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Residential Finance Survey: 2001 - West
Table 5-2e. Type of First Mortgage, Rental and Vacant 2- to 4-Housing-Unit Mortgaged Properties
^Number of mortgaged properties in thousands.
For information on confidentiality protection, sampling error, non-sampling error, and definitions, see text.
For minimum base of derived figures (percent, median, etc.) and meaning of symbols, see text.
Monthly Rental Receipts Per Housing Unit, Rental Receipts as Percent of Value, Rental Vacancy Losses as Percent of Potential Receipts, Interest and Principal Payments on First Mortgage as Percent of Rental Receipts and Real Estate Tax as Percent of Rental Receipts acquired before 2000 exclude properties with less than half of units in rental market during all of year preceding survey and cooperatively owned apartments^^

Fixed rate mortgage
Total mortgaged
properties
Amortized Short term with
balloon payment
Adjustable rate
mortgage (ARM)
Other mortgage

2- to 4-housing-unit properties
with traditional first mortgage
279 199 20 57 3

PROPERTY CHARACTERISTICS


Number of Housing Units

2 housing units
181 124 14 41 3
3 housing units 40 31 5 5 0
4 housing units 57 44 1 11 0

Manner of Acquisition

By purchase
259 185 20 54 0
Placed one new mortgage 221 162 17 43 0
Placed two or more new mortgages 11 5 3 2 0
Assumed mortgage(s) already on property 22 13 0 8 0
Assumed mortgage(s) already on property
and placed new mortgage
3 3 0 0 0
Borrowed using assets other than this
property as collateral
0 0 0 0 0
Paid all cash-no borrowing 2 2 0 0 0
Other manner 0 0 0 0 0
By inheritance or gift 7 4 0 3 0
By divorce 0 0 0 0 0
By tax free exchange of
other property
10 7 0 0 3
By foreclosure or assignment 0 0 0 0 0
By some other manner 0 0 0 0 0
Not reported 3 3 0 0 0

Source of Downpayment@1

Properties purchased
1995 to 2001 (part)
104 78 8 18 0
Sale of stock or other partnership
shares for this project
0 0 0 0 0
Sale of previously owned stocks,
shares, or other securities
6 6 0 0 0
Sale of land or other real estate 10 8 0 2 0
Owner's cash, bank deposits,
share accounts, or bonds
63 43 8 12 0
Borrowing from a retirement plan 0 0 0 0 0
Borrowing using assets other than this
property as collateral
5 4 0 1 0
Proceeds from an insurance policy 0 0 0 0 0
From a state or local government source 0 0 0 0 0
From a non-profit organization 0 0 0 0 0
Proceeds from sale of tax credits 0 0 0 0 0
From parents or relatives 7 7 0 0 0
Other cash source 4 4 0 0 0
Non-cash source 0 0 0 0 0
No downpayment required 6 6 0 0 0
Not reported 10 6 0 4 0
Other properties 172 118 12 39 3
Not reported 3 3 0 0 0

Year Property Acquired

1999 to 2001 (part)
63 49 3 8 3
1997 and 1998 25 18 3 4 0
1995 and 1996 30 23 2 6 0
1990 to 1994 43 37 3 3 0
1985 to 1989 49 33 0 16 0
1980 to 1984 31 15 0 16 0
1975 to 1979 16 6 9 1 0
1970 to 1974 15 12 0 3 0
1969 or earlier 6 6 0 0 0

Property New or Previously Owned When
Acquired

Acquired by purchase
259 185 20 54 0
New 27 17 4 5 0
Previously owned 229 165 15 49 0
As residential property 219 161 15 42 0
Converted from nonresidential use 10 3 0 6 0
Other 0 0 0 0 0
Not reported 3 3 0 0 0
Other properties 17 11 0 3 3
Not reported 3 3 0 0 0

Year Structure Built

1999 to March 2000
6 3 0 3 0
1997 and 1998 3 0 0 0 3
1995 and 1996 10 7 0 3 0
1990 to 1994 13 12 0 1 0
1980 to 1989 33 20 2 11 0
1970 to 1979 51 40 4 7 0
1960 to 1969 45 39 5 1 0
1950 to 1959 46 35 4 7 0
1940 to 1949 22 11 1 9 0
1939 or earlier 50 32 3 16 0

