Update: 2020 GSE Oregon Loan Purchases: $49 Billion, 163,000 Loans. First Time Homebuyers? $6 Billion, 19,000 Loans.

Update: I have added 11 worksheets to help focus on 2020 Oregon minority home loan acquisitions by the GSE's. 

New post HERE has the details. 

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For 20 years I have downloaded and analyzed  Oregon data on loans purchased by Fannie Mae and Freddie Mac (The "GSE's). In 2001 I used that data to provide reports on the state of African American and Hispanic homeownership in Oregon. (Short version: GSE's weren't doing much to help first time African American and Hispanic homeowners and increasing homeownership rates requires more lending to first time home buyers). 

A chronological listing of my blog posts with GSE as the keyword is HERE, 

Several years ago, thanks to Will White in Senator Merkley's office, we finally got the GSE regulator (FHFA) to release annual GSE data in a MS Access format to make it easier to extract data for analysis in Excel.  Data is available at the state, metro, county, and census tract level. 

FHFA published the GSE 2020 data late last week. This year FHFA has changed the data posted to require combining two tables in Access in order to get all data fields for each loan acquired. Suffice it to say that it is a multiple step PITA to do so. [It would be much more user friendly to split the data, sorted by state name]. 

New Excel File

Thanks to the weekend rain I hunkered down and produced a 125 MB Excel workbook HERE with all the GSE loan data for 2020 for Oregon. I added several columns to convert codes into NAMES that users could understand. [File is large at about 125 MB's].

The GSE data includes many of the same data fields as the HMDA data, but covers more geography. Notably it does NOT include lender identification but DOES include FIRST TIME HOMEBUYER data that is missing in HMDA data. 

Within the Excel workbook are multiple worksheets listed in the READ me file in the workbook. They include.

• A pivot table which allows users to explore topics of interest, including race, ethnicity, gender, loan to value, financing costs, etc. [See pic pasted below for snapshot of Pivot table loan counts by Oregon metro area].
• A listing of all data fields including those that I added. 
• Two subordinate worksheets that include only 2-4 unit properties AND only first time homebuyer purchase loans.  
• A statewide and a county level summary worksheet with counts and dollars for all loans, all purchase loans, and first time home purchase loans. Both worksheets include calculations of the PER UNIT acquisition balance for 2, 3, and 4 unit properties AND how those average PER unit costs compare to ONE unit homes. (Spoiler alert--they are a LOT lower). 

Some statewide observations:

The statewide summary as a PDF is available HERE and embedded below. 

A total of 163,089 loans were purchased with 166,107 units. Two to four unit properties accounted for 2,168 loans and 5,186 units. 

Two to Four Unit PER UNIT Average Principal Balances at Acquisition Were Substantially Lower than for One Unit Properties.

The average mortgage balance at acquisition for ONE unit loans was $300,016. 

On a PER UNIT basis the average mortgage balance at acquisition for two to four unit properties was $128,074. That's 57%/171,942 LESS PER UNIT than a one unit property. 

For two to four unit home purchase acquisitions (NOT refinances) the PER UNIT difference was even higher at 58%./$191,148. 

Originally created and posted on the Oregon Housing Blog. 

Corrected; First Nationwide HMDA 2020 Database of 260,000+ Two to Four Unit Loan Originations Merges Loan Level Data AND Lender Name.

Correction:

I had transposed PER unit values in "Key Observations" section below. Corrected now to reflect that PER UNIT values were HIGHER in 2 unit property vs 4 unit property. This could mean lower PER UNIT rent for units in 4 unit property vs PER UNIT rents in 2 unit property IF amenities and location are seen as equal. 

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State and local legislation to make it easier to site two to four unit housing is a welcome development. 

However, I have seen little information about the details of actual two to four unit loans, where they are being made, to whom, and with what underwriting standards.  

To begin to better understand these loans I downloaded 2020 HMDA nationwide data for all two to four unit loan applications that resulted in a loan origination, and added the lender details for each loan. 

Note that this does NOT include all loan applications, ONLY those that resulted in a loan origination in 2020 and was reported via HMDA. 

Data is available at the national, state, metro, county, and census tract level for more than 260,000 loans. While this is a substantial number or loans, it is less than 2% of the nearly 13.9+ million ONE unit loan originations reported in HMDA for 2020. 

The 140 MB Excel workbook I created is HERE. [You likely will need to download the file instead of viewing it in your browser]. 

The first READ ME worksheet lists the 10 worksheets in the Excel file. Worksheets include a pivot table to make navigation simpler and a summary page showing by state all loan originations and PER UNIT values by property unit size (two, three, or four units). Also included is a worksheet listing of all 113 data elements that include race and ethnicity, income, debt to income ratios and loan to value ratios. Another worksheet shows all the codes for  each data element. 

