a pril 2012 p resentation to : findings from the i’m home loan data collection project
TRANSCRIPT
APRIL 2012
PRESENTATION TO:
Findings from the I’M HOME Loan Data Collection Project
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Data Snapshot
Loan Origination Period: 1982-2011
Number of States Reporting: 50
Number of Loans Analyzed: 14,688
Data Providers: HFAs, CDFIs, Credit Unions, USDA, Banks
Loan Origination Balance:$1.48 Billion
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Why Manufactured Housing?o The manufacture housing market allows lenders to target underserved
communities with affordable loan products that will perform when serviced effectively
o With access to origination and performance data from various HFAs, CDFIs, CUs and the USDA, FMC/CFED can compare underwriting and servicing protocols across organizations and geographic regions to identify successful strategies
o We have evidence that lenders can create effective loan programs for borrowers who do not fit into the high FICO, low LTV, low DTI mold
o Data from several organizations with strong performance suggest that initial and ongoing credit counseling, area-specific manual underwriting and slightly higher loan pricing will allow lenders to expand into the MH market with competitive, sustainable loan products for non-traditional mortgage applicants
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Why Manufactured Housing?
96.61%• Conventional
conforming MH loans in our database that are current ($189M at origination)
5.6%• Self-Insured
MH loans that are 60+ days delinquent ($47M at origination)
5.3%• Mortgage
Insured MH loans that are 60+ days delinquent ($145M at origination)
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Why Manufactured Housing?
9.9%• As of July 2011,
General Housing Market 60 plus days delinquent - (Amherst Securities)
6.7%• As of July 2011,
MH loans in Data Set 60 plus days delinquent , excluding USDA
15.1%• Including USDA
(automated underwriting, lower FICO, very high LTV), 60 plus days delinquent
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Lessons Learned
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Loan Product Types in MH Market
Conventional
Conforming Mortgage Insured Self Insured
FHA USDA VA
