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Residential Finance Survey

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Residential Finance Survey: 2001 - United States
Table 6-12. Junior Mortgage Characteristics, Rental and Vacant 5- to 49-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
39623 7742 31881
Junior mortgages outstanding 33034 1153 31881

MORTGAGE CHARACTERISTICS


Type of Junior Mortgage Instrument

Fixed-rate, level-payment mortgage
21006 0 21006
Short-term with balloon payment mortgage 4591 0 4591
Reverse mortgage 0 0 0
Adjustable rate mortgage (ARM) 4789 0 4789
Other 2649 1153 1496

Purpose of Junior Mortgage

Provide funds for the purchase of the
property
13812 0 13812
Provide funds for additions,
improvements, or repairs to this
property
9473 785 8688
Provide funds for consolidation of debts 956 0 956
Provide funds for investment in other
real estate
1579 0 1579
Provide funds for other types of
investments
11 0 11
Provide funds for educational or medical
expenses
0 0 0
Provide funds to start a business 39 0 39
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
263 219 44
Provide funds to purchase consumer
product
0 0 0
Other reasons 2491 0 2491
Not reported 4411 149 4262

Year Junior Mortgage Made or Assumed

Traditional junior
mortgages
31881 0 31881
1999 to 2001 (part) 15824 0 15824
1997 and 1998 6320 0 6320
1995 and 1996 3251 0 3251
1990 to 1994 4596 0 4596
1985 to 1989 1143 0 1143
1980 to 1984 217 0 217
1979 or earlier 530 0 530
Other junior mortgages 1153 1153 0

Junior Mortgage Loan

Traditional junior mortgages
31881 0 31881
Less than $50,000 7795 0 7795
$50,000 to $74,999 4635 0 4635
$75,000 to $99,999 1929 0 1929
$100,000 to $149,999 4308 0 4308
$150,000 to $199,999 3604 0 3604
$200,000 to $249,999 2040 0 2040
$250,000 to $299,999 1286 0 1286
$300,000 to $399,999 1323 0 1323
$400,000 to $499,999 1235 0 1235
$500,000 to $749,999 1522 0 1522
$750,000 to $999,999 587 0 587
$1,000,000 or more 1323 0 1323
Not reported 294 0 294
Median 116648 50000- 116648
Mean 255540 0 255540
Other junior mortgages 1153 1153 0

Current Interest Rate on Junior Mortgage

Less than 6.0 percent
17205 338 16867
6.0 percent 31 0 31
6.1 to 6.4 percent 64 0 64
6.5 to 6.9 percent 437 166 271
7.0 percent 1339 0 1339
7.1 to 7.4 percent 681 0 681
7.5 to 7.9 percent 802 156 646
8.0 percent 663 0 663
8.1 to 8.4 percent 92 0 92
8.5 to 8.9 percent 1301 0 1301
9.0 percent 869 464 405
9.1 to 9.4 percent 0 0 0
9.5 to 9.9 percent 297 0 297
10.0 percent 963 30 934
10.1 to 10.4 percent 116 0 116
10.5 to 10.9 percent 0 0 0
11.0 percent 210 0 210
11.1 to 12.9 percent 489 0 489
13.0 percent 42 0 42
13.1 percent or more 7434 0 7434
Not reported 0 0 0
Not borrowed 0 0 0
Median 5.8 7.7 5.7

Term of Junior Mortgage

Traditional junior mortgages
31881 0 31881
Less than 5 years 303 0 303
5 years 640 0 640
6 to 9 years 382 0 382
10 years 1048 0 1048
11 to 14 years 310 0 310
15 years 1036 0 1036
16 to 19 years 131 0 131
20 years 462 0 462
21 to 24 years 269 0 269
25 years 262 0 262
26 to 29 years 0 0 0
30 years 2091 0 2091
More than 30 years 767 0 767
No stated term 24180 0 24180
Median 20 5- 20
Other junior mortgages 1153 1153 0