I also include a pivot table and worksheet with only OREGON data. It includes 2 additional data fields, county names and metro names. A MSA focused screenshot of the default Oregon pivot table is pasted below. 

Key Observation

Per UNIT values decrease as property unit size increases. Nationally, a 2 unit property had an average PER UNIT value of $249K vs $159K PER UNIT value for a 4 unit property, a 36% reduction. [Oregon had a more modest 21% reduction from $222K to $175K ].  

IF this translates to rents the PER UNIT rent in a 4 unit property should be lower than the PER UNIT RENT in a 2 unit property, IF amenities and location are seen as equal.  

Oregon HMDA 2020 Two to Four Unit Loan Originations by MSA

Originally created and posted on the Oregon Housing Blog. 

Portland Example: First Time Homebuyer Income Required to Qualify for a FHA Oregon Bond Loan Could Be Reduced by Up to 22% Using FHA Compensating Factors.

There are a wide variety of measures that are used to determine homeownership affordability. Those measures can include down payment assumptions, loan rate assumptions, home price assumptions, and allowable debt to income ratio assumptions. 

However I don't recall seeing any projections of the income required to purchase a home that use compensating factors as part of the debt to income analysis. Compensating factors allow applicants to qualify for larger loans than they would qualify for using standard housing debt and total debt to income ratios of 31% for housing expenses and 43% for all reoccurring expenses.

I'm most familiar with FHA lending so my examples will focus on FHA compensating factors. but  I'm sure that other loan programs also have their versions of compensating factors. 

Pre COVID 2019 HMDA Data Shows That the MAJORITY of Oregon FHA Home Purchase Borrowers Had Debt to Income Ratios of 44% or Higher.

In Oregon my review of 2019 HMDA data shows that 52% of FHA home purchase first lien loans originated had debt to income ratios of 44% or higher. (4,404 FHA home purchase first lien loans where DTI was reported at 44% or higher/7,922 total FHA first lien home purchase loans where DTI was known=52%). 

I also looked at Oregon 2019 HMDA data for FHA first lien home purchase loan originations to Hispanic, Black, and Asian borrowers. Their share of FHA first lien home purchase loans originated where DTI was 44% or higher was 66%, 67%, and 67% respectively.

[The link HERE will download the 2019 HMDA Oregon data for your review and further analysis]. 

FHA Compensating Factor Guidance

FHA's Single Family Policy Handbook 4000.1 includes a matrix of manual underwriting compensating factors that can be used to increase the percentage of income that can be used to qualify for an FHA loan.

The table pasted below (from handbook printed page 335) lists those factors that can be used to increase the amount of income used to qualify an applicant for an FHA loan:

A Portland  First Time Homebuyer Metro Example. 

I took the information from that table and applied it to an example I created for the Portland metro area for first time homebuyers. The PDF table I created is HERE and embedded below.

For the Portland metro area I created four scenarios shown in the PDF; a description of the compensating factors required for each scenario at at the top of each column:  

1. All scenarios assume a credit rating of 580 or more. This is, by itself, a compensating factor.
2. All use the current OHCS non targeted area Portland metro maximum purchase price of $453,000, the 2.25% current "cash advantage" interest rate for the Oregon Bond program, and a 3.5%/$15,855 down payment. All scenarios are fixed rate 30 year loans. Note that these terms are generally available only to first time home buyers. There are some exceptions for veterans and also for purchasers of property in targeted areas.  
3. The one time 1.75%/$7,650 FHA upfront mortgage insurance premium is included in the amount financed and the monthly MIP expense is .85%/$310.
4. Monthly property taxes and insurance and homeowners association expenses are estimated at 1.3%  of the purchase price divided by 12. ($491 per month).
5. Total monthly housing expense is $2,387.
6. Monthly non-housing reoccurring debt is assumed at $300 per month except for the 4th scenario where it is zero.
7. None of the scenarios factor in any boost for energy efficient homes, which could add 2% to the front and back ratios. My read is that these factors may only be available for scenarios 1 and 2.

Observations:

1. Using standard FHA underwriting ratios of 31%/43% in the first scenario the applicant would need $96,800 in annual income.
2. Scenario 2 requires only one compensating factor out of three possibilities and would decrease required income to $81,200 and increase allowable underwriting ratios to 37%/47%.
3. In scenario 3 there is an $75,100 income requirement but the applicant must meet at least two of these three compensating factors. The $75,100 income requirement is 22%/$21,700 less than in the first standard scenario. The underwriting ratios for this scenario are further increased to 40%/50%.
4. In scenario 4 (with only ONE required factor--no monthly recurring debt) the annual income required is also $75,100. using underwriting ratios of 40%/40%.
5. Using HUD's 4 person MFI for the Portland metro area of $96,900, 

Scenario 1 requires an income of $96,800---100% of MFI, 
Scenario 2 requires an income of $81,200--84% of HUD MFI, and 
Scenarios 3 and 4 require an income of $75,100--78% of HUD MFI.