Purchase Price Per Housing Unit@8

Properties acquired by
purchase 1997 to 2001 (part)
76 58 6 12 0
Less than $20,000 3 3 0 0 0
$20,000 to $39,999 23 20 1 1 0
$40,000 to $59,999 14 8 0 6 0
$60,000 to $79,999 8 5 3 0 0
$80,000 to $99,999 10 6 0 4 0
$100,000 to $124,999 8 6 1 1 0
$125,000 to $149,999 3 3 0 0 0
$150,000 to $174,999 6 6 0 0 0
$175,000 to $199,999 0 0 0 0 0
$200,000 to $249,999 0 0 0 0 0
$250,000 to $299,999 0 0 0 0 0
$300,000 to $499,999 0 0 0 0 0
$500,000 or more 1 1 0 0 0
Median 58440 56173 69510 55944 0
Mean 77817 80100 75911 67728 0
Other properties 203 141 14 45 3

Value

Less than $20,000
1 1 0 0 0
$20,000 to $39,999 0 0 0 0 0
$40,000 to $59,999 5 0 2 3 0
$60,000 to $79,999 7 4 0 3 0
$80,000 to $99,999 17 17 0 0 0
$100,000 to $124,999 21 17 0 4 0
$125,000 to $149,999 21 9 4 7 0
$150,000 to $174,999 29 20 6 0 3
$175,000 to $199,999 25 20 0 5 0
$200,000 to $249,999 45 29 0 16 0
$250,000 to $299,999 23 18 1 3 0
$300,000 to $499,999 38 26 0 12 0
$500,000 or more 48 39 6 3 0
Median 215194 220533 164904 218302 162500
Mean 288252 297878 369918 232836 162000

Value Per Housing Unit@8

Less than $20,000
3 1 2 0 0
$20,000 to $39,999 21 15 0 6 0
$40,000 to $59,999 45 33 0 11 0
$60,000 to $79,999 51 30 9 12 0
$80,000 to $99,999 31 24 3 1 3
$100,000 to $124,999 37 24 0 13 0
$125,000 to $149,999 30 27 0 3 0
$150,000 to $174,999 23 13 1 8 0
$175,000 to $199,999 7 7 0 0 0
$200,000 to $249,999 7 5 2 0 0
$250,000 to $299,999 2 2 0 0 0
$300,000 to $499,999 18 16 0 2 0
$500,000 or more 4 1 3 0 0
Median 92606 96298 78705 78637 90000
Mean 116166 116674 162918 99936 81000

Value of Capital Improvements

Properties with capital
improvements between 1998
and 2000
124 91 3 31 0
Less than $500 0 0 0 0 0
$500 to $999 5 3 0 2 0
$1,000 to $2,499 45 30 0 15 0
$2,500 to $4,999 9 6 0 3 0
$5,000 to $7,499 25 21 0 4 0
$7,500 to $9,999 3 3 0 0 0
$10,000 to $14,999 8 8 0 0 0
$15,000 to $19,999 12 8 0 4 0
$20,000 to $29,999 7 5 0 3 0
$30,000 or more 9 6 3 0 0
Median 5244 5707 500015000 2350 0
Mean 8241 8369 30000 6038 0
Properties with no capital
improvements between 1998 and 2000
121 79 15 23 3
Capital improvements not
reported
33 29 2 2 0

Value of Capital Improvements Per Unit

Properties with capital
improvements between 1998
and 2000
124 91 3 31 0
Less than $500 13 8 0 5 0
$500 to $999 21 18 0 4 0
$1,000 to $2,499 30 18 0 12 0
$2,500 to $4,999 28 24 0 4 0
$5,000 to $7,499 12 10 0 3 0
$7,500 to $9,999 9 5 1 3 0
$10,000 to $14,999 6 5 1 0 0
$15,000 to $19,999 3 3 0 0 0
$20,000 to $29,999 0 0 0 0 0
$30,000 or more 0 0 0 0 0
Median 2360 2672 9851 1793 0
Mean 3265 3428 8671 2336 0
Properties with no capital
improvements between 1998 and 2000
121 79 15 23 3
Capital improvements not
reported
33 29 2 2 0

Monthly Rental Receipts Per Housing Unit

Acquired before 2000
231 164 17 51 0
Less than $100 2 1 0 1 0
$100 to $199 6 3 0 4 0
$200 to $299 18 12 6 0 0
$300 to $399 30 19 0 12 0
$400 to $499 36 24 0 12 0
$500 to $599 49 36 4 8 0
$600 to $799 22 19 1 2 0
$800 to $999 30 24 0 6 0
$1000 or more 37 26 5 6 0
No rental receipts 1 1 0 0 0
Median 547 566 550 473 0
Mean 732 724 1347 556 0
Acquired 2000 and 2001 (part) 48 35 3 6 3

