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Residential Finance Survey: 2001 - United States
Table 7-12. Junior Mortgage Characteristics, Rental and Vacant 50-or-More-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
8565 542 8023
Junior mortgages outstanding 8049 61 7988

MORTGAGE CHARACTERISTICS


Type of Junior Mortgage Instrument

Fixed-rate, level-payment mortgage
5956 0 5956
Short-term with balloon payment mortgage 684 0 684
Reverse mortgage 10 0 10
Adjustable rate mortgage (ARM) 916 0 916
Other 483 61 422

Purpose of Junior Mortgage

Provide funds for the purchase of the
property
2426 0 2426
Provide funds for additions,
improvements, or repairs to this
property
2812 5 2807
Provide funds for consolidation of debts 355 26 329
Provide funds for investment in other
real estate
322 28 294
Provide funds for other types of
investments
149 0 149
Provide funds for educational or medical
expenses
3 0 3
Provide funds to start a business 14 0 14
Provide funds to settle a divorce 10 0 10
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 976 0 976
Not reported 975 3 972

Year Junior Mortgage Made or Assumed

Traditional junior
mortgages
7988 0 7988
1999 to 2001 (part) 3013 0 3013
1997 and 1998 1823 0 1823
1995 and 1996 1047 0 1047
1990 to 1994 1155 0 1155
1985 to 1989 426 0 426
1980 to 1984 313 0 313
1979 or earlier 211 0 211
Other junior mortgages 61 61 0

Junior Mortgage Loan

Traditional junior mortgages
7988 0 7988
Less than $250,000 1521 0 1521
$250,000 to $499,999 1054 0 1054
$500,000 to $749,999 838 0 838
$750,000 to $999,999 568 0 568
$1,000,000 to $1,499,999 921 0 921
$1,500,000 to $1,999,999 1054 0 1054
$2,000,000 to $2,499,999 427 0 427
$2,500,000 to $2,999,999 376 0 376
$3,000,000 to $3,999,999 344 0 344
$4,000,000 to $4,999,999 187 0 187
$5,000,000 to $7,499,999 227 0 227
$7,500,000 to $9,999,999 177 0 177
$10,000,000 to $12,499,999 80 0 80
$12,500,000 to $14,999,999 28 0 28
$15,000,000 or more 99 0 99
Not reported 89 0 89
Median 986659 250000- 986659
Mean 1925009 0 1925009
Other junior mortgages 61 61 0

Current Interest Rate on Junior Mortgage

Less than 6.0 percent
3816 3 3813
6.0 percent 62 0 62
6.1 to 6.4 percent 60 0 60
6.5 to 6.9 percent 74 28 46
7.0 percent 600 0 600
7.1 to 7.4 percent 95 0 95
7.5 to 7.9 percent 510 0 510
8.0 percent 152 0 152
8.1 to 8.4 percent 198 0 198
8.5 to 8.9 percent 141 26 115
9.0 percent 135 0 135
9.1 to 9.4 percent 49 0 49
9.5 to 9.9 percent 77 5 73
10.0 percent 215 0 215
10.1 to 10.4 percent 4 0 4
10.5 to 10.9 percent 110 0 110
11.0 percent 75 0 75
11.1 to 12.9 percent 99 0 99
13.0 percent 9 0 9
13.1 percent or more 1569 0 1569
Not reported 0 0 0
Not borrowed 0 0 0
Median 7.0 8.5 7.0

Term of Junior Mortgage

Traditional junior mortgages
7988 0 7988
Less than 5 years 174 0 174
5 years 126 0 126
6 to 9 years 132 0 132
10 years 153 0 153
11 to 14 years 38 0 38
15 years 195 0 195
16 to 19 years 379 0 379
20 years 164 0 164
21 to 24 years 61 0 61
25 years 49 0 49
26 to 29 years 67 0 67
30 years 520 0 520
More than 30 years 694 0 694
No stated term 5236 0 5236
Median 22 5- 22
Other junior mortgages 61 61 0

Holder of Junior Mortgage

Commercial bank or trust company
1415 61 1354
Savings and loan association, federal
savings bank
515 0 515
Mutual savings bank 135 0 135
Life insurance company 213 0 213
Mortgage banker or mortgage company 27 0 27
Federally-sponsored secondary market
agency or pool
2964 0 2964
Conventional mortgage pool 19 0 19
Other federal agency 563 0 563
Real estate investment trust 25 0 25
Pension or retirement fund 32 0 32
Credit union 139 0 139
Finance company 98 0 98
State or municipal government or
housing finance agency
1300 0 1300
Individual or individual's estate 277 0 277
Other 325 0 325