NOTE: Use of a higher down payment would reduce monthly housing costs and reduce the income required to qualify in all scenarios, but poses a challenge for first time home buyers since it would also increase the cash required to close the loan.

Caveats:

1. The guidance cited above applies to manual loan underwriting. I do not know the extent to which these specific factors are modified or incorporated in the automated underwriting systems.  However given the large share of loans with DTI of 44% and higher it seems highly like that FHA approved automated credit scoring systems DO use credit scores and other factors in issuing loan approval decisions for loans with DTI at 44% and above. 
2. Lenders are free to adopt more restrictive standards than found in the handbook.  
3. I used the more restrictive income income limit of the two limits in each scenario rounded up to the next higher $100. 
4. The documentation required for each compensating factor can be found starting on PDF page 351 of the 40001.1 handbook.  
5. I used the latest version of the handbook, which is effective in August; I don't see any substantive changes in the compensating factors from those used in the current Handbook.

Originally created and posted on the Oregon Housing Blog.

Oregon 2019 HMDA Loans Data Includes Worksheet and Pivot Table of Black Home Loans.

On June 24th the FFIEC made 2019 HMDA home loan data available for download HERE.  

Unlike prior year HMDA data products from the CFPB, the FFIEC did NOT make it easy to extract data; many of the data fields use codes instead of names. Their browser tool also only allows the selection of two variables at a time for downloads. 

Nonetheless the 2019 HMDA data is useful and has been expanded to include 98 data fields. (These fields are listed in the Excel workbook I created; see below). Also, the 2019 HMDA data was posted on a much more timely basis than I recall when prior year uploads typically happened in September or October of the following year. 

Because the data is valuable and timely I took the time to download the HMDA loan registry (LAR) data for Oregon. I also added  4 columns with NAMES to substitute for codes: Metro names, county names, a name for the outcome of the loan application (Loan originated, denied etc) and a name for loan purpose. Note that the data that I downloaded does not include lender names; that would require downloading and matching loan data with lender data. 

The LARGE Excel workbook (149 MB's I created is HERE.
It contains these worksheets:

1. All data on 2,469 Black loan applications.
2. A pivot table of Black loan applications whose default view is the number of loan applications by county and their disposition. It also includes a filter that can focus on loan purpose (Purchase, refinance ETC) and loan type (FHA, conventional ETC)
3. All data on 264,983 loan applications.
4. A pivot table of all loan applications. The default view is of the count of loan applications and their disposition broken out by race. It also includes a filter that can focus on loan purpose (Purchase, refinance ETC) and loan type (FHA, conventional ETC)
5. A lookup table that includes MSA, county, loan purpose, and disposition values
6. An error table that includes 982 import errors (3.7 errors per 1,000 loans)
7. A table that lists all the 98 fields in the HMDA data (plus the 4 field names that I added.)

Example: Black Loans in 3 County Portland Metro Area. 
Below is a picture of a data table I created within the Black loan pivot table that shows the disposition of 1,837 Black loan applications from three Portland metro counties: 
990 loans were originated, 
67 were purchased (usually by Fannie and Freddie) and 
the remainder [780] did not result in loans. 

Notes: 

• While I included a separate worksheet for Black loan applications it's simple to use a filter within the all loan application worksheet to extract data for other racial and ethnic groups. Look for the "derived ethnicity" and/or the "derived race" columns. The Pivot table for all loan applications will also allow this focus.
• My prior HMDA related posts can be viewed HERE. 

Originally created and posted on the Oregon Housing Blog.

A First: New Excel Database Has Details on 719,000 US First Time Home Buyer GSE Loan Acquisitions in 2018.

I have posted for many years data from the annual GSE [Fannie Mae and Freddie Mac] public use census tract level database, usually focusing on Oregon data. (While I was still at HUD I produced two reports showing, in 2000, the absence in Oregon of GSE loans for Black and Hispanic first time home buyers). 

The GSE data set is unique in that it includes a first time home buyer data field NOT found in HMDA data. 

If it isn't obvious, the location and recipients of first time home buyer loans is important because first time home buyer loans drive increases in home ownership rates. 

A few years ago analysis of the GSE data became more feasible because, following up my suggestion, Will White from Senator Merkley's staff got FHFA to post a Microsoft Access version of the GSE database. This made it easier to extract data into Excel. 

