State Mortgage Market Profile Definition of Terms

Delinquency Rate

Rate determined by loan delinquencies of at least 30 days, exclusive of loans in the foreclosure process.

Existing Home Sales

Sales of single-family homes or condominiums that were previously occupied.

Federal Housing Administration (FHA)

A federal agency within the Department of Housing and Urban Development (HUD) that provides mortgage insurance for residential mortgages and sets standards for construction and underwriting. The FHA does not lend money, nor does it plan or construct housing.

First Mortgage Loans Outstanding

First-lien mortgages on which a balance is currently owed.

Foreclosure

A legal procedure in which a mortgaged property is sold in a legal process to pay the outstanding debt in case of default.

Forclosure Starts Rate

Percent of loans that enter the foreclosure process during a given time period.

Government-Insured Loans

Mortgage loans which are guaranteed or insured by the government, for example, FHA, VA and Rural Housing Service (RHS) loans.

Home Mortgage Disclosure Act (HMDA)

Law enacted by Congress in 1975 and implemented by the Federal Reserve Board's Regulation C, which requires lending institutions to report public loan data.

Home Ownership Rate

Rate computed by dividing the number of owner-occupied housing units by the number of occupied housing units or households.

Loan Origination

The steps by a lending institution up to the time a loan is placed on its books, including solicitation and processing of applications and loan closing.

Non-farm Employment

Number of persons on non-farm establishment payrolls.

Seasonally Adjusted

Method for removing the seasonal component of a time series used when analyzing non-seasonal trends.

Seriously Delinquent Rate

Percent of loans that are 90+ days delinquent or in the process of foreclosure.

Unemployment Rate

The percentage of the total workforce that is unemployed for a given period of time.

Veterans Administration (VA)

A government agency that encourages mortgage lenders to offer long-term, low down payment financing to eligible veterans by partially guaranteeing the lender against loss from default.

Year-Over-Year (YOY) Change

A change calculated by taking the difference in a specific metric from the same week, month or quarter, one year earlier.