The conventional conforming loan is a closed-end forward mortgage (i.e., excluding reverse mortgage) transaction whose loan type is reported as conventional and whose loan amount is below the conforming loan limit, making it eligible to be purchased by Fannie Mae or Freddie Mac (collectively known as Government Sponsored Enterprises, or GSEs).
The conventional non-conforming, or jumbo loan is a closed-end forward mortgage transaction with its loan type reported as conventional and a loan amount above the conforming loan limit, making it ineligible to be purchased by the GSEs. Also known as “Jumbo”.
Open-end LOCs secured by dwellings (excluding reverse mortgages) are commonly known as home equity lines of credit, or HELOCs.
Open-end lines of credit (LOC) data field has three dimensions, Yes, No and Exempt. Institutions originating fewer than 500 open-end lines of credit would not be required to begin collecting HMDA data about open-end lines of credit until 2022. This reporting threshold of 500 originations is based on the origination volumes for the two years preceding the HMDA activity year.
FHA, VA, RHS
We allow users to analyze government loans by the type of insurance or guarantee provided. For example:
FHA = Federal Housing Administration insured;
VA = stands for Veteran Affairs guaranteed;
RHS or FSA = USDA Rural Housing Service or Farm Service Agency guaranteed.
Reverse mortgages are transactions identified as reverse mortgages, regardless of whether they are reported as an open-end or closed-end transaction or its reported Loan Type.
We bucket the mortgage originations for properties that have 5 or more units in this view.
Conventional Conforming Undetermined
We test each loan for conforming limit by location and by number of units. If the loan transaction is reported without location, loan values below the respective annual FHFA baseline for 1, 2, 3, and 4 unit properties are classified as Conforming; levels above the respective maximum values across all high-priced areas are classified as Non-Conforming; loan values in-between these two levels are classified as Undetermined.