Residential Mortgage Lending in Oregon Calendar Year 2010

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1 Residential Mortgage Lending in Oregon Calendar Year 2010 Department of Consumer and Business Services Division of Finance and Corporate Securities December 2011

2 Introduction: This report marks the fourth year mortgage lending data for Oregon have been collected by DCBS under Senate Bill 1064 (2008). The first report covered loans originated in calendar year This version covers loans originated in calendar year Only mortgage lending firms regulated by the State of Oregon are required to provide data. Banks and credit unions are excluded from the reporting requirement even if they are chartered with the state. Only loans for Oregon consumers, for properties located in Oregon, or loans produced in Oregon are included. Report highlights: 778 firms provided data. 545 firms originated 60,555 loans with a volume of $12.85 billion. Eighteen firms (3.3 percent) originated over half of the loans. The 2010 mortgage lending market is characterized by contraction. Twenty-two percent fewer firms produced 16 percent fewer loans. Interest-only loans, and loans with a prepayment penalty continued to make up a tiny share of Oregon s mortgage lending market. The number of subordinate-lien loans increased from 2009 to percent of the firms that produced loans were located in Oregon; they produced 49 percent of the loans. The average first-lien loan amount was $214,000 and the average subordinate-lien loan amount was approximately $88,000. The average first-lien amount declined by approximately $8,300 from 2009 to 2010 while the average subordinate-lien amount was essentially unchanged. About 950 reverse mortgages were produced in Legislative history: Because of concern about the Oregon housing market, legislators introduced several bills affecting residential mortgage lending during the 2007 legislative session. Although no bills passed, many people saw a need for statutory changes. As a result, the Governor asked DCBS to convene a work group consisting of legislative, industry, and consumer representatives. The Mortgage Lending Work Group worked from the fall of 2007 through the fall of 2008 to address enhanced enforcement laws and lending practices. Recommendations from the work group resulted in two bills passed during the February 2008 legislative session. HB 3630 modified the regulation of activities by mortgage loan foreclosure consultants and equity purchasers and improved the information that must be provided to homeowners facing foreclosure. SB 1064 increased the regulation of the activities of loan originators, the loan salespeople who are employed by licensed mortgage bankers or mortgage brokers and directly negotiate terms and conditions of mortgage loans with borrowers. The bill also required the department to provide consumers with a registry of information about loan originators, including justified complaints and enforcement actions. Page 2 of 15

3 SB 1064 also required state-regulated mortgage bankers and mortgage brokers to file information about their residential mortgage lending each year. 1 ORS (3) now reads: On or before May 1 of each year or on a date the director establishes by rule, every mortgage banker and mortgage broker shall file a report with the director in a form prescribed by the director. The report shall contain information the director requires concerning the mortgage banker s or mortgage broker s business and operations related to residential mortgage lending during the preceding calendar year. The information shall include the number and nature of loans originated by loan originators that the mortgage banker or mortgage broker employed. Other sections of the statute forbid the publication of data for any individual lender and impose penalties for non-reporting. Reporting is limited to the companies regulated by the state. Federally chartered financial institutions that originate residential mortgages are not under state regulation and do not report. The administrative rules for data reporting are OAR After considering input from industry stakeholders and consumer groups, the department adopted the rules in May In response to additional input from industry stakeholders, the department revised the rules and adopted them in final form in June As a result of discussions with industry representatives about the feasibility of some of the reporting, the department required the reporting of some data items and made optional the reporting of other items. 3 Revised rules were adopted in December 2008 for the forthcoming annual reports. The rules now require that mortgage bankers and brokers provide the annual data prior to March 31 each year. Changes in OAR for reporting year 2008 required that mortgage lenders provide additional data when reporting lending activity. Lenders are now required to report: Whether interest-only mortgages have a fixed or adjustable interest rate. Whether adjustable interest rate mortgages are the first- or subordinate-lien. Whether purchases or refinances are for owner occupied, non-owner occupied, or is for a secondary residence. Changes made for the 2010 reporting year required mortgage lenders to provide data on reverse mortgages. Data collection: This is the fourth year that state-regulated mortgage bankers and mortgage brokers have reported this data to DCBS. The department changed data collection methods between 2007 and 2008 to improve data validity. However, several firms had 2010 data that was internally inconsistent and required revision. Because data are self-reported, care needs to be taken when interpreting small loan numbers or volume. Also, responses to the optional questions are not included in this analysis due to a low response rate. 1 Sections of SB 1064 are provided in Appendix 1. 2 The current language for OAR is shown in Appendix 2. 3 The CY 2010 census questions are shown in Appendix 3. Page 3 of 15

