Freddie Mac 2014 Annual Report Download - page 104

99 Freddie Mac
Table 42 — Characteristics of the Single-Family Credit Guarantee Portfolio(1)
Portfolio Balance at December 31,(2)
2014 2013 2012
Original LTV Ratio Range
60% and below 21% 22% 22%
Above 60% to 70% 14 15 15
Above 70% to 80% 38 38 40
Above 80% to 100% 21 19 18
Above 100% 6 6 5
Total 100% 100% 100%
Weighted average original LTV ratio 75% 75% 74%
Estimated Current LTV Ratio Range(3)
60% and below 39% 33% 28%
Above 60% to 70% 18 18 14
Above 70% to 80% 19 20 21
Above 80% to 90% 12 12 13
Above 90% to 100% 6 7 9
Above 100% to 120% 4 6 8
Above 120% 2 4 7
Total 100% 100% 100%
Weighted average estimated current LTV ratio:
Relief refinance mortgages 75% 81% 83%
All other mortgages 64 66 74
Total mortgages 66 69 75
Credit Score(4)
740 and above 58% 58% 56%
700 to 739 20 20 21
660 to 699 13 13 14
620 to 659 6 6 6
Less than 620 3 3 3
Total 100% 100% 100%
Weighted average credit score:
Relief refinance mortgages 733 735 741
All other mortgages 742 740 736
Total mortgages 740 739 737
Loan Purpose
Purchase 30% 26% 27%
Cash-out refinance 21 22 24
Other refinance(5) 49 52 49
Total 100% 100% 100%
Property Type
Detached/townhome(6) 93% 93% 92%
Condo/Co-op 7 7 8
Total 100% 100% 100%
Occupancy Type
Primary residence 90% 90% 90%
Second/vacation home 4 4 5
Investment 6 6 5
Total 100% 100% 100%
(1) Other Guarantee Transactions with ending balances of $1 billion at December 31, 2014, 2013 and 2012, respectively, are excluded since these
securities are backed by non-Freddie Mac issued securities for which the loan characteristics data was not available.
(2) Includes loans acquired under our relief refinance initiative, which comprised approximately 20%, 21%, and 18% of our single-family credit guarantee
portfolio based on UPB as of December 31, 2014, 2013, and 2012, respectively.
(3) The current LTV ratios are management estimates, which are updated on a monthly basis. Current market values are estimated by adjusting the value of
the property at origination based on changes in the market value of homes in the same geographic area since that time.
(4) Credit score data was not available for less than 0.5% of loans in the single-family credit guarantee portfolio at December 31, 2014, 2013, and 2012.
(5) Other refinance loans include: (a) refinance mortgages with “no cash out” to the borrower; and (b) refinance mortgages for which the delivery data
provided was not sufficient for us to determine whether the mortgage was a cash-out or a no cash-out refinance transaction.
(6) Includes manufactured housing and homes within planned unit development communities.
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