Rental Receipts as Percent of Value@8

Acquired before 2000
231 164 17 51 0
Less than 5 percent 46 34 6 6 0
5 to 9 percent 100 68 5 27 0
10 to 14 percent 72 54 4 14 0
15 to 19 percent 12 7 2 3 0
20 to 24 percent 0 0 0 0 0
25 to 29 percent 0 0 0 0 0
30 to 39 percent 0 0 0 0 0
40 percent or more 0 0 0 0 0
Median 8 9 8 8 0
Acquired 2000 and 2001 (part) 48 35 3 6 3

Rental Vacancy Losses as Percent of
Potential Receipts

Acquired before 2000
231 164 17 51 0
Less than 1.0 percent 96 67 6 23 0
1.0 to 2.9 percent 2 1 0 1 0
3.0 to 4.9 percent 15 11 2 1 0
5.0 to 6.9 percent 7 7 0 0 0
7.0 to 8.9 percent 12 9 3 0 0
9.0 to 10.9 percent 5 1 0 3 0
11.0 to 12.9 percent 5 3 0 2 0
13.0 to 14.9 percent 0 0 0 0 0
15.0 percent or more 24 17 1 6 0
Not reported or not computed 66 47 4 14 0
Median 0.9 0.9 3.1 0.8 0.0
Acquired 2000 and 2001 (part) 48 35 3 6 3

Age Restrictions

Property restricted to people
age 55 or older
54 37 3 11 3
Property not restricted to people
age 55 or older
224 162 17 45 0
Not reported 1 0 0 1 0

Type of Property Benefits@1

Government-sponsored below-market
interest rate mortgage loan
3 3 0 0 0
Government rental subsidy 19 13 0 6 0
Government grant 1 0 1 0 0
Property tax relief 4 4 0 0 0
Federal income tax credit for
low-income, old or historic properties
0 0 0 0 0
Accelerated federal income tax
depreciation for low- and
moderate-income properties
0 0 0 0 0
Subsidy from a non-profit corporation 0 0 0 0 0
None of the above benefits 233 165 19 46 3
Not reported 22 17 0 4 0

Source of Property Benefits@1

With property benefits
24 17 1 6 0
Federal government 9 7 0 3 0
State government 9 9 0 0 0
Local government 9 4 1 4 0
Non-profit corporation 0 0 0 0 0
Not reported 0 0 0 0 0
With no property benefits 233 165 19 46 3
Not reported 22 17 0 4 0

Reason for Benefits@1

With property benefits
24 17 1 6 0
Occupied by low- or moderate-income
individuals
20 13 1 6 0
Occupied by elderly or disabled
individuals
5 5 0 0 0
A historic structure 0 0 0 0 0
Located in a community development or
economic development area
0 0 0 0 0
Covered by a Homestead Exemption 4 4 0 0 0
Covered by a Community Land Trust 0 0 0 0 0
Covered by disaster relief 0 0 0 0 0
Other reason 0 0 0 0 0
Not reported 0 0 0 0 0
With no property benefits 233 165 19 46 3
Not reported 22 17 0 4 0

OWNER CHARACTERISTICS


Type of Owner

Individual investor(s)
255 185 14 52 3
Limited partnership 6 5 0 1 0
Joint venture 0 0 0 0 0
General partnership 4 1 3 0 0
Life insurance company 4 2 0 1 0
Depository institution 0 0 0 0 0
Public real estate investment trust 1 0 0 1 0
Private real estate investment trust 0 0 0 0 0
Corporation - other than real estate
investment trust
8 4 3 1 0
Housing cooperative organization 0 0 0 0 0
Non-profit or church-related institution 2 2 0 0 0
Pension fund 0 0 0 0 0
Fraternal organization 0 0 0 0 0
Other 0 0 0 0 0

MORTGAGE CHARACTERISTICS


Method of Loan Application

By computer over the Internet or
by e-mail
4 4 0 0 0
By telephone or FAX 21 17 0 4 0
By regular mail 6 6 0 0 0
By personal visit 163 115 15 30 3
Through third party (such as real
estate agent or builder)
55 38 5 13 0
Some other way 0 0 0 0 0
Not reported 20 11 0 9 0
Not available 8 7 0 1 0

Origin of First Mortgage

Mortgage made at time property acquired
180 119 17 41 3
Mortgage assumed at the time property
acquired
15 11 0 4 0
Mortgage placed later than acquisition of
property
85 69 3 13 0
Refinanced mortgage 79 66 3 10 0
Same lender 26 24 1 0 0
Different lender 53 41 2 10 0
Mortgage placed on property
owned free and clear of debt
6 3 0 3 0
Not available 0 0 0 0 0

