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Mortgage Data Help Paint Foreclosure Picture
As national and regional foreclosure and delinquency rates escalate, community organizations, counseling agencies and policymakers need to obtain good-quality data to target at-risk borrowers and neighborhoods, understand foreclosure patterns and trends in local areas, and use limited resources effectively to mitigate foreclosure losses to individuals and communities.
Mortgage performance data typically are not publicly available and are usually expensive. The Federal Reserve System has aggregated loan-level information from the First American CoreLogic, LoanPerformance asset-backed securities database. The Federal Reserve created dynamic maps and made them available to the public beginning April 1, 2008.
The maps illustrate the conditions of securitized, owner-occupied, subprime and Alt-A mortgage loans across the United States. The maps are maintained by the Federal Reserve Bank of New York and can be found at www.newyorkfed.org/mortgagemaps
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Twelve variables on loan density, delinquency status, risk factors and imminent default signals are displayed in the maps. Definitions of the variables and explanation of the data sources are available in the website's technical appendix: www.newyorkfed.org/regional/techappendix_map.html.
More detailed statistics can be found in the accompanying data tables at www.newyorkfed.org/regional/subprime.html. The data include aggregated information in the following categories:
Property characteristics:
- Location
- Occupancy status
- Foreclosure status
- REO status
Underwriting characteristics:
- Average borrower's FICO score at origination
- Number of no- or low-documentation loans at origination
- Average and median of combined loan-to-value (LTV) ratio at origination
- Loan purpose (purchase/refinance)
Loan characteristics:
- Average current interest rate and balance
- Origination year
- Loan type (ARM/fixed/interest only)
- Prepayment penalty
- Loans with a second lien at origination
- Borrower delinquency status
- Average margin, initial and current interest rate for ARM loans
- Payment reset distribution for ARM loans
Universes used to calculate the shares or densities include the number of housing units (based on the 2000 census), the number of owner-occupied loans and ARM loans in the LoanPerformance database. More appropriate universes, such as the total number of mortgage loans in the geographic area, are not available. The database does not include the comparison data on loans securitized by government-sponsored enterprises (GSEs) or prime mortgages. It covers approximately half of all subprime and 90 percent of all Alt-A mortgage loans in the United States.
For loan performance data in the Eleventh District, contact the Community Affairs office of the Federal Reserve Bank of Dallas.
Texas Subprime Picture at a Glance
Based on the LoanPerformance data of December 2007, Texas ranks third in the nation in number of owner-occupied, securitized, subprime loans and seventh in foreclosure/real-estate-owned (REO) properties. Fourteen Texas counties have more than 3,000 owner-occupied, securitized, subprime loans. The following tables summarize a number of key characteristics according to their ranks among the 14 counties:
(A) Owner-Occupied, Securitized, Subprime Loans |
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| Harris | 32,800 |
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| Dallas | 31,900 |
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| Tarrant | 20,400 |
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| Bexar | 14,900 |
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| Hidalgo | 7,700 |
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| El Paso | 7,500 |
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| Denton | 6,200 |
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| Travis | 5,800 |
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| Collin | 5,700 |
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| Cameron | 4,100 |
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| Fort Bend | 3,500 |
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| Galveston | 3,400 |
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| Nueces | 3,400 |
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| Montgomery | 3,000 |
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Number of Foreclosures/REO in (A) |
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| Dallas | 2,900 |
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| Harris | 2,400 |
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| Tarrant | 1,500 |
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| Bexar | 750 |
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| Denton | 500 |
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| Hidalgo | 500 |
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| Collin | 400 |
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| Cameron | 300 |
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| Fort Bend | 200 |
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| Galveston | 200 |
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| Montgomery | 200 |
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| Travis | 200 |
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| El Paso | 100 |
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| Nueces | 100 |
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ARMs as Percent of (A) |
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| Collin | 57.9 |
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| Denton | 54.8 |
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| Dallas | 53.6 |
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| Tarrant | 52.5 |
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| Fort Bend | 51.4 |
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| Montgomery | 50.0 |
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| Harris | 48.5 |
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| Galveston | 47.0 |
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| Travis | 43.1 |
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| Hidalgo | 42.9 |
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| Cameron | 41.5 |
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| Nueces | 41.2 |
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| Bexar | 40.3 |
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| El Paso | 40.0 |
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High LTV and FICO <620 as a Percent of Total ARMs in (A) |
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| Nueces | 35.7 |
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| Tarrant | 29.0 |
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| Fort Bend | 27.8 |
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| Collin | 27.3 |
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| Harris | 27.0 |
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| Bexar | 26.7 |
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| Montgomery | 26.7 |
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| Denton | 26.4 |
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| Dallas | 26.3 |
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| Galveston | 25.0 |
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| Hidalgo | 24.2 |
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| El Paso | 23.3 |
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| Cameron | 17.7 |
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| Travis | 16.0 |
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ARM Resets in 2008 in (A) |
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| Dallas | 5,800 |
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| Harris | 5,500 |
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| Tarrant | 3,900 |
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| Bexar | 2,100 |
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| Denton | 1,300 |
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| Collin | 1,200 |
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| El Paso | 1,200 |
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| Hidalgo | 1,200 |
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| Travis | 700 |
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| Cameron | 600 |
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| Fort Bend | 600 |
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| Galveston | 600 |
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| Montgomery | 600 |
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| Nueces | 500 |
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SOURCE: Federal Reserve estimates based on data from First American CoreLogic, LoanPerformance asset-backed securities database.
Other Data on Mortgage ForeclosureThe National Delinquency Survey (NDS), which the Mortgage Bankers Association (MBA) has conducted since 1953, covers 80–85% of all first-lien residential mortgage loans outstanding in the United States. Delinquency and foreclosure measures are broken out into various loan types (prime, subprime, VA and FHA) and fixed- and adjustable-rate products. While the securitized nonprime loans in the LoanPerformance data are categorized into subprime or Alt-A based on the credit risks of the securities, the MBA divides the conventional sample between prime and subprime based on whether the servicer handles primarily prime or subprime loans. The MBA data provide quarterly reports on national, regional and state mortgage delinquency and foreclosure rates and total number of loans serviced. The MBA data can be purchased at www.mbaa.org/ResearchandForecasts/ProductsandSurveys/ |
e-Perspectives, Volume 8, Issue 1, 2008
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Federal Reserve Bank of Dallas Community Affairs Office 
P.O. Box 655906, Dallas, Texas 75265-5906 214-922-5377 |
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Gloria
Vasquez Brown Vice President |
Alfreda B. Norman Assistant Vice President and Community Affairs Officer |
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Jackie
Hoyer Houston Branch Senior Community Affairs Advisor |
Julie Gunter Senior Community Affairs Advisor |
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Wenhua Di Community Affairs Economist |
Elizabeth Sobel Community Affairs Specialist |
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Roy Lopez Community Affairs Specialist |
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| The views expressed are the authors' and should not be attributed to the Federal Reserve Bank of Dallas or the Federal Reserve System. Articles may be reprinted on the condition that the source is credited and a copy is provided to the Community Affairs Office. | ||