4 Mortgage bankers and brokers reported their loans by category. The categories are: Fixed rate mortgage: a mortgage loan where the interest rate on the note remains the same through the term of the loan. Interest-only loan: a loan in which for a set term the borrower pays only the interest on the principal balance, with the principal balance unchanged. At the end of the interestonly term, the borrower gets a new payment amount calculated on an updated amortization schedule. Interest-only loans can have either a fixed or an adjustable interest rate. Negative amortization loan: a mortgage loan where the loan payment for any period is less than the interest charged over that period so that the outstanding balance of the loan increases. This method is generally used in an introductory period before loan payments exceed interest and the loan becomes self-amortizing. In this report, this category includes reverse mortgages. With these loans, neither the capital nor interest is repaid. The interest is rolled up with the capital, increasing the debt each year. The homeowner's obligation to repay the loan is deferred until the owner leaves the home or the home is sold. Adjustable rate mortgage (ARM): a mortgage loan where the interest rate on the note is periodically adjusted based on an index. The loans often have low initial interest rates. Prepayment penalty loan: a loan that includes a penalty when the borrower repays the principal early. Number of firms, loans, and size of volume: Of the 778 firms that reported data for 2010, 545 issued loans while 233 did not. The number of firms that issued loans in 2010 was 22 percent lower than the 700 firms that originated loans in The 545 firms that produced loans originated 60,555 loans with a volume of $12.85 billion. The number of loans declined by 16 percent from last year and loan volume declined by 22 percent. Firm participation in Oregon s mortgage lending market underwent significant change between 2009 and 2010: 311 firms went out of business after firms entered the market. 487 of the firms that were active in 2009 were also active in firms offered no loans in 2009 or firms produced at least one loan in 2009 but none in firms produced no loans in 2009 but at least one in In 2010, in-state firms accounted for 44 percent of responding firms. These firms produced 49 percent of all loans. Page 4 of 15

5 In 2010, 93 percent of Oregon loans had a fixed interest rate, an increase of about three percent from Only 5 percent of loans had an adjustable interest rate. This is two percentage points higher than 2009 and similar to The number of interest-only loans and loans with a prepayment penalty have continued to decline since The reported number of negatively amortized loans declined significantly from 2007 to 2008, increased slightly in 2009, and fell significantly in The number of fixed loans grew by approximately 3,000, in 2009 but fell by about 8,000 in Fixed-rate loan volume declined by approximately $2.9 billion over the same period. Large firms again dominated mortgage lending in Oregon in Firms that originated more than 1,000 loans, about 2 percent of the entire population, produced 43 percent of all loans. The smallest firms, those that originated 25 or fewer loans, produced less than 5 percent of all loans. Page 5 of 15

6 No firm size cohort grew in The loan and loan cohorts remained the same size, 71 firms and 12 firms, respectively. The largest cohort shrunk by three firms. The smallest cohort shrunk by 112 firms. There was moderate year-to-year variation in the number of firms, loan counts, and volume by firm size. Large firms produced 47.5 percent of all loan volume in 2009 but 44.5 percent of all loan volume in First-lien originations continued to dominate the mortgage lending market in Oregon. Of the 60,555 total Oregon originations, 59,583 were first-lien. Large firms dominated this market segment. The two largest firm-size cohorts, those that produced more than 501 loans, accounted for 57 percent of first-lien originations, but constituted about 4 percent of all firms. First-lien changes between 2009 and 2010 mirror the changes for all Oregon loans because firstlien loans constitute the vast majority of all loans. Between 2009 and 2010, 23 percent fewer firms produced 16 percent fewer first-lien loans at a 19 percent smaller volume. The largest firms Page 6 of 15