Purpose of First Mortgage Placed
Later Than Acquisition of Property

Properties on which
mortgages placed later
than acquisition of property
85 69 3 13 0
Obtain lower interest rate 47 38 1 8 0
Increase payment period for mortgage 0 0 0 0 0
Reduce payment period for mortgage 0 0 0 0 0
Renew or extend loan that had fallen
due, without increasing outstanding
balance
4 4 0 0 0
Receive cash or increase outstanding
balance of loan
25 18 2 5 0
Other reason 6 6 0 0 0
Not reported 3 3 0 0 0
Other properties 194 130 17 44 3
Not available 0 0 0 0 0

Cash Received From Refinancing or
Placing Mortgage on Property Owned
Free and Clear

Properties on which cash
received
48 36 2 11 0
Less than $20,000 11 11 0 0 0
$20,000 to $39,999 12 7 0 5 0
$40,000 to $59,999 8 6 2 0 0
$60,000 to $79,999 1 1 0 0 0
$80,000 to $99,999 0 0 0 0 0
$100,000 to $124,999 5 5 0 0 0
$125,000 to $149,999 0 0 0 0 0
$150,000 to $174,999 9 3 0 6 0
$175,000 to $199,999 0 0 0 0 0
$200,000 to $249,999 0 0 0 0 0
$250,000 to $299,999 1 1 0 0 0
$300,000 or more 0 0 0 0 0
Median 42005 38508 50000 151781 0
Mean 64940 54714 50000 101505 0
Properties that refinanced
and did not receive cash back
33 29 1 2 0
Properties that refinanced
and did not report if received
cash back
3 3 0 0 0
Properties that did not
refinance
194 130 17 44 3
Not available 0 0 0 0 0

Use of Cash From Refinancing or
Placing Mortgage on Property Owned Free
and Clear

Properties on which cash
received@1
48 36 2 11 0
For additions, improvements or repairs
to this property
12 7 0 5 0
To consolidate debts 19 17 0 3 0
For investment in other real estate 13 10 0 3 0
For other types of investments 2 2 0 0 0
For educational or medical expenses 2 0 2 0 0
To start a business 0 0 0 0 0
To settle a divorce 0 0 0 0 0
To pay taxes 0 0 0 0 0
To purchase an automobile, truck, or
other vehicle
0 0 0 0 0
To purchase consumer product other than
automobile, truck, or other vehicle
0 0 0 0 0
Other 5 5 0 0 0
Not reported 0 0 0 0 0
Properties that refinanced
and did not receive cash back
33 29 1 2 0
Properties that refinanced
and did not report if received
cash back
3 3 0 0 0
Properties that did not
refinance
194 130 17 44 3
Not available 0 0 0 0 0

Year First Mortgage Made or
Assumed

1999 to 2001 (part)
93 69 6 15 3
1997 and 1998 42 37 0 4 0
1995 and 1996 25 17 2 6 0
1990 to 1994 67 54 5 8 0
1985 to 1989 25 12 0 13 0
1980 to 1984 11 1 0 10 0
1979 or earlier 16 9 7 0 0

First Mortgage Insurance Status

FHA-insured first mortgage
20 17 0 4 0
VA-guaranteed first mortgage 1 1 0 0 0
Rural Housing Service-Rural Development-
insured or -guaranteed first mortgage
5 2 3 0 0
Other federal, state, or local
government-insured or guaranteed
first mortgage
8 2 4 2 0
Insured conventional first mortgage 30 17 4 6 3
Uninsured conventional first mortgage 214 160 8 45 0
Not reported 0 0 0 0 0

Traditional First Mortgage Loan

Less than $20,000
6 3 0 3 0
$20,000 to $29,999 9 9 0 0 0
$30,000 to $39,999 8 5 0 4 0
$40,000 to $49,999 15 7 2 5 0
$50,000 to $59,999 10 4 4 2 0
$60,000 to $79,999 13 10 3 0 0
$80,000 to $99,999 61 46 0 14 0
$100,000 to $149,999 68 56 1 8 3
$150,000 to $199,999 41 23 3 14 0
$200,000 to $249,999 13 10 1 2 0
$250,000 to $299,999 12 9 2 1 0
$300,000 or more 24 18 3 2 0
Not reported 1 1 0 0 0
Median 113524 114410 129558 100302 125000
Mean 140200 139473 211004 120028 102000

