HOMEOWNERSHIP LOAN PORTFOLIO DELINQUENCY, REO & SHORT SALE ... - California

HOMEOWNERSHIP LOAN PORTFOLIO DELINQUENCY, REO & SHORT SALE, UNINSURED LOSS, AND

LOAN MODIFICATION REPORT

______________________J_a_n_u_a_ry_3_1_,_2_0_1_5______________________

Reconciled Loan Delinquency Summary All Active Loans By Insurance Type

Federal Guaranty FHA VA RHS

Loan Count

Balance

% of Balance

6,872 155 73

$ 693,921,939 14,667,051 12,504,070

30.39% 0.64% 0.55%

Loan Count

DELINQUENCY RATIOS - % of Loan Count

Loan

Loan

30-Day Count 60-Day Count 90(+) Day

Totals Count %

350 5.09% 9 5.81% 2 2.74%

117 1.70% 2 1.29% 0 0.00%

237

3.45%

6

3.87%

4

5.48%

704 10.24% 17 10.97% 6 8.22%

Conventional loans with MI CalHFA MI Fund without MI Orig with no MI MI Cancelled*

2,785

3,548 1,572

684,012,213

613,795,000 264,551,961

29.96%

26.88% 11.59%

114 4.09%

93 2.62% 29 1.84%

34 1.22%

30 0.85% 9 0.57%

172

6.18%

91

2.56%

28

1.78%

320 11.49%

214 6.03% 66 4.20%

Total CalHFA

15,005 $ 2,283,452,234 100.00%

597 3.98%

192 1.28%

538

3.59% 1,327 8.84%

*Cancelled per Federal Homeowner Protection Act of 1998, which grants the option to cancel the MI with 20% equity.

Note: In accordance with CalHFA's policy, no trustee sale is permitted between December 15 and January 5 of any year without CalHFA's prior written approval.

Reconciled Loan Delinquency Summary All Active Loans By Loan Type

Loan

Count

30-yr level amort

FHA

6,872 $

VA

155

RHS

73

Conventional - with MI 1,279

Conventional - w/o MI 4,574

40-yr level amort

Conventional - with MI

259

Conventional - w/o MI

162

*5-yr IOP, 30-yr amort

Conventional - with MI 1,247

Conventional - w/o MI

384

Balance

% of Balance

DELINQUENCY RATIOS - % of Loan Count

Loan

Loan

Loan

Totals

Count 30-Day Count 60-Day Count 90(+) Day Count %

693,921,939 14,667,051 12,504,070

273,898,124 758,009,927

30.39% 0.64% 0.55%

11.99% 33.20%

350 5.09% 9 5.81% 2 2.74%

60 4.69% 107 2.34%

117 1.70% 2 1.29% 0 0.00%

15 1.17% 30 0.66%

237

3.45%

6

3.87%

4

5.48%

56

4.38%

96

2.10%

704 10.24% 17 10.97% 6 8.22%

131 10.24% 233 5.09%

70,186,598 30,510,815

3.07% 1.34%

10 3.86% 3 1.85%

5 1.93% 5 3.09%

22

8.49%

4

2.47%

37 14.29% 12 7.41%

339,927,491 89,826,218

14.89% 3.93%

44 3.53% 12 3.13%

14 1.12% 4 1.04%

94

7.54%

19

4.95%

152 12.19% 35 9.11%

Total CalHFA

15,005 $ 2,283,452,234 100.00%

597 3.98%

192 1.28%

538

3.59% 1,327 8.84%

Weighted average of conventional loans:

236 2.99%

73 0.92%

291

3.68%

600 7.59%

*As of December 1, 2014 all IOP loans (except 14 loans which were modified) were converted to fixed (amortizing) loans.

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55.00%

CalHFA FHA Loan Portfolio Performance Comparison by Servicer (% of Total Loan Count vs. % of Total Delinquent Loan Count) as of January 31, 2015

50.00%

45.00%

40.00%

35.00%

30.00%

25.00%

20.00%

15.00%

10.00%

5.00%

0.00%

% of Total Loan Count % of Total Delinquent Loan Count

CALHFA - LOAN SERVICING

20.45% 15.56%

GUILD MORTGAGE

28.62% 27.55%

CALHFA - LOAN SERVICING - BAC

HOME LOANS

6.11%

10.88%

WELLS FARGO HOME MORTGAGE

16.42% 15.70%

EVERHOME MORTGAGE COMPANY

17.46% 19.42%

FIRST MORTGAGE CORP

3.24% 3.17%

OCWEN MORTGAGE

7.37% 7.71%

CITIMORTGAGE, INC.

