US Bank 2011 Annual Report Download - page 39

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appropriate home price indices. Loan-to-value is the ratio of
the loan’s outstanding principal balance to the current
estimate of property value. For home equity and second
mortgages, combined loan-to-value (“CLTV”) is the
combination of the first mortgage original principal balance
and the second lien outstanding principal balance, relative to
the current estimate of property value. Certain loans do not
have a loan-to-value or combined loan-to-value primarily due
to lack of availability of appropriate automated valuation
model and/or home price indices values, or lack of necessary
valuation data on portfolio acquisitions.
The following tables provide summary information for the
loan-to-values of residential mortgages and home equity and
second mortgages by distribution channel and type at
December 31, 2011:
Residential mortgages
(Dollars in Millions)
Interest
Only Amortizing Total
Percent
of Total
Consumer Finance
Less than or equal to 80% . . $ 734 $ 4,566 $ 5,300 41.0%
Over 80% through 90% ..... 351 2,554 2,905 22.5
Over 90% through 100% .... 216 1,342 1,558 12.0
Over 100% .................. 741 2,433 3,174 24.5
Total ..................... $2,042 $10,895 $12,937 100.0%
Other
Less than or equal to 80% . . $ 840 $13,024 $13,864 57.4%
Over 80% through 90% ..... 267 2,093 2,360 9.8
Over 90% through 100% .... 255 1,012 1,267 5.2
Over 100% .................. 570 1,061 1,631 6.8
No LTV available ............ – 124 124 .5
Loans purchased from
GNMA mortgage
pools (a)................... – 4,899 4,899 20.3
Total ..................... $1,932 $22,213 $24,145 100.0%
Total Company
Less than or equal to 80% . . $1,574 $17,590 $19,164 51.7%
Over 80% through 90% ..... 618 4,647 5,265 14.2
Over 90% through 100% .... 471 2,354 2,825 7.6
Over 100% .................. 1,311 3,494 4,805 13.0
No LTV available ............ – 124 124 .3
Loans purchased from
GNMA mortgage
pools (a)................... – 4,899 4,899 13.2
Total ..................... $3,974 $33,108 $37,082 100.0%
(a) Represents loans purchased from Government National Mortgage Association ("GNMA")
mortgage pools whose payments are primarily insured by the Federal Housing
Administration or guaranteed by the Department of Veterans Affairs.
Home equity and second mortgages
(Dollars in Millions) Lines Loans Total
Percent
of Total
Consumer Finance
Less than or equal to 80% . . . $ 712 $ 62 $ 774 32.4%
Over 80% through 90% ...... 366 49 415 17.4
Over 90% through 100% .... 218 65 283 11.8
Over 100% ................... 566 347 913 38.2
No LTV/CLTV available ...... 3 2 5 .2
Total ...................... $ 1,865 $ 525 $ 2,390 100.0%
Other
Less than or equal to 80% . . . $ 6,749 $ 622 $ 7,371 46.8%
Over 80% through 90% ...... 2,291 237 2,528 16.1
Over 90% through 100% .... 1,771 229 2,000 12.7
Over 100% ................... 2,882 547 3,429 21.8
No LTV/CLTV available ...... 375 38 413 2.6
Total ...................... $14,068 $1,673 $15,741 100.0%
Total Company
Less than or equal to 80% . . . $ 7,461 $ 684 $ 8,145 44.9%
Over 80% through 90% ...... 2,657 286 2,943 16.2
Over 90% through 100% .... 1,989 294 2,283 12.6
Over 100% ................... 3,448 894 4,342 24.0
No LTV/CLTV available ...... 378 40 418 2.3
Total ...................... $15,933 $2,198 $18,131 100.0%
Within the consumer finance division, at December 31,
2011, approximately $1.9 billion of residential mortgages
were to customers that may be defined as sub-prime
borrowers based on credit scores from independent agencies
at loan origination, compared with $2.1 billion at
December 31, 2010. In addition to residential mortgages, at
December 31, 2011, the consumer finance division had $.5
billion of home equity and second mortgage loans to
customers that may be defined as sub-prime borrowers,
unchanged from December 31, 2010.
The following table provides further information on the
loan-to-values of residential mortgages, specifically for the
consumer finance division, at December 31, 2011:
(Dollars in Millions)
Interest
Only Amortizing Total
Percent of
Division
Sub-Prime Borrowers
Less than or equal to 80% . . . $ 2 $ 513 $ 515 4.0%
Over 80% through 90%...... 1 258 259 2.0
Over 90% through 100% .... 3 268 271 2.1
Over 100% ................... 11 796 807 6.2
Total ...................... $ 17 $ 1,835 $ 1,852 14.3%
Other Borrowers
Less than or equal to 80% . . . $ 732 $ 4,053 $ 4,785 37.0%
Over 80% through 90%...... 350 2,296 2,646 20.5
Over 90% through 100% .... 213 1,074 1,287 9.9
Over 100% ................... 730 1,637 2,367 18.3
Total ...................... $2,025 $ 9,060 $11,085 85.7%
Total Consumer Finance . . . $2,042 $10,895 $12,937 100.0%
U.S. BANCORP 37