Total Mortgage Loan

Less than $20,000
3 0 0 3 0
$20,000 to $29,999 9 9 0 0 0
$30,000 to $39,999 8 5 0 4 0
$40,000 to $49,999 15 7 2 5 0
$50,000 to $59,999 13 6 4 2 0
$60,000 to $79,999 11 8 3 0 0
$80,000 to $99,999 59 45 0 14 0
$100,000 to $149,999 67 54 1 8 3
$150,000 to $199,999 45 27 3 14 0
$200,000 to $249,999 13 10 1 2 0
$250,000 to $299,999 12 9 2 1 0
$300,000 or more 24 18 3 2 0
Not reported 1 1 0 0 0
Median 115598 116988 129558 100302 125000
Mean 143204 142733 217809 120974 102000

Traditional First Mortgage Outstanding
Debt

Less than $10,000
7 7 0 0 0
$10,000 to $19,999 11 8 0 3 0
$20,000 to $29,999 9 6 0 4 0
$30,000 to $39,999 17 7 4 5 0
$40,000 to $49,999 5 1 2 2 0
$50,000 to $59,999 8 3 3 2 0
$60,000 to $79,999 54 45 0 9 0
$80,000 to $99,999 41 28 1 11 0
$100,000 to $149,999 45 37 0 6 3
$150,000 to $199,999 43 28 3 12 0
$200,000 to $249,999 12 9 3 0 0
$250,000 to $299,999 11 10 0 1 0
$300,000 or more 15 10 3 2 0
Not reported 1 1 0 0 0
Median 93796 95836 91823 86393 125000
Mean 120153 124229 130474 103400 100970

Total Mortgage Outstanding Debt

Less than $10,000
7 7 0 0 0
$10,000 to $19,999 8 5 0 3 0
$20,000 to $29,999 9 6 0 4 0
$30,000 to $39,999 16 6 4 5 0
$40,000 to $49,999 6 2 2 2 0
$50,000 to $59,999 11 6 3 2 0
$60,000 to $79,999 52 43 0 9 0
$80,000 to $99,999 41 28 1 11 0
$100,000 to $149,999 45 36 0 6 3
$150,000 to $199,999 45 30 3 12 0
$200,000 to $249,999 12 9 3 0 0
$250,000 to $299,999 9 8 0 1 0
$300,000 or more 17 12 3 2 0
Not reported 1 1 0 0 0
Median 94972 97555 91823 86393 125000
Mean 122298 126352 137279 104028 100970

Current Interest Rate on First Mortgage

Less than 6.0 percent
131 80 17 31 3
6.0 percent 6 6 0 0 0
6.1 to 6.4 percent 0 0 0 0 0
6.5 to 6.9 percent 26 24 0 3 0
7.0 percent 6 6 0 0 0
7.1 to 7.4 percent 12 6 0 5 0
7.5 to 7.9 percent 19 18 0 1 0
8.0 percent 3 3 0 0 0
8.1 to 8.4 percent 14 12 0 2 0
8.5 to 8.9 percent 17 14 0 3 0
9.0 percent 7 7 0 0 0
9.1 to 9.4 percent 5 5 0 0 0
9.5 to 9.9 percent 0 0 0 0 0
10.0 percent 7 3 0 4 0
10.1 to 10.4 percent 0 0 0 0 0
10.5 to 10.9 percent 4 0 3 0 0
11.0 percent 2 2 0 0 0
11.1 to 12.9 percent 5 5 0 0 0
13.0 percent 0 0 0 0 0
13.1 percent or more 17 8 0 8 0
Not reported 0 0 0 0 0
Median 6.5 6.8 3.6 5.5 3.0

Type of Interest Rate Buydown

Properties with interest rate
buydown
9 9 0 0 0
Constant payment 3 3 0 0 0
3-2-1 buydown 0 0 0 0 0
Other 0 0 0 0 0
Not reported 6 6 0 0 0
Properties without interest
rate buydown
91 65 5 21 0
Not reported 179 125 15 36 3

Term of First Mortgage

Less than 5 years
5 0 5 0 0
5 years 0 0 0 0 0
6 to 9 years 0 0 0 0 0
10 years 0 0 0 0 0
11 to 14 years 0 0 0 0 0
15 years 11 11 0 0 0
16 to 19 years 0 0 0 0 0
20 years 2 2 0 0 0
21 to 24 years 0 0 0 0 0
25 years 3 0 0 3 0
26 to 29 years 0 0 0 0 0
30 years 116 94 0 22 0
More than 30 years 2 0 0 2 0
No stated term 141 93 15 30 3
Median 30 30 3 30 0