Holder of Junior Mortgage

Commercial bank or trust company
4660 119 4541
Savings and loan association, federal
savings bank
3265 321 2943
Mutual savings bank 549 0 549
Life insurance company 683 0 683
Mortgage banker or mortgage company 93 0 93
Federally-sponsored secondary market
agency or pool
13090 0 13090
Conventional mortgage pool 9 0 9
Other federal agency 1259 0 1259
Real estate investment trust 61 0 61
Pension or retirement fund 31 0 31
Credit union 1166 683 484
Finance company 565 0 565
State or municipal government or
housing finance agency
2327 0 2327
Individual or individual's estate 2901 0 2901
Other 2375 30 2345

Servicer of Junior Mortgage

Traditional junior mortgages
31881 0 31881
Commercial bank or trust company 4669 0 4669
Savings and loan association, federal
savings bank
2978 0 2978
Mutual savings bank 549 0 549
Life insurance company 683 0 683
Mortgage banker or mortgage company 13103 0 13103
Federally-sponsored secondary market
agency or pool
0 0 0
Conventional mortgage pool 9 0 9
Other federal agency 1259 0 1259
Real estate investment trust 0 0 0
Pension or retirement fund 0 0 0
Credit union 484 0 484
Finance company 467 0 467
State or municipal government or housing
finance agency
2573 0 2573
Individual or individual's estate 2751 0 2751
Other 2356 0 2356
Other junior mortgages 1153 1153 0

Holder's Acquisition of Junior Mortgage

Traditional junior mortgages
31881 0 31881
Originated directly from borrower 19791 0 19791
Purchased from present servicer 6515 0 6515
Purchased from someone else 5575 0 5575
Other junior mortgages 1153 1153 0

Index Used to Adjust Interest Rate
on Junior Mortgage

Adjustable rate traditional
Junior mortgage
6285 0 6285
Treasury security 217 0 217
Average cost of funds in bank district 69 0 69
National average cost of funds 0 0 0
OTS contract mortgage rate 0 0 0
Other method 418 0 418
No index used 786 0 786
Not reported 4794 0 4794
Other junior mortgages 26750 1153 25597

Frequency With Which Rate Can Be
Adjusted

Adjustable rate traditional
junior mortgages
6285 0 6285
Monthly 130 0 130
Every 3 months 0 0 0
Every 6 months 0 0 0
Yearly 85 0 85
Every 3 years 0 0 0
Every 5 years 243 0 243
Other 276 0 276
Not reported 5551 0 5551
Other junior mortgages 26750 1153 25597

Interest Rate Changed Since
Mortgage Made

Adjustable rate traditional
junior mortgages
6285 0 6285
Yes, rate has changed 505 0 505
No change since mortgage made 1015 0 1015
Not reported 4765 0 4765
Other junior mortgages 26750 1153 25597

Caps on Interest Rate Per Adjustment
Period

Adjustable rate junior
mortgages
7408 1123 6285
Less than 1 percent 166 166 0
1 percent 0 0 0
1.1 to 1.9 percent 0 0 0
2 percent 549 464 85
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 1703 494 1209
Not reported 4991 0 4991
Not borrowed 0 0 0
Other junior mortgages 25626 30 25597

Caps on Interest Rate Over Life of ARM

Adjustable rate junior
mortgages
7408 1123 6285
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 982 848 133
No caps 1279 119 1160
Not reported 5147 156 4991
Not borrowed 0 0 0
Other junior mortgages 25626 30 25597

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

Monthly payments can change
(other than ch
153 0 153
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 96 0 96
Other 0 0 0
Not reported 57 0 57
Monthly payments cannot
change
26877 0 26877
Not reported or other junior
mortgages
6005 1153 4852

Traditional Junior Mortgage Allows for
Negative Amortization

Monthly payments can change
(other than change in interest
rate)
153 0 153
Yes, unrestricted negative amortization 0 0 0
Yes, restricted negative amortization 0 0 0
No negative amortization allowed 153 0 153
Not reported 0 0 0
Monthly payments cannot change 26877 0 26877
Not reported or other
junior mortgages
6005 1153 4852

MORTGAGE PAYMENTS AND OTHER EXPENSES


Method of Payment of Traditional Junior
Mortgage

Regular payments of interest
and/or principal
23260 0 23260
Interest and principal 22521 0 22521
Fully amortized 18134 0 18134
Not fully amortized 4387 0 4387
Interest only 739 0 739
No regular payments required 1988 0 1988
Not reported or other
junior mortgages
7786 1153 6633

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