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The Quality of FHA Lending in Pennsylvania, New Jersey, and Delaware

Charts, Tables, and Maps

Charts

Tables

Chart 1: Comparison of FHA Lending in Pennsylvania, New Jersey, and Delaware (Home Purchase vs. Home Refinance)

Total Loans and FHA Loans, by Total Number, 2000 to 2009

Source: HMDA

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Chart 2: Mean Credit Score by Loan Type, 2005 to 2009 - United States

Fixed Rate Home Mortgage Loans: Contract Interest Rate (%)

Source: Lender Processing Services Applied Analytics, Inc. (LPS)

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Chart 3: Net Percentage of Banks Tightening Standards for Home Mortgage Credit from the Federal Reserve Senior Loan Officer Opinion Survey

S&P/Case-Schiller Home Price Index

Source: Federal Reserve Board/Haver Analytics

*After Q1 2007, this question was dropped from the Federal Reserve survey, but Haver Analytics has, on its own, extended the series past this date.

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Chart 4: Unemployment Rates in the U.S. and in the Third District States, 2000 to 2010

All Mortgage Originations

Source: BLS/Haver Analytics

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Table 1: FHA Originations in the Nation and in the Third District States, by Total Loan Count
Year
U.S.
PA
NJ
DE
All
2000
841,531
25,387
23,305
2,471
2001
1,224,915
35,465
35,209
3,222
2002
1,074,186
29,361
29,886
2,698
2003
1.184.731
31,549
34,210
2,550
2004
638,757
18,351
17,136
1,565
2005
428,434
12,369
10,215
1,069
2006
387,548
13,758
9,207
1,350
2007
464,667
16,625
11,878
1,759
2008
1,242,686
45,954
31,723
5,095
2009
1,821,227
71,659
54,230
7,074
Purchase
2000
772,767
22,998
20,030
2,331
2001
814,115
24,912
19,018
2,495
2002
691,667
20,443
14,465
2,135
2003
589,636
16,161
13,740
1,540
2004
425,212
11,995
8,621
1,128
2005
301,697
9,355
5,131
810
2006
275,724
10,979
4,566
1,040
2007
278,459
11,449
5,322
981
2008
756,353
26,943
14,505
2,609
2009
1,000,020
39,081
23,847
3,206
Refi
2000
57,027
1,034
2,491
111
2001
404,177
9,698
15,445
698
2002
377,983
8,498
14,701
554
2003
590,851
14,989
20,066
993
2004
208,679
5,991
8,054
431
2005
122,777
2,660
4,710
249
2006
106,323
2,401
4,463
284
2007
177,339
4,660
6,417
730
2008
474,766
18,355
16,982
2,426
2009
811,325
31,893
30,142
3,826

Source: HMDA

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Table 2: Ratio of FHA Home Refinance to Home Purchase, 2000 to 2009
Year
U.S.
PA
NJ
DE
2000
7.38%
4.50%
12.44%
4.76%
2001
49.65%
38.93%
81.21.%
27.98%
2002
54.65%
41.57%
101.63%
25.95%
2003
100.21%
92.75%
146.04%
64.48%
2004
49.08%
49.95%
93.42%
38.21%
2005
40.70%
28.43%
91.79%
30.74%
2006
38.56%
21.87%
97.74%
27.31%
2007
63.69%
40.70%
120.57%
74.41%
2008
62.77%
68.13%
117.08%
92.99%
2009
81.13%
81.61%
126.40%
119.34%

Source: HMDA

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Table 3: Mean Credit Score by Loan Type, 2005 to 2009, U.S. and Three States*
 
2005
2006
2007
2008
2009
 
Prime*
United States
719.0
714.6
719.6
739.3
759.7
Pennsylvania
717.3
711.4
715.0
734.5
757.3
New Jersey
713.3
708.9
716.8
735.8
756.6
Delaware
717.1
712.0
717.0
737.1
758.6
 
Subprime*
United States
614.0
610.7
601.7
604.6**
649.8**
Pennsylvania
602.1
600.3
590.3
589.05**
653.08**
New Jersey
610.4
610.1
597.4
596.06**
645.29**
Delaware
601.4
601.3
594.5
619.05**
659.0**
 
FHA
United States
638.9
638.3
626.3
660.9
692.3
Pennsylvania
646.6
647.7
630.5
657.2
692.2
New Jersey
622.2
615.1
606.3
648.0
688.8
Delaware
633.3
632.9
621.3
651.5
684.2

*Data on first lien mortgage loans only, includes data on both home purchase and home refinance. The servicer database contains approximately 70 percent of prime loans and 19 percent of subprime loans.