This year I decided to extract ONLY first time home buyer loans acquired by Fannie Mae and Freddie Mac for ALL states; a total of 719,697 loans. Interestingly only 470,140 (65%) of these first time home buyer loans are coded for purchase, the remainder are coded as refinances, home improvement, or purpose not available.

As in the past I added a number of NAME fields (instead of just codes) to the posted data to facilitate use. Those named fields I added include state, metro area, county, borrower race and ethnicity, and a borrower income group.

The full 2018 data dictionary for the GSE data (with 39 data fields for each loan) can be found HERE.

The resulting Excel file I created is HERE and it is LARGE (240MB's). [Be patient, it may take a few minutes to download].

The Excel workbook includes a Pivot table, the FTHB data, and a field listing. The default Pivot table view shows state totals and includes pull downs for metro areas and counties, and loan purpose. 

IF you're interested in who is getting GSE backed first time home buyer loans, and where, this is an important (and unique) resource. (The complete 2018 MS Access GSE census tract level database. with more than 3M records, is HERE).

Some Oregon examples, using the Pivot table to find first time home buyer data: 

• The universe of all FTHB loans was 11,140, but only 7,242 (65%) were coded as home purchase loans.
• Only 6,065 of the 7,242 FTHB home purchase loans had borrower race identified. Of those only 101 (1.7%) went to a Black first time borrower. 
• Of the 7,242  FTHB home purchase loans, 1,693 (23.4%) went to borrowers with incomes at or below 80% of median family income and 765 (10.6%) went to borrowers with incomes of 200% or more of median family income.

Note: The current GSE data will be updated later this fall to add some HMDA related data fields.

Originally created and posted on the Oregon Housing Blog. 

2018 Oregon and Oregon Metro HMDA Data Download Links.

2018 HMDA data has moved from the CFPB website to the much less user friendly FFIEC website. 

The ability to customize data downloads is now limited to 2 variables and many of the values in the data fields now use codes instead of (understandable) names. 

To help users get started with CSV downloads I constructed the PDF HERE, and embedded below, that has links to CSV download pages for the state of Oregon and each metro area. (Note that the Portland metro data will include Clark and Skamania county in Washington state).

Two types of data links are available:

• ALL Loan applications
• ONLY approved loan applications

Users should be able to click on the link address in the PDF, but if that doesn't work, copy and paste should. (Download the PDF file if necessary).  [Downloading and clever editing of my web links would allow replication of statewide and metro links for other states]. 

The FFIEC HMDA data dictionary for 2018 is HERE.


Originally created and posted on the Oregon Housing Blog.

OHCS Confirms VA Loans Can be Combined with OHCS Bond Program, Even if Vet is Not a First Time Homebuyer.

Good news for Oregon veterans.

OHCS staff recently confirmed with me that IRS rules allow non first time homebuyer veterans to use the OHCS bond program, so long as they have not previously purchased a home using ANY state (including Oregon's) home loan bond program or mortgage credit certificate. 

This can combine the best of both programs: VA NO downpayment loans (with NO on going mortgage insurance expense) AND OHCS low rates: currently 3.25% "Rate Advantage" OR 4.25% (with 3% available for closing costs) "Cash Advantage".  

While VA loans include a funding fee (which varies by loan to value and whether veteran was regular military or in national guard/reserves) that one time fee can be included in the mortgage amount AND is waived for veterans with a VA disability rating of 10% or more. 

If a veteran has previously paid off a VA guaranteed loan they CAN get another VA home purchase loan--the VA funding fee is increased slightly for loans with less than 5% down.

OHCS loans do have income limits and OHCS maximum purchase prices MAY be below the $484,350 Oregon conforming loan limit that is used to determine the maximum zero down VA loan limit. 

I have pasted a chart below that shows the qualifying income required for different purchase prices ranging from $275,000 to $475,000.  Assumptions used are at the bottom of the chart. 

Note that VA or OHCS loan limits by county may not permit the purchase prices shown or the income required could be above the OHCS county income limit. 

For the Portland metro area the OHCS non targeted purchase price limit is $427,462 while the conforming limit of $484,350 statewide would prevent a VA zero down loan above that limit in any county. (For targeted areas the Portland metro OHCS purchase price limit is $522,554). 

The Portland metro 1-2 person  OHCS income limit for non targeted areas and 1-2 persons is $102,783 which is above the $97,136 required for a $475,000 home purchase. 

One example from the chart. A Portland metro veteran with an income of $88,526 (in red in the chart), and $500 in monthly reoccurring debts could use a 4.25% OHCS Cash Advantage loan to purchase a home at $425,000. That purchase would require NO downpayment AND provide $12,750 to help pay for buyer closing costs. 