Unexpired Term of First Mortgage

Less than 5 years
6 1 5 0 0
5 to 9 years 12 9 0 3 0
10 to 14 years 0 0 0 0 0
15 to 19 years 14 7 0 6 0
20 to 24 years 28 22 0 5 0
25 to 29 years 58 48 0 9 0
30 or more years 22 18 0 4 0
No stated term or not computed 141 93 15 30 3
Median 26 26 3 24 0

Holder of First Mortgage

Commercial bank or trust company
26 13 8 5 0
Savings and loan association, federal
savings bank
33 17 1 15 0
Mutual savings bank 4 3 0 1 0
Life insurance company 6 5 0 1 0
Mortgage banker or mortgage company 22 17 0 5 0
Federally-sponsored secondary market
agency or pool
127 102 6 15 3
Conventional mortgage pool 5 5 0 0 0
Other federal agency 4 4 0 0 0
Real estate investment trust 0 0 0 0 0
Pension or retirement fund 0 0 0 0 0
Credit union 15 11 0 3 0
Finance company 3 3 0 0 0
State or municipal government or
housing finance agency
22 11 0 11 0
Individual or individual's estate 10 5 5 0 0
Other 3 3 0 0 0

First Mortgage Loan as a Percent of
Purchase Price

Properties acquired by
purchase with first mortgage
made or assumed at time of
purchase
178 120 17 41 0
Less than 40 percent 4 3 0 1 0
40 to 49 percent 5 3 0 2 0
50 to 59 percent 12 8 1 3 0
60 to 69 percent 23 11 3 9 0
70 to 79 percent 27 17 0 10 0
80 to 89 percent 38 33 4 0 0
90 to 94 percent 12 8 0 5 0
95 to 99 percent 6 6 0 0 0
100 percent or more 50 30 8 12 0
Not reported 0 0 0 0 0
Median 85 85 90 75 0
Other properties 101 79 3 16 3
Not available 0 0 0 0 0

First Mortgage Loan as a Percent
of Value

Properties acquired by
purchase with first mortgage
made or assumed at time of
purchase
178 120 17 41 0
Less than 40 percent 6 4 0 2 0
40 to 49 percent 3 3 0 0 0
50 to 59 percent 4 2 0 2 0
60 to 69 percent 49 30 4 15 0
70 to 79 percent 39 27 0 12 0
80 to 89 percent 38 34 4 0 0
90 to 94 percent 5 2 0 4 0
95 to 99 percent 4 4 0 0 0
100 percent or more 29 15 8 6 0
Not reported 0 0 0 0 0
Median 77 78 90 71 0
Other properties 101 79 3 16 3
Not available 0 0 0 0 0

First Mortgage Risk

Subprime loan
13 10 0 0 3
Not subprime loan 266 189 20 57 0
Not reported 0 0 0 0 0

Index Used to Adjust Interest Rate
on ARM

Properties with adjustable
rate first mortgage
60 0 0 57 3
Treasury security 3 0 0 3 0
Average cost of funds in bank district 10 0 0 10 0
National average cost of funds 3 0 0 3 0
OTS contract mortgage rate 0 0 0 0 0
Other method 5 0 0 5 0
No index used 0 0 0 0 0
Not reported 39 0 0 36 3
Other properties 219 199 20 0 0
Not reported 0 0 0 0 0

Frequency With Which Rate Can Be
Adjusted

Properties with adjustable
rate first mortgage
60 0 0 57 3
Monthly 14 0 0 14 0
Every 3 months 1 0 0 1 0
Every 6 months 3 0 0 3 0
Yearly 3 0 0 3 0
Every 3 years 0 0 0 0 0
Every 5 years 0 0 0 0 0
Other 0 0 0 0 0
Not reported 39 0 0 36 3
Other properties 219 199 20 0 0
Not reported 0 0 0 0 0

Caps on Interest Rate Per Adjustment
Period

Properties with adjustable
rate first mortgage
60 0 0 57 3
Less than 1 percent 0 0 0 0 0
1 percent 0 0 0 0 0
1.1 to 1.9 percent 3 0 0 3 0
2 percent 3 0 0 3 0
2.1 to 2.9 percent 0 0 0 0 0
3 percent 2 0 0 2 0
3.1 to 3.9 percent 0 0 0 0 0
4.0 percent or more 1 0 0 1 0
No caps 14 0 0 14 0
Not reported 36 0 0 33 3
Other properties 219 199 20 0 0
Not reported 0 0 0 0 0