0.00% 0.00%

DOVENMUEHLE MORTGAGE, INC.

0.32% 0.00%

WESCOM CREDIT UNION

0.00% 0.00%

55.00%

CalHFA Conventional Loan Portfolio Performance Comparison by Servicer (% of Total Loan Count vs. % of Total Delinquent Loan Count) as of January 31, 2015

50.00%

45.00%

40.00%

35.00%

30.00%

25.00%

20.00%

15.00%

10.00%

5.00%

0.00%

% of Total Loan Count % of Total Delinquent Loan Count

CALHFA - LOAN SERVICING

53.23% 49.33%

GUILD MORTGAGE

19.06% 20.50%

CALHFA - LOAN SERVICING - BAC

HOME LOANS

13.03%

13.50%

WELLS FARGO HOME MORTGAGE

5.93% 5.33%

EVERHOME MORTGAGE COMPANY

3.52%

5.33%

FIRST MORTGAGE CORP

3.42% 3.17%

OCWEN MORTGAGE

1.27% 1.83%

CITIMORTGAGE, INC.

0.46% 1.00%

DOVENMUEHLE MORTGAGE, INC.

0.06% 0.00%

WESCOM CREDIT UNION

0.03% 0.00%

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CalHFA FHA Loan Portfolio Performance Comparison by County (% of Total Loan Count vs. % of Total Delinquent Loan Count)

as of January 31, 2015

22%

20%

18%

16%

14%

12%

10%

8%

6%

4%

2%

0%

LOS ANGELES

% of Total Loan Count % of Total Delinquent Loan Count

16.99% 16.37%

KERN 12.15% 13.07%

22%

TULARE 9.85% 12.24%

FRESNO 8.79% 9.77%

SAN BERNARDINO

6.07%

6.88%

RIVERSIDE 5.32% 8.12%

SAN DIEGO 5.13% 4.26%

IMPERIAL 5.00% 5.09%

ORANGE 3.34% 1.93%

SACRAMENTO 2.76% 3.03%

KINGS 2.46% 1.93%

BUTTE 2.20% 1.79%

MONTEREY 1.87% 1.24%

SANTA BARBARA

1.69%

1.10%

SAN JOAQUIN 1.66% 1.65%

OTHER COUNTIES

14.72%

11.55%

CalHFA Conventional Loan Portfolio Performance Comparison by County (% of Total Loan Count vs. % of Total Delinquent Loan Count) as of January 31, 2015

20%

18%

16%

14%

12%

10%

8%

6%

4%

2%

0%

LOS ANGELES SAN DIEGO SANTA CLARA

% of Total Loan Count % of Total Delinquent Loan Count

16.33% 14.83%

10.49% 11.67%

9.97% 5.50%

ALAMEDA 7.87% 5.33%

SACRAMENTO 5.79% 7.67%

CONTRA COSTA 5.16%

6.33%

ORANGE 5.09% 4.00%

VENTURA 3.86% 3.33%

RIVERSIDE 3.43% 5.17%

FRESNO 3.34% 3.33%

SONOMA 3.29% 2.17%

SAN BERNARDINO

2.81%

1.67%

BUTTE 2.14% 3.17%

TULARE 2.05% 2.83%

KERN 1.81% 2.83%

OTHER COUNTIES

16.58%

20.17%

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90-day+ delinquent ratios (month-end)

30% 28% 26% 24% 22% 20% 18% 16% 14% 12% 10%

8% 6% 4% 2% 0% Jan-2010

90 day+ delinquent ratios for CalHFA's FHA and weighted average of all Conventional Loans

CalHFA's FHA fixed-rate

CalHFA's conventional loans (30/40/IOP)

Jan-2011

Jan-2012

Jan-2013

Jan-2014

Jan-2015

90 day+ delinquent ratios for CalHFA's Three Conventional Loan Types

30%

28%

5-yr interest-only, 30-yr level (started in June '05)

26%

40-yr level (started in June '06)

24%

30-yr level

22%

20%

18%

16%

14%

12%

10%

8%

6%

4%

2%

0% Jan-2013

Mar-2013 May-2013

Jul-2013

Sep-2013 Nov-2013 Jan-2014

Mar-2014 May-2014

Jul-2014

Sep-2014 Nov-2014

Jan-2015

90-day+ delinquency ratios (month-end)

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Number of REOs

Real Estate Owned

Calendar Year 2015 (As of January 31, 2015)

*Trustee Sales

Disposition of REO(s)

Beginning