Question
How does Moody's Analytics estimate non-conforming loans in HMDA?
Answer
In its HMDA dataset, the FFIEC does not publish an indicator for conforming or non-conforming mortgage loans. Instead, Moody's Analytics estimates the number and dollar volume of such loans (see table 1).
To do so, we aggregate all mortgages originated that are (a) for home purchase or refinancings and (b) with a loan amount greater than or equal to the maximum conforming loan limit for first mortgages. (These are in the catalog under "special grouping by loan amount.") That limit is published by the FHFA and is subject to annual adjustment; the current value is $417 thousand (see table 2).
Time series in the HMDA dataset, and our supplemental estimates, are available for the nation, states, metro areas and counties.
Table 1. Number and volume of originations of non-conforming loans, as estimated by Moody's Analytics, and sample inputs from HMDA.
| Concept |
Description |
| |
Estimated originations of non-conforming loans |
| |
Number of originations, (#) |
| HMDAONA |
Total |
| HMDAONHA |
Home purchase |
| HMDAONRA |
Refinancing |
| |
Volume of originations, (Ths. $) |
| HMDAON$A |
Total |
| HMDAONH$A |
Home purchase |
| HMDAONR$A |
Refinancing |
| |
Sample inputs to estimation process |
| |
Number of originations, (#) |
| |
Home purchase |
| HMDAOHL417624A |
Loan amounts 417-624 ths. $ |
| HMDAOHL625728A |
Loan amounts 625-728 ths. $ |
| HMDAOHL729GA |
Loan amounts 729 ths. $ or greater |
| |
Refinancing |
| HMDAORL417624A |
Loan amounts 417-624 ths. $ |
| |
Volume of originations, (Ths. $) |
| HMDAOHL417624$A |
For home purchase, loan amounts 417-624 ths. $ |
| HMDAORL729G$A |
For refinancing, loan amounts 729 ths. $ or greater |
Table 2. The "conforming loan limit" is the maximum size of a mortgage that may be purchased by Fannie Mae or other GSEs. Separate limits pertain to first and second mortgages, the number of units, and whether the property is in an area where prevailing prices are higher. Loans exceeding this amount are known as "jumbo loans."
The history of conforming loan limits for first mortgages on single-unit dwellings in general-cost and contiguous areas, in thousands of dollars, is:
| Year |
HFHFBCL.US |
| 1990 |
187.45 |
| 1991 |
191.25 |
| 1992 |
202.30 |
| 1993 |
203.15 |
| 1994 |
203.15 |
| 1995 |
203.15 |
| 1996 |
207.00 |
| 1997 |
214.60 |
| 1998 |
227.15 |
| 1999 |
240.00 |
| 2000 |
252.70 |
| 2001 |
275.00 |
| 2002 |
300.70 |
| 2003 |
322.70 |
| 2004 |
333.70 |
| 2005 |
359.65 |
| 2006 |
417.00 |
| 2007 |
417.00 |
| 2008 |
417.00 |
| 2009 |
417.00 |
| 2010 |
417.00 |
Related Releases
Home Mortgage Disclosure Act (HMDA)