Notes: 

1.  HMDA data shows 5,571 VA home purchase loans were made in Oregon in 2017; 1,661 loans were in the Portland metro area. (OHCS reports fewer than 10 veteran loans in last year). The 2017 Portland (Oregon) metro VA home buyer had a median income of $83,000. 
2. According to a recent ApartmentList report the home ownership rate for Post 9/11 veterans in Oregon was only 46% (vs a 62% overall Oregon homeownership rate).
3. The most recent ACS data shows more than 291,000 veterans in Oregon, with more than 57,000 with VA disability ratings of 10% or more. [The VA funding fee is waived for veterans with a service connected disability of 10% or more].
4. OHCS purchase price limits may be lower (or higher) than VA guarantee loan limits (map). The lower of the two limits would apply.  
5. VA loans have no income limits but downpayment requirements increase for loans above $484,350. OHCS recently published updated their 2019 income limits HERE. 
6. The City of Portland Mortgage Credit Certificate program uses the same IRS rules as OHCS, so the City of Portland MCC could also be used to help veterans buy homes in Portland, even if the veteran is NOT a first time hone buyer. (The MCC cannot be used in conjunction with the OHCS bond program, so the interest rate will be higher and any cash for closing costs would have to come from other sources). Portland has also yet to update their income limits, which could match those recently adopted by OHCS. 
7. VA loan underwriting includes a consideration of residual income not used by other loan programs. This insures the veteran has enough income remaining after paying for debt service, property and income taxes, reoccurring payments (car loans, student debt, etc), and housing related energy costs. DTI income ratios above 41% may require additional residual income above standard calculations. With more than 5,500 home purchase VA loans made in Oregon in 2017, many lenders are familiar with this VA loan underwriting requirement. 

Originally created and posted on the Oregon Housing Blog. 

Correcton: Oregon 2016 HMDA Loan Originations and GSE Loan Purchase Data for African Americans in One Excel Workbook.

Correction: I noticed a formula error in the workbook that impacts only the HMDA data. Instead of 1 in 1,000 home purchase loans made to African Americans, there were 10 out of 1,000 home purchase loans made to African Americans. I changed the workbook and text below accordingly.
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The 19th annual African American homeownership fair coming up on on Saturday October 28th provides an opportunity to share recently released 2016 HMDA and GSE loan data loans originated or purchased by the GSE's in Oregon. 

The Excel workbook I created HERE ( and embedded below) has all of the combined data and includes pivot tables to make exploration of the data easier. 

Key metrics for Oregon 2016 GSE loans: 

1. There were a total of 81,130 loans purchased by the GSE's in Oregon.  
2. 12,949 of these GSE loans went to first time home buyers.
3. Of the 12,949 first time home buyer loans 160 went to African American borrowers or co-borrowers. [2016 ACS estimates 18,097 African American renter households and 7,937 African American home owners in Oregon]. 
4. This means that for every 1,000 Oregon FTHB GSE loans in 2016, 12 went to African American borrowers or co-borrowers. 

Key metrics from Oregon 2016 HMDA data (HMDA data does not include a first time home buyer data field):

1. Lenders originated 136,083 loans in Oregon. 
2. Of those a total of 63,649 were home purchase loans.
3. Of the 63,649 home purchase loans, 664 went to African American borrowers or co-borrowers. 
4. This means that for every 1,000 Oregon home purchase loans originated in 2016, 10 went to African American borrowers or co-borrowers. 

Originally created and posted on the Oregon Housing Blog.

BIG data:Census tract loan level data for 150,000 GSE loans in Oregon 2015-2016, Includes 24,000 first time homebuyer loans

Using newly published data have constructed a large (75MB) Excel workbook for download HERE that contains census tract loan level details for 150,000 + loans purchased by Fannie Mae and Freddie Mac in Oregon in 2015 and 2016. 

Unlike HMDA data this dataset includes a field that identifies 24,000+ loans to first time homebuyers, and it covers the entire state, NOT just metro areas. 

The workbook contains multiple worksheets for both 2016 and 2015:

GSE first time home buyer data (6 worksheets)

• A metro summary table of Black first time homebuyers for both 2015 and 2016. (In 2016 this table shows that out of every 1,000 first time home buyer loans purchased by the GSE's in Oregon 14 went to black borrowers or co-borrowers). 
• A metro summary table of Hispanic time homebuyers for both 2015 and 2016.  (In 2016 this table shows that out of every 1,000 first time home buyer loans purchased by the GSE's in Oregon 59 went to Hispanic borrowers or co-borrowers). 
• First time homebuyer pivot tables for 2015 and for 2016.
• All first time home buyer data for 2015 and 2016.

All GSE loan data (4 worksheets)

• Pivot tables of all GSE loans for 2015 and 2016.
• All GSE loan data for 2015 and 2016. 

