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

Charts, Tables, and Maps

Charts

Chart 1: Comparison of FHA Lending in Pennsylvania, New Jersey, and Delaware (Home Purchase vs. Home Refinance)
Chart 2: Mean Credit Score by Loan Type, 2005 to 2009 - United States
Chart 3: Net Percentage of Banks Tightening Standards for Home Mortgage Credit from the Federal Reserve Senior Loan Officer Opinion Survey
Chart 4: Unemployment Rates in the U.S. and in the Third District States, 2000 to 2010

Tables

Table 1: FHA Originations in the Nation and in the Third District States, by Total Loan Count
Table 2: Ratio of FHA Home Refinance to Home Purchase, 2000 to 2009
Table 3: Mean Credit Score by Loan Type, 2005 to 2009, U.S. and Three States
Table 4: FHA Home Purchase, United States
Table 5: FHA Home Purchase, Third District States
Table 6: FHA Home Refinance, United States
Table 7: FHA Home Refinance, Third District States
Table 8: Overall FHA, United States
Table 9: Overall FHA, Third District States

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