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Residential Finance Survey: 2001 - United States
Table 2-16. Junior Mortgage Characteristics, 1-Unit Homeowner Mortgaged Properties
^Number of junior mortgages in thousands.
For information on confidentiality protection, sampling error, non-sampling 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
10374 6198 4176
Junior mortgages outstanding 5607 1431 4176

MORTGAGE CHARACTERISTICS


Type of Junior Mortgage Instrument

Fixed-rate, level-payment mortgage
3373 0 3373
Short-term with balloon payment mortgage 285 0 285
Reverse mortgage 0 0 0
Adjustable rate mortgage (ARM) 456 0 456
Other 1493 1431 62

Purpose of Junior Mortgage

Provide funds for the purchase of the
property
482 0 482
Provide funds for additions,
improvements, or repairs to this
property
1509 529 980
Provide funds for consolidation of debts 1298 280 1018
Provide funds for investment in other
real estate
133 42 91
Provide funds for other types of
investments
92 31 61
Provide funds for educational or medical
expenses
128 75 53
Provide funds to start a business 125 22 103
Provide funds to settle a divorce 38 4 34
Provide funds to pay taxes 49 11 38
Provide funds to purchase an automobile,
truck, or vehicle
264 138 125
Provide funds to purchase consumer
product
49 20 29
Other reasons 71 30 41
Not reported 1369 248 1121

Year Junior Mortgage Made or Assumed

Traditional junior
mortgages
4176 0 4176
1999 to 2001 (part) 2559 0 2559
1997 and 1998 926 0 926
1995 and 1996 279 0 279
1990 to 1994 294 0 294
1985 to 1989 63 0 63
1980 to 1984 22 0 22
1979 or earlier 33 0 33
Other junior mortgages 1431 1431 0

Junior Mortgage Loan

Traditional junior mortgages
4176 0 4176
Less than $5,000 48 0 48
$5,000 to $9,999 237 0 237
$10,000 to $14,999 406 0 406
$15,000 to $19,999 517 0 517
$20,000 to $29,999 1083 0 1083
$30,000 to $39,999 602 0 602
$40,000 to $49,999 375 0 375
$50,000 to $59,999 261 0 261
$60,000 to $79,999 233 0 233
$80,000 to $99,999 109 0 109
$100,000 to $149,999 144 0 144
$150,000 to $199,999 74 0 74
$200,000 to $249,999 33 0 33
$250,000 to $299,999 14 0 14
$300,000 or more 17 0 17
Not reported 23 0 23
Median 28026 5000- 28026
Mean 38280 0 38280
Other junior mortgages 1431 1431 0

Current Interest Rate on Junior Mortgage

Less than 6.0 percent
1626 333 1293
6.0 percent 118 92 26
6.1 to 6.4 percent 101 92 9
6.5 to 6.9 percent 297 260 37
7.0 percent 235 53 182
7.1 to 7.4 percent 114 59 55
7.5 to 7.9 percent 318 165 153
8.0 percent 206 79 127
8.1 to 8.4 percent 120 41 79
8.5 to 8.9 percent 247 70 177
9.0 percent 138 45 94
9.1 to 9.4 percent 65 14 51
9.5 to 9.9 percent 135 25 110
10.0 percent 94 16 77
10.1 to 10.4 percent 43 8 35
10.5 to 10.9 percent 58 26 31
11.0 percent 71 3 67
11.1 to 12.9 percent 251 14 237
13.0 percent 50 9 41
13.1 percent or more 1320 27 1293
Not reported 0 0 0
Not borrowed 0 0 0
Median 8.0 6.9 8.9

Term of Junior Mortgage

Traditional junior mortgages
4176 0 4176
Less than 5 years 78 0 78
5 years 235 0 235
6 to 9 years 88 0 88
10 years 285 0 285
11 to 14 years 31 0 31
15 years 552 0 552
16 to 19 years 0 0 0
20 years 105 0 105
21 to 24 years 3 0 3
25 years 86 0 86
26 to 29 years 0 0 0
30 years 120 0 120
More than 30 years 13 0 13
No stated term 2579 0 2579
Median 15 5- 15
Other junior mortgages 1431 1431 0

Holder of Junior Mortgage

Commercial bank or trust company
1749 774 976
Savings and loan association, federal
savings bank
638 195 442
Mutual savings bank 137 42 94
Life insurance company 54 0 54
Mortgage banker or mortgage company 247 0 247
Federally-sponsored secondary market
agency or pool
1184 0 1184
Conventional mortgage pool 111 0 111
Other federal agency 113 0 113
Real estate investment trust 6 0 6
Pension or retirement fund 4 0 4
Credit union 679 278 401
Finance company 300 98 202
State or municipal government or
housing finance agency
152 0 152
Individual or individual's estate 106 0 106
Other 127 43 84

