1991 Residential Finance Survey
The second phase will soon be under way in the 1991 Residential Finance Survey (RFS) being conducted by the Bureau of the Census, U.S. Department of Commerce, as part of the 1990 Decennial Census.
In this lender phase, questionnaires will be mailed to lending institutions and individuals who have financed mortgages on residential properties. In the first phase of the survey, homeowners and the owners of rental properties were contacted and asked to provide information on the property itself and the owner(s) of the property.
The 1991 Residential Finance Survey will update the statistics collected in comparable surveys taken in conjunction with earlier censuses. It will provide lending institutions with a comprehensive package of basic statistical data relating to the current financial status of the nation's investment in residential properties. A comparison of data collected in the 1991 survey with those collected in 1981 will allow analysts to measure the changes that have occurred in mortgage finance during this 10-year period.
Among the many subjects to be covered in the lender phase of the survey that were covered in earlier surveys are mortgage insurance status (FHA, VA, insured conventional, uninsured); outstanding method of payment; current status of payments; and extent and characteristics of junior mortgage liens. One type of information of particular interest to lending institutions, which the survey will continue to provide, is the volume of interregional flow of funds.
Many subjects covered in the 1991 survey are new or have been revised or modified since 1981 to reflect the changes in mortgage finance over the past decade. One important financing method that has gained popularity in the 1980s is the home equity line of credit or home equity loan. Some of the information collected in the survey on home equity lines of credit ask about current interest rate; current unpaid balance; caps on the interest rate change per adjustment period; and type of institution holding the home equity line of credit.
Data are also obtained regarding the main reason for obtaining a home equity line of credit, that is, for additions, improvements or repairs to the property; consolidation of debts; education or medical expenses; or purchase of consumer product (automobile, truck, furniture and so on).
Another financing alternative popular in the 1980s is the adjustable-rate mortgage (ARM). Some of the...