**Subprime credit scores for 2008 and 2009 are based on a very small number of subprime mortgage loans both in the U.S. and in the three states (less than 500 subprime loans were made in 2008 and 2009 in all 3 states).

Source: Lender Processing Services Applied Analytics, Inc. (LPS)

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Table 4: FHA Home Purchase, United States
Origination Year
% 90 Days Delinquent (Not in Foreclosure)
% in Foreclosure
% in REO or Sold out of REO
% of Loans Current or Paid Off at One Year Point
2006
2.8
1.1
0.4
87.4
2007
4.5
1.7
0.4
82.4
2008
3.2
1.1
0.1
88.4
2009
0.8
0.3
0.0
95.3

Source: Lender Processing Services Applied Analytics, Inc. (LPS)

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Table 5: FHA Home Purchase, Third District States
Origination Year
% 90 Days Delinquent (Not in Foreclosure)
% in Foreclosure
% in REO or Sold out of REO
% of Loans Current or Paid Off at One Year Point
States
PA
NJ
DE
PA
NJ
DE
PA
NJ
DE
PA
NJ
DE
2006
1.9
3.4
2.3
0.9
2.1
1.1
0.0
0.0
0.0
90.0
83.8
85.9
2007
3.0
5.3
5.1
1.6
5.1
1.4
0.0
0.0
0.1
86.2
77.0
83.9
2008
2.3
4.3
4.3
0.9
3.5
1.3
0.0
0.0
0.0
90.1
83.8
85.5
2009
0.7
1.1
1.0
0.3
0.8
0.6
0.0
0.0
0.0
95.6
94.2
93.5

Source: Lender Processing Services Applied Analytics, Inc. (LPS)

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Table 6: FHA Home Refinance, United States
Origination Year
% 90 Days Delinquent (Not in Foreclosure)
% in Foreclosure
% in REO or Sold out of REO
% of Loans Current or Paid Off at One Year Point
2006
2.4
1.0
0.3
87.5
2007
4.0
1.8
0.3
81.1
2008
5.0
1.9
0.2
82.3
2009
2.1
1.0
0.0
90.1

Source: Lender Processing Services Applied Analytics, Inc. (LPS)

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Table 7: FHA Home Refinance, Third District States
Origination Year
% 90 Days Delinquent (Not in Foreclosure)
% in Foreclosure
% in REO or Sold out of REO
% of Loans Current or Paid Off at One Year Point
States
PA
NJ
DE
PA
NJ
DE
PA
NJ
DE
PA
NJ
DE
2006
1.0
2.6
2.0
0.7
1.3
0.0
0.1
0.0
0.0
89.4
84.1
90.7
2007
3.3
4.5
4.6
1.6
4.4
1.7
0.1
0.1
0.0
82.0
72.8
76.0
2008
3.8
6.6
5.1
1.2
4.0
1.4
0.0
0.0
0.0
84.3
75.8
82.0
2009
1.3
2.3
1.6
0.5
2.0
0.9
0.0
0.0
0.0
92.7
88.6
91.5

Source: Lender Processing Services Applied Analytics, Inc. (LPS)

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Table 8: Overall FHA, United States
Origination Year
% 90 Days Delinquent (Not in Foreclosure)
% in Foreclosure
% in REO or Sold out of REO
% of Loans Current or Paid Off at One Year Point
2006
2.6
1.0
0.3
87.7
2007
4.3
1.7
0.3
82.1
2008
4.0
1.5
0.2
85.9
2009
1.4
0.6
0.1
93.4

Source: Lender Processing Services Applied Analytics, Inc. (LPS)

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Table 9: Overall FHA, Third District States
Origination Year
% 90 Days Delinquent (Not in Foreclosure)
% in Foreclosure
% in REO or Sold out of REO
% of Loans Current or Paid Off at One Year Point
States
PA
NJ
DE
PA
NJ
DE
PA
NJ
DE
PA
NJ
DE
2006
1.7
3.1
2.3
0.8
1.7
0.7
0.0
0.0
0.0
89.8
83.9
87.2
2007
3.1
5.0
5.1
1.6
4.6
1.6
0.0
0.0
0.1
84.8
74.4
80.4
2008
3.1
6.0
5.0
1.0
3.8
1.5
0.0
0.0
0.0
87.6
78.8
83.3
2009
1.0
1.9
1.4
0.4
1.4
0.7
0.0
0.0
0.0
94.3
90.9
92.5

Source: Lender Processing Services Applied Analytics, Inc. (LPS)

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  • Last updated: June 3, 2011