A field listing worksheet.
A worksheet with select GSE field codes [ used in formulas to add names instead of fields to data worksheets].

The 2016 data dictionary for this GSE data is HERE.  
Note that for loans shown for the Portland metro area, loans in Clark County WA. are NOT included. 

As an aside, this annual GSE source data is now readily available in MS Access format thanks to support from Senator Merkley's now retired Senior Advisor Will White.  

Originally created and posted on the Oregon Housing Blog.

New Oregon Loan Origination Excel Workbook With Both 2015 AND JUST Released 2016 HMDA Data.

I have constructed a new Excel workbook with a pivot table that allows users to analyze more than 250,000 Oregon residential HMDA loan originations from CY 2015 and newly released CY HMDA 2016 data. 

The pivot table is set up by default to see (by Oregon metro area) loans originated by race and ethnicity, by source (conventional, FHA etc) and loan purpose (refinance, home improvement, and home purchase). Note that Portland metro data includes ONLY loans from Oregon counties, and not Clark County, Wa. 

Changing the "as of year" at the top of the pivot table allows a quick comparisons between years for the same set of data. (Screen shot pasted below shows location of this field at the top of the Pivot table).

The "Property Type Name" data field allows users to focus on manufactured, 1-4 family, or multifamily dwellings.

The workbook also contains a summary of 2016 and 2015 home purchase originations by metro area and a worksheet that shows all of the 78 fields in the HMDA database and web links to the 2015 and 2016 HMDA data I downloaded. 

This LARGE (100MB) Excel workbook is available for download HERE. 

Originally created and posted on the Oregon Housing Blog

HMDA 2015 Oregon Excel File: Data for 117k+ Loan Originations.

File (using CFPB posted data) is HERE (too large to embed). 

File opens to Pivot table that by default shows loans originated to Hispanic borrowers. Tables below show that FHA accounted for only 19% of all Home purchase loans, but 41% of all home purchase loans with a Hispanic Borrower. (I've checked and the African American home purchase FHA market share was 30%). 

Another worksheet in the workbook shows a listing of all data fields and a link to the query used to create the workbook. 

Note that unlike GSE data HMDA does not cover rural areas and does not have a data element to identiry first time homebuyers. 

Originally created and posted on the Oregon Housing Blog. 

All Oregon 2014 HMDA Home Loan Applications; Big Drop Off in Refinancing Applications from 2013.

Readers may recall a prior 2013 post HERE that contained an Excel file with data for 240k HMDA Oregon home loan applications. 

I have replicated that Excel workbook for 2014 HERE; it contains information about the disposition and details about 165k HMDA [Oregon metro] home loan applications; in both files data is available all the way to the census tract level. 

Note: 

• The big drop off in applications were for loan refinancings, DOWN from 150,909 in 2013 to 72,191 in 2014. 
• Home purchase applications were UP from 80,619 in 2013 to 85,274 in 2014.

Originally created and posted in the Oregon Housing Blog.

Oregon GSE Activity 2014: Down Significantly to $11.3 Billion in Loans, 53k Borrowers.

I have posted a new Excel workbook HERE that includes loan level detail for 53K/$11.3 billion in GSE loan purchases in Oregon in 2014; the data is available down to the census tract level. Caution: The file is LARGE at 53 MBS's. 

The data comes from the Federal Housing Finance Agency national GSE 2014 MS Access Database HERE--even zipped it is VERY large at 186 MB's, so I don't recommend downloading the national file unless your doing national research. The 2014 GSE public use data dictionary is HERE. 

Included in my Excel workbook are these worksheets 

• All Oregon GSE data. I added several lookup columns starting at Column AN that substitute names for select codes in the MS Access database. This includes race, ethnicity, and loan purpose. 
• A pivot table of all Oregon GSE data.
• All Portland Metro GSE data, including Clark County in Washington
• A pivot table of the Portland Metro GSE data
• Several worksheets with codes and lookups used to add names to select coded values. One worksheet shows the field names for all 39 columns of GSE data. 

This search of my blog has my prior GSE posts HERE, including my Sept 2014 post of an Excel workbook with similar data for 2013.  With the added 2014 data there is now now is 5 years of available Excel GSE data for Oregon from 2010 forward; likely Oregon is the only state with that scope of GSE census tract level data readily available.

Notes

1. 2014 GSE Oregon activity of 53k loans, $11.3 billion is DOWN significantly from Oregon GSE 2013 loan volume of 95k loans, and $19.1 billion. 
2. Unlike HMDA data, GSE data includes non metro areas AND also includes a code for first time home buyers. 

Originally created and posted on the Oregon Housing Blog. 