Caps on Interest Rate Over Life of ARM

Properties with adjustable
rate first mortgage
60 0 0 57 3
Less than 1 percent 0 0 0 0 0
1 percent 0 0 0 0 0
1.1 to 1.9 percent 0 0 0 0 0
2 percent 0 0 0 0 0
2.1 to 2.9 percent 1 0 0 1 0
3 percent 0 0 0 0 0
3.1 to 3.9 percent 0 0 0 0 0
4.0 percent or more 15 0 0 15 0
No caps 8 0 0 8 0
Not reported 36 0 0 33 3
Other properties 219 199 20 0 0
Not reported 0 0 0 0 0

Interest Rate Changed Since
Mortgage Made

Properties with adjustable
rate first mortgage
60 0 0 57 3
Yes, rate has changed 24 0 0 24 0
No change since mortgage made 0 0 0 0 0
Not reported 36 0 0 33 3
Other properties 219 199 20 0 0
Not reported 0 0 0 0 0

Percentage of Margin Over Index on ARM

Properties with adjustable rate
first mortgage
60 0 0 57 3
Less than 1 percent 0 0 0 0 0
1 percent 0 0 0 0 0
1.1 to 1.9 percent 0 0 0 0 0
2 percent 0 0 0 0 0
2.1 to 2.9 percent 15 0 0 15 0
3 percent 2 0 0 2 0
3.1 to 3.9 percent 3 0 0 3 0
4 percent 0 0 0 0 0
4.1 to 4.9 percent 0 0 0 0 0
5 percent or more 3 0 0 3 0
Not reported 36 0 0 33 3
Median 2.8 0.0 0.0 2.8 0.0
Other properties 219 199 20 0 0
Not reported 0 0 0 0 0

ARM Convertible to Fixed Rate Mortgage

Properties with adjustable rate
first mortgage
60 0 0 57 3
Can be converted 4 0 0 4 0
Cannot be converted 12 0 0 12 0
Not reported 44 0 0 41 3
Other properties 219 199 20 0 0
Not reported 0 0 0 0 0

Change in Monthly Interest and Principal
Payments Other Than Change in Interest
Rate

Monthly payments can change
(other than change in interest
ra
0 0 0 0 0
Payments can change monthly 0 0 0 0 0
Payments can change every three months 0 0 0 0 0
Payments can change every six months 0 0 0 0 0
Payments can change yearly 0 0 0 0 0
Payments can change every 3 years 0 0 0 0 0
Payments can change every 5 years 0 0 0 0 0
Other 0 0 0 0 0
Not reported 0 0 0 0 0
Monthly payments cannot
change
242 199 20 23 0
Not reported 37 0 0 34 3

First Mortgage Allows for Negative
Amortization

Monthly payments can change
(other than change in interest
rate)
0 0 0 0 0
Yes, unrestricted negative amortization 0 0 0 0 0
Yes, restricted negative amortization 0 0 0 0 0
No negative amortization allowed 0 0 0 0 0
Not reported 0 0 0 0 0
Monthly payments cannot change 242 199 20 23 0
Not reported 37 0 0 34 3

MORTGAGE PAYMENTS AND OTHER EXPENSES


Method of Payment of First Mortgage

Regular payments of interest
and/or principal
270 193 19 55 3
Interest and principal 270 193 19 55 3
Fully amortized 249 191 0 55 3
Not fully amortized 21 2 19 0 0
Interest only 0 0 0 0 0
No regular payments required 5 2 1 2 0
Not reported 4 4 0 0 0

Items Included in First Mortgage
Payment@1

Regular monthly payments of
both interest and principal
270 193 19 55 3
Real estate taxes 66 60 0 7 0
Property insurance 59 53 0 7 0
Mortgage insurance 6 6 0 0 0
Other 20 20 0 0 0
No items included or not reported 196 126 19 48 3
No regular payments of interest
and principal
9 6 1 2 0

Monthly Interest and Principal
Payments on First Mortgage Per
Housing Unit

Regular monthly payments of
interest and/or principal
274 197 19 55 3
Less than $100 19 13 0 6 0
$100 to $199 28 18 3 7 0
$200 to $299 43 30 0 13 0
$300 to $399 45 28 7 10 0
$400 to $499 50 40 3 7 0
$500 to $599 21 18 0 0 3
$600 to $699 32 28 2 3 0
$700 to $799 5 2 0 4 0
$800 to $899 10 6 0 4 0
$900 to $999 1 1 0 0 0
$1,000 to $1,249 4 4 0 0 0
$1,250 to $1,499 2 0 0 2 0
$1,500 or more 9 6 3 0 0
Not reported 4 4 0 0 0
Median 400 418 384 322 550
Mean 459 454 657 407 522
No regular payments required 5 2 1 2 0

