulatory matters, advances research and the exchange of strategic business information, and promotes the desirability of apartment living.
The council produces reports based on Census Bureau data.
National Association of Homebuilders
The National Association of Home Builders (NAHB) is a federation of more than 800 state and local builders associations throughout the United States. The mission of this Washington, D.C.-based trade association is to enhance the climate for housing and the building industry, and to promote policies that will keep housing a national priority. Chief among NAHB's goals is providing and expanding opportunities for all consumers to have safe, decent and affordable housing.
indicates a link to a non-government web site. Our linking to these sites does not
constitute an endorsement of any products, services or the information found on them.
Once you link to another site you are subject to the policies of the new site.
