What is the composition of first mortgage loans?

 
 

Credit unions nationwide hold $250 billion in first mortgage loans outstanding as of December 2012. This is an increase of nearly $14 billion, or 5.9%, over December 2011.

Overall, the portfolio largely consisted of fixed rate loans, with 61.7% of all first mortgage loans outstanding falling into this category. The concentration of fixed rate loans less than 15 years increased 2.5 percentage points; while longer-term loans fell by almost the same amount. In all, just one-third of the first mortgage loan portfolio consisted of fixed rate loans greater than 15 years.

Balloon/Hybrid loans account for the second largest share of first mortgage loans outstanding, accounting for 23.8% of the portfolio, down 90 basis points from 2011. Adjustable rate mortgages fill out the rest of the portfolio, accounting for a total of 14.5% of outstanding first mortgage balances in 2012.

FIRST MORTGAGE COMPOSITION
DATA AS OF DECEMBER 31, 2012
© Callahan & Associates | www.creditunions.com

Mortgage Type 2012 Composition 2011 Composition
Fixed Rate > 15 Years  $83,333,514,299 33.3% $82,583,391,978 35.0%
Fixed Rate 15 Years or less $69,277,566,525 27.7% $59,491,387,446 25.2%
Balloon/Hybrid > 5 Years $23,081,284,713 9.2% $21,499,104,141 9.1%
Balloon/Hybrid 5 Years or less $36,396,198,269 14.6% $36,885,967,351 15.6%
Other Fixed Rate  $1,735,106,388 0.7% $1,521,718,594 0.6%
Adjustable Rate 1 Year or less $7,487,218,349 3.0% $6,875,530,640 2.9%
Adjustable Rate 1 Year or less $28,751,745,290 11.5% $27,214,952,002 11.5%
Totals $250,062,633,833 100.0% $236,072,052,152 100.0%


Generated by Callahan & Associates' Peer-to-Peer Software.

 
 

March 28, 2013


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