CY 2013 GSE Public Use Database Just Released With Info to Census Tract Level: Oregon $19+ Billion, Nearly 95,000 Loans.

FHFA waited to the last day of the September, but a zip file of the GSE CY 2013 census tract level database (that unzips to MS Access format) is HERE; the data dictionary is HERE.  

The overall FHFA web page for GSE public use databases is HERE, prior year combined GSE files in MS Access format are found HERE. Before downloading note that these are large files; a PC with a faster processor and large memory is recommended.

Readers can find my prior year posts on this GSE database by using the search dialogue box at top left of the blog using search term "GSE data"; that search produces THIS result, including links to posts with Oregon specific data. (In CY 2012 the GSE's purchased $17+ billion in loans in Oregon, for 84,000+ homeowners/buyers).  

2013 Quick Peek: 
Oregon GSE Loans $19.164 billion, 94,691 loans.  8,177 First Time Home Buyers.
It will take me several days to create a useable Excel file of Oregon GSE 2013 loans, but appears to me that Oregon 2013 GSE lending volume easily exceeded 2012 totals.

My prior post HERE explains how my suggestion and follow up by Senator Merkley Senior Advisor Will White led to FHFA publication of the CY 2010 data in MS Access format for the first time.

Two features of the GSE database are unique vs. HMDA data. 

1. The database has a field that shows whether the purchaser was a first time home buyer. 
2. The database covers ALL areas, not just metropolitan areas. 

Originally created and posted on the Oregon Housing Blog.

240K Oregon 2013 HMDA Loan Records With Application Disposition Info.

For anyone who has struggled in the past extracting HMDA records, the new CFPB database is a godsend. 

Yesterday I posted an Excel file with loan level detail for 128k Oregon HMDA 2013 loan originations. Today the Excel file I created HERE, with similar layout showing ethnicity of borrowers in rows, contains 240,614 records for all Oregon HMDA 2013 loan applications. 

In the Pivot table worksheet I added columns to the format from yesterday to show the disposition status of each application. (The query that produced the CSV download for those records is HERE).

Note the file still does not contain information on the lender associated with each loan. 

Important Note on Loans Made
For those looking for totals for loans made, appears to me that "Loans Originated" and "Loans Purchased by Institution" should be added together. 

So in addition to the 974 African American loans shown as "Originated" [that I mentioned in yesterdays post] there were also 187 loans to African American borrowers whose loans were "Purchased by the Institution".   [If anyone has a different take on this, drop me a note at housepdx@gmail.com]. 

Originally created and posted on the Oregon Housing Blog.

Excel Workbook With 2013 HMDA Loan Level Detail on 128k+ Oregon Home Loan Originations.

I found it easier to work with the CFPB HMDA data site than I expected. 

After applying several filters I was able to download and convert to a 42MB Excel HERE a loan level listing of 128,622 HMDA home loans originated in Oregon in 2013. (If file doesn't display in your browser because of size, just download it.

(Query that extracts this data in CSV format from the database is HERE).

The workbook does NOT include information about applications or the name of lending institutions, and ONLY information on loans that were originated. Note also that HMDA data includes only metro area loans and also has no data field for first time home buyers. 

The workbook does include a pivot table set up by default to show the ethnicity of loan recipients. Filters include in the default view allow the refinement by race, loan type, agency etc.
Data is available to the census tract level. 
A data field worksheet shows all 78 available data fields. 

Two Pivot Table Examples: 

• There were 53,872 FHA loans in 2013, so FHA/HUD loans represented 42% of all loans originated in Oregon in HMDA (metro) areas. 
• Of the 974 total HMDA metro area African American borrowers in 2013, 436 had FHA/HUD loans or 45%.

Pleased to say that data also confirms counts in my prior post of African American owner occupied home purchase loans, with FHA having a 64% share of owner occupied African American borrower home purchase loans in Oregon in 2013.

Originally created and posted on the Oregon Housing Blog.

My First Effort at Looking at HMDA 2013 Data: Looks Like 299 Owner Occupied Home Purchase Loans for African American Borrowers.

CCCB has a system HERE I have never used before that allows selective queries of the HMDA data. 

I believe the query HERE returns all Oregon African American home loan owner occupied originations in 2013 (for 1 to 4 unit properties).  I count:

• A total of 839 originations
• A total of 299 home purchase loan originations with 191 (64%) of them in the form of FHA loans.

For some context 3 year ACS data for 2010-2012 shows there were 24,418 African American households in Oregon with 7,665 home owners. 

That means for every 1,000 African American households in Oregon there were 12.2 African American owner occupant home purchase loans made in 2013. (This might be understated since HMDA data only covers metro areas, but likely only marginally because there are relatively few African Americans in Oregon rural areas).
 