7 significantly decreased originations. Firms that produced more than 1,000 loans decreased their originations from approximately 33,000 in 2009 to about 26,000 in Subordinate-lien loans played a very small role in Oregon s mortgage lending market. Only 60 firms originated subordinate-lien loans in Oregon regulated mortgage lenders and brokers produced about 970 subordinate liens with a total volume of $85.2 million. The average loan amount for a 2010 subordinate-lien was about $88,000. There was significant variance in the average loan amount depending on firm size. Firms that offered fewer than 25 total loans tended to produce subordinate-lien loans with an average amount nearly $20,000 higher than the average for all firm sizes. However, given the small number of subordinate-lien loans, care should be taken when interpreting the average volume per firm and the average loan amount as outliers may significantly influence those statistics saw fewer firms producing more subordinate-lien mortgages with a larger volume than Page 7 of 15

8 Firms and the average prices of loans: The average loan amount for each firm was calculated by dividing the total volume of a particular loan type by the total number of loans of that type. These average loan amounts were then placed into a range of values and counted to derive the following graphs that show how many firms offered a particular loan product in a given price range. This year has seen a continuation of the trend for fewer firms in all average price ranges across all loan types (with some exceptions in price ranges with very few firms). The following three graphs show this for first and subordinate-liens, fixed and adjustable rates, and interest-only and negatively amortizing loans. Page 8 of 15

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12 Appendix 1. Sections 1 and 5 of SB 1064 (2008) (Sections in bold are language added by SB 1064) SECTION 1. ORS is amended to read: (1) Every mortgage banker and mortgage broker shall make and keep such accounts, correspondence, memoranda, papers, books and other records as the Director of the Department of Consumer and Business Services by rule or order prescribes. All such records shall be preserved for five years unless the director by rule prescribes otherwise. The director may examine all such records within or without this state at any reasonable time or times and may require without subpoena the production of such records at the office of the director as often as is reasonably necessary. (2) Every mortgage banker and mortgage broker shall file financial reports or other information as the director by rule or order may require and shall promptly correct any document filed with the director that is or becomes incomplete or inaccurate in any material respect. (3) On or before May 1 of each year or on a date the director establishes by rule, every mortgage banker and mortgage broker shall file a report with the director in a form prescribed by the director. The report shall contain information the director requires concerning the mortgage banker s or mortgage broker s business and operations related to residential mortgage lending during the preceding calendar year. The information shall include the number and nature of loans originated by loan originators that the mortgage banker or mortgage broker employed. (4) The report and any records submitted to the director under this section are exempt from disclosure or production and are confidential as provided under ORS Notwithstanding the exemption and confidentiality provisions of subsection (4) of this section, the director may abstract information contained in reports submitted under subsection (3) of this section and may make the abstracted information available for public inspection provided that the abstracted information does not identify a particular mortgage banker or mortgage broker as a source of the information. SECTION 5. ORS is amended to read: (1) In addition to all other penalties and enforcement provisions provided by law, any person who violates or who procures, aids or abets in the violation of any provision of ORS to or any rule or order of the Director of the Department of Consumer and Business Services shall be subject to a penalty of not more than $5,000 for every violation, which shall be paid to the General Fund of the State Treasury. (2) Notwithstanding subsection (1) of this section, a person who fails to submit a report required under ORS (3) on the date specified is subject to a penalty of not more than $100 per day for each day after the specified date during which the failure continues. [(2)] (3) Every violation is a separate offense and, in the case of a continuing violation, each day s continuance is a separate violation, but the maximum penalty for any continuing violation shall not exceed $20,000 for each offense. [(3)] (4) Civil penalties under this section shall be imposed as provided in ORS Page 12 of 15

