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TitleFAQ: U.S. - How does Moody's Analytics estimate non-conforming loans in HMDA?
AuthorKarl Zandi

How does Moody's Analytics estimate non-conforming loans in HMDA?


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
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:

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)