Servicer of Junior Mortgage

Traditional junior mortgages
7988 0 7988
Commercial bank or trust company 1410 0 1410
Savings and loan association, federal
savings bank
524 0 524
Mutual savings bank 128 0 128
Life insurance company 202 0 202
Mortgage banker or mortgage company 3091 0 3091
Federally-sponsored secondary market
agency or pool
4 0 4
Conventional mortgage pool 7 0 7
Other federal agency 516 0 516
Real estate investment trust 15 0 15
Pension or retirement fund 7 0 7
Credit union 139 0 139
Finance company 100 0 100
State or municipal government or housing
finance agency
1192 0 1192
Individual or individual's estate 251 0 251
Other 401 0 401
Other junior mortgages 61 61 0

Holder's Acquisition of Junior Mortgage

Traditional junior mortgages
7988 0 7988
Originated directly from borrower 4366 0 4366
Purchased from present servicer 2245 0 2245
Purchased from someone else 1377 0 1377
Other junior mortgages 61 61 0

Index Used to Adjust Interest Rate
on Junior Mortgage

Adjustable rate traditional
Junior mortgage
1338 0 1338
Treasury security 58 0 58
Average cost of funds in bank district 39 0 39
National average cost of funds 0 0 0
OTS contract mortgage rate 0 0 0
Other method 128 0 128
No index used 197 0 197
Not reported 916 0 916
Other junior mortgages 6711 61 6650

Frequency With Which Rate Can Be
Adjusted

Adjustable rate traditional
junior mortgages
1338 0 1338
Monthly 98 0 98
Every 3 months 5 0 5
Every 6 months 0 0 0
Yearly 46 0 46
Every 3 years 8 0 8
Every 5 years 43 0 43
Other 69 0 69
Not reported 1069 0 1069
Other junior mortgages 6711 61 6650

Interest Rate Changed Since
Mortgage Made

Adjustable rate traditional
junior mortgages
1338 0 1338
Yes, rate has changed 185 0 185
No change since mortgage made 263 0 263
Not reported 890 0 890
Other junior mortgages 6711 61 6650

Caps on Interest Rate Per Adjustment
Period

Adjustable rate junior
mortgages
1367 29 1338
Less than 1 percent 6 0 6
1 percent 0 0 0
1.1 to 1.9 percent 0 0 0
2 percent 51 0 51
2.1 to 2.9 percent 0 0 0
3 percent 2 0 2
3.1 to 3.9 percent 0 0 0
4.0 percent or more 16 0 16
No caps 290 29 261
Not reported 1002 0 1002
Not borrowed 0 0 0
Other junior mortgages 6682 32 6650

Caps on Interest Rate Over Life of ARM

Adjustable rate junior
mortgages
1367 29 1338
Less than 1 percent 6 0 6
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 5 0 5
3 percent 2 0 2
3.1 to 3.9 percent 0 0 0
4.0 percent or more 83 29 54
No caps 261 0 261
Not reported 1010 0 1010
Not borrowed 0 0 0
Other junior mortgages 6682 32 6650

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

Monthly payments can change
(other than ch
71 0 71
Payments can change monthly 16 0 16
Payments can change every three months 0 0 0
Payments can change every six months 2 0 2
Payments can change yearly 42 0 42
Payments can change every 3 years 0 0 0
Payments can change every 5 years 0 0 0
Other 7 0 7
Not reported 3 0 3
Monthly payments cannot
change
6963 0 6963
Not reported or other junior
mortgages
1015 61 954

Traditional Junior Mortgage Allows for
Negative Amortization

Monthly payments can change
(other than change in interest
rate)
71 0 71
Yes, unrestricted negative amortization 8 0 8
Yes, restricted negative amortization 35 0 35
No negative amortization allowed 27 0 27
Not reported 0 0 0
Monthly payments cannot change 6963 0 6963
Not reported or other
junior mortgages
1015 61 954

MORTGAGE PAYMENTS AND OTHER EXPENSES


Method of Payment of Traditional Junior
Mortgage

Regular payments of interest
and/or principal
5359 0 5359
Interest and principal 5215 0 5215
Fully amortized 4141 0 4141
Not fully amortized 1074 0 1074
Interest only 143 0 143
No regular payments required 857 0 857
Not reported or other
junior mortgages
1834 61 1773

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