13 Appendix 2. OAR (effective December 2008) Residential Mortgage Lending Reports On or before March 31 of each calendar year, a mortgage banker or a mortgage broker licensed at any time during the preceding calendar year must file a report concerning the banker s or broker s business and operations conducted during the preceding calendar year related to residential mortgage transactions. (1) A licensee must report the total number and dollar amount of all loans made or funded by the licensee in any state and those loans that are Oregon residential mortgage transactions. 2) For loans made or funded for a property located in Oregon, a licensee must report the total number and dollar amount of: (a) First-lien mortgage loans. (b) Subordinate-lien mortgage loans including, but not limited to, home equity lines of credit. (c) Mortgage loans having a fixed periodic payment of principal and interest throughout the mortgage term. (d) Interest-only first-lien mortgage loans having a fixed interest rate. (e) Interest-only first-lien mortgage loans having an adjustable interest rate. (f) Negative amortization mortgage loans. (g) Adjustable rate first-lien mortgage loans. (h) Adjustable rate subordinate-lien mortgage loans. (i) Loans with a prepayment penalty in the contract at the time of closing. (j) Mortgage loans closed for the purchase of a primary owner-occupied residential dwelling. (k) Mortgage loans closed for the purchase of a secondary residence. (L) Mortgage loans closed for the purchase of a non-owner occupied property that is a one-to-four family residential dwelling. (m) Mortgage loans closed for the purpose of refinancing an existing mortgage loan secured by a primary owner-occupied residential dwelling. (n) Mortgage loans closed for the purpose of refinancing an existing mortgage loan secured by a secondary residence. (o) Mortgage loans closed for the purpose of refinance an existing mortgage loan secured by a nonowner occupied property that is a one-to-four family residential dwelling. (p) Mortgage loans insured or guaranteed by a federal agency. (3) For loans made or funded for a property located in Oregon, a licensee may report the total number and dollar amount of: (a) Loans that were originated based on all of the following factors: (A) Income documentation; (B) Employment documentation; and (C) Asset documentation. (b) Loans that were originated based on one or two of the following factors: (A) Income documentation; (B) Employment documentation; or (C) Asset documentation. (c) Loans that were not originated based on any of the following factors: (A) Income documentation; (B) Employment documentation; or (C) Asset documentation. Page 13 of 15

14 (d) Loans with a combined loan-to-value ratio of 80% or lower made to an individual having a middle credit bureau risk score of 620 or above. (e) Loans with a combined loan-to-value ratio of 80% or lower made to an individual having a middle credit bureau risk score below 620. (f) Loans with a loan-to-value ratio of greater than 80% made to an individual having a middle credit bureau risk score of 620 or above. (g) Loans with a loan-to-value ratio of greater than 80% made to an individual having a middle credit bureau risk score below 620. (4) For purposes of this rule: (a) Loan-to-value ratio means the ratio between the amount of a mortgage loan and the value of the property pledged as security, expressed as a percentage. (b) Residential mortgage transaction has the same meaning as ORS Page 14 of 15

15 The mandatory CY 2010 questions were: Provide the number and volume of loans that are: Appendix 3. CY 2010 reporting and data revisions 1) Produced in any state 2) Produced in Oregon a) First-lien mortgages b) Subordinate-lien mortgages c) Fixed interest d) Interest-only with a fixed rate e) Interest-only with an adjustable rate f) Negatively amortized g) Adjustable rate first-lien h) Adjustable rate subordinate-lien i) Associated with a prepayment penalty j) Closed for the purchase of a primary home k) Closed for the purchase of a second home l) Closed for the purchase of a non-owner occupied one-to-four family residential dwelling m) Closed for the refinancing of a primary home n) Closed for the refinancing of a secondary home o) Closed for the refinancing a non-owner occupied one-to-four family residence p) Federally guaranteed q) Reverse mortgages The optional CY 2010 questions were: Respondent may provide the number and volume of Oregon loans that are: 1) Based on all three: income, employment, and asset documentation 2) Based on one or two of the three: income, employment, and/or asset documentation 3) Based on none of the three: income, employment, and asset documentation 4) Low loan-to-value ratio and high credit score 5) Low loan-to-value ratio and low credit score 6) High loan-to-value ratio and high credit score 7) High loan-to-value ratio and low credit score Because of experience gained during CY2007 reporting, measures were put into place to check validity of data while it was being entered. Due to this, the numbers of possible errors were significantly reduced although we were not able to validate all responses. Page 15 of 15

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