Current First Mortgage Payment Status

Regular monthly payments of
principal and/or interest
274 197 19 55 3
Up-to-date, ahead of schedule, or
less than 90 days past due
116 91 3 22 0
Delinquent by 90 days or more 2 2 0 0 0
Legal proceedings have begun 2 2 0 0 0
Legal proceedings have not begun 0 0 0 0 0
Not reported 0 0 0 0 0
Not reported 156 105 15 33 3
Other properties 5 2 1 2 0

Monthly Interest and Principal Payments
on Total Mortgages Per Housing Unit

Regular monthly payments of
interest and/or principal
274 197 19 55 3
Less than $100 20 14 0 6 0
$100 to $199 28 18 3 7 0
$200 to $299 41 30 0 11 0
$300 to $399 49 30 7 11 0
$400 to $499 46 38 0 7 0
$500 to $599 21 18 0 0 3
$600 to $699 36 28 5 3 0
$700 to $799 5 2 0 4 0
$800 to $899 13 8 0 4 0
$900 to $999 1 1 0 0 0
$1,000 to $1,249 4 4 0 0 0
$1,250 to $1,499 2 0 0 2 0
$1,500 or more 9 6 3 0 0
Not reported 0 0 0 0 0
Median 399 417 384 334 550
Mean 463 455 693 408 522
No regular payments required 5 2 1 2 0

Interest and Principal Payment on
First Mortgage as Percent of Rental
Receipts

Acquired before 2000 and
regular payments of interest
and/or princi
222 158 15 49 0
Less than 20 percent 11 9 0 2 0
20 to 29 percent 15 11 1 3 0
30 to 39 percent 15 11 0 3 0
40 to 49 percent 33 21 3 10 0
50 to 59 percent 33 24 5 4 0
60 to 69 percent 27 24 0 3 0
70 to 79 percent 16 12 2 2 0
80 to 89 percent 24 11 0 13 0
90 to 99 percent 2 2 0 0 0
100 percent or more 45 33 4 8 0
Not reported or not computed 1 1 0 0 0
Median 61 61 57 66 0
Other properties 57 41 5 8 3

Interest and Principal Payment on Total
Mortgages as Percent of Rental Receipts

Acquired before 2000 and regular
payments of interest and/or
principal
225 161 15 49 0
Less than 20 percent 11 9 0 2 0
20 to 29 percent 15 11 1 3 0
30 to 39 percent 13 10 0 3 0
40 to 49 percent 35 23 3 10 0
50 to 59 percent 31 23 5 2 0
60 to 69 percent 31 26 0 5 0
70 to 79 percent 17 13 2 2 0
80 to 89 percent 24 11 0 13 0
90 to 99 percent 2 2 0 0 0
100 percent or more 45 33 4 8 0
Not reported or not computed 1 1 0 0 0
Median 62 62 57 68 0
Other properties 54 38 5 8 3

Real Estate Tax Per $1,000 Value

Acquired before 2000
231 164 17 51 0
Less than $5 53 37 5 11 0
$5 to $9 93 67 4 22 0
$10 to $14 40 32 1 6 0
$15 to $19 30 15 6 9 0
$20 to $24 4 4 0 0 0
$25 to $29 5 5 0 0 0
$30 to $39 6 3 0 3 0
$40 to $49 0 0 0 0 0
$50 to $59 0 0 0 0 0
$60 or more 0 0 0 0 0
Not reported or not computed 1 1 0 0 0
Median 8 8 9 8 0
Acquired 2000 and 2001 (part) 48 35 3 6 3

Real Estate Tax as Percent of Rental
Receipts

Acquired before 2000
231 164 17 51 0
Less than 5 percent 28 19 3 6 0
5 to 9 percent 72 51 3 17 0
10 to 14 percent 56 47 5 4 0
15 to 19 percent 37 22 0 15 0
20 to 24 percent 7 2 1 3 0
25 to 29 percent 11 11 0 0 0
30 to 34 percent 4 4 0 0 0
35 to 39 percent 4 0 4 0 0
40 percent or more 9 5 0 5 0
Not reported or not computed 2 2 0 0 0
Median 11 11 12 13 0
Acquired 2000 and 2001 (part) 48 35 3 6 3

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