Will be instructive to see if other validate the numbers I extracted. Would welcome feedback to housepdx@gmail.com

Originally created and posted on the Oregon Housing Blog. 

2013 HMDA Data is Out: FHA Market Share Down to 24% of Purchases, 10% of Refis.

FFEIC page with links to on line data is HERE; PR is HERE.
Downloadable data can be found on page HERE. 

FHA Market Share Down
From the PR:

In 2013, the FHA-insured share of first-lien home purchase loans for 1-4 family, site-built owner-occupied properties was 24 percent, down from 31 percent in 2012, and down from its peak of 42 percent in 2009.
In contrast, the VA-guaranteed share of such loans held steady between 2012 and 2013 at around nine percent. Including Rural Housing Service loans, the overall government-backed share of such loans was 38 percent in 2013, down from 45 percent in 2012 and 54 percent in 2009.
FHA-insured and VA-guaranteed loans tend to play a less important role in the refinance market compared to the home purchase market. In 2013, conventional loans accounted for 84 percent of all first-lien refinance mortgages for 1-4 family, site-built owner-occupied properties while FHA- and VA-guaranteed loans accounted for about 10 percent and 6 percent, respectively—similar to 2012.

 Originally created and posted on the Oregon Housing Blog.

CY 2010-CY 2012 Data Trifecta: Census Tract Level GSE SF Loan Data; $50 Billion in Loans to 252,000 Oregon Families.

I have prepared a one of a kind 95MB Excel workbook HERE that contains census tract loan level data for $50 Billion/ 252,000+ Oregon single family loans acquired by the GSE's in Oregon during CY 2012, CY 2011, and CY 2010.(I extracted this data from FHFA public use databases for these years).

The data worksheet has columns I have added to FHFA data to show names instead of codes for several selected fields including borrower and co-borrower race and ethnicity, loan purpose, and borrower income ranges; with 48 fields of data for each record, there are more than 12 million pieces of data available for these 3 years . 

A complete list of all fields in the data downloaded from FHFA (a data dictionary) for 2012 is HERE, 2011 HERE, and 2010 HERE [ Census tract definitions, minority percentages, and median incomes may vary from year to year as newer information became available]. 

Using filters and the pivot table in the Excel workbook users can research answers to questions like these:
1. How many loans were acquired that were made to purchase a home where there was a first time Hispanic Borrower or Co-borrower, and where were those loan made (A similar analysis is possible by race).
2. How many/where were loans acquired for borrowers with incomes below 80% MFI? 
3. How many /where were loans acquired that had been made to investors, and where were those loans? 
4. Who got high cost loans and where were they? 
5. How did refinance loan volume change from year to year?

Note that unlike HMDA data, the GSE data covers ALL areas of the state, not just metro areas, and also includes a first time home buyer field not found in HMDA data.

The PDF file HERE and embedded below summarizes by CY and by county and by year the unpaid loan balance at the time of GSE acquisition and the count of loans.



Originally created and posted on the Oregon Housing Blog. 

Oregon HMDA 2011 Data Posted in Excel.

I remember back in the day it used to take MANY months to get Oregon HMDA data. With broadband speeds and a little elbow grease what used to take months is now available in days/hours.

If your PC can handle it, I have created a 100+MB Excel file that you can download HERE that includes ALL Oregon HMDA loan applications for CY 2011 along with several summary worksheets that show loan counts by county, and a breakout of home purchase loans by borrower race and ethnicity and loan type.

I have uploaded the Excel file to my Google Docs webspace; not sure if you will need a Google account to download.

Some observations
1. About 48% of loan apps resulted in loan originations.
2. For home purchase loans, FHA accounted for 47% of all Hispanic loan home purchase originations, while it's overall home purchase origination market share was 27%.
3. Conversely, conventional lenders accounted for 59% of all home purchase loan originations to non hispanic borrowers, but only 37% of home purchase loan originations for Hispanic borrowers
4. FHA accounted for 43% of home purchase loan originations for African American borrowers but only 27% of all home purchase loan originations.
5. Conversely, conventional lenders accounted for 59% of all home purchase loan originations, but only 38% of  home purchase loan originations for African American borrowers. 
6. Data summaries use borrower race/ethnicity field only, addition of coborrower field would likely increase some race/ethnic home purchase loan %'s. 

About the data

1. 204,285 records, 81 fields for each record
2. Each record has data fields from Loan Activity Register (LAR); fields I added with names substituted for select coded field values in LAR; and results of merge with transmittal sheet (TS) table to add lender information for each LAR record.
3. This data and much more can be downloaded directly from FFIEC HMDA website HERE.
4. Let me know if you discover any errors.....

Originally created and posted on the Oregon Housing Blog.