Servicer of Junior Mortgage

Traditional junior mortgages
4176 0 4176
Commercial bank or trust company 982 0 982
Savings and loan association, federal
savings bank
434 0 434
Mutual savings bank 94 0 94
Life insurance company 54 0 54
Mortgage banker or mortgage company 1557 0 1557
Federally-sponsored secondary market
agency or pool
0 0 0
Conventional mortgage pool 5 0 5
Other federal agency 109 0 109
Real estate investment trust 0 0 0
Pension or retirement fund 4 0 4
Credit union 401 0 401
Finance company 205 0 205
State or municipal government or housing
finance agency
142 0 142
Individual or individual's estate 97 0 97
Other 90 0 90
Other junior mortgages 1431 1431 0

Holder's Acquisition of Junior Mortgage

Traditional junior mortgages
4176 0 4176
Originated directly from borrower 2575 0 2575
Purchased from present servicer 749 0 749
Purchased from someone else 853 0 853
Other junior mortgages 1431 1431 0

Index Used to Adjust Interest Rate
on Junior Mortgage

Adjustable rate traditional
Junior mortgage
518 0 518
Treasury security 12 0 12
Average cost of funds in bank district 12 0 12
National average cost of funds 13 0 13
OTS contract mortgage rate 0 0 0
Other method 32 0 32
No index used 0 0 0
Not reported 449 0 449
Other junior mortgages 5089 1431 3658

Frequency With Which Rate Can Be
Adjusted

Adjustable rate traditional
junior mortgages
518 0 518
Monthly 46 0 46
Every 3 months 7 0 7
Every 6 months 0 0 0
Yearly 9 0 9
Every 3 years 0 0 0
Every 5 years 12 0 12
Other 3 0 3
Not reported 441 0 441
Other junior mortgages 5089 1431 3658

Interest Rate Changed Since
Mortgage Made

Adjustable rate traditional
junior mortgages
518 0 518
Yes, rate has changed 72 0 72
No change since mortgage made 5 0 5
Not reported 441 0 441
Other junior mortgages 5089 1431 3658

Caps on Interest Rate Per Adjustment
Period

Adjustable rate junior
mortgages
1796 1278 518
Less than 1 percent 38 38 0
1 percent 29 29 0
1.1 to 1.9 percent 9 0 9
2 percent 74 65 9
2.1 to 2.9 percent 3 0 3
3 percent 15 15 0
3.1 to 3.9 percent 0 0 0
4.0 percent or more 40 23 16
No caps 1090 1061 29
Not reported 498 47 452
Not borrowed 0 0 0
Other junior mortgages 3811 153 3658

Caps on Interest Rate Over Life of ARM

Adjustable rate junior
mortgages
1796 1278 518
Less than 1 percent 11 11 0
1 percent 0 0 0
1.1 to 1.9 percent 4 0 4
2 percent 22 22 0
2.1 to 2.9 percent 0 0 0
3 percent 0 0 0
3.1 to 3.9 percent 3 3 0
4.0 percent or more 743 695 49
No caps 521 507 14
Not reported 492 40 452
Not borrowed 0 0 0
Other junior mortgages 3811 153 3658

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

Monthly payments can change
(other than ch
14 0 14
Payments can change monthly 4 0 4
Payments can change every three months 3 0 3
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 4 0 4
Not reported 4 0 4
Monthly payments cannot
change
3732 0 3732
Not reported or other junior
mortgages
1861 1431 430

Traditional Junior Mortgage Allows for
Negative Amortization

Monthly payments can change
(other than change in interest
rate)
14 0 14
Yes, unrestricted negative amortization 4 0 4
Yes, restricted negative amortization 0 0 0
No negative amortization allowed 3 0 3
Not reported 7 0 7
Monthly payments cannot change 3732 0 3732
Not reported or other
junior mortgages
1861 1431 430

MORTGAGE PAYMENTS AND OTHER EXPENSES


Method of Payment of Traditional Junior
Mortgage

Regular payments of interest
and/or principal
3624 0 3624
Interest and principal 3617 0 3617
Fully amortized 3154 0 3154
Not fully amortized 462 0 462
Interest only 7 0 7
No regular payments required 41 0 41
Not reported or other
junior mortgages
1942 1431 511

Source: U.S. Census Bureau | Residential Finance Survey |  Last Revised: 2012-08-02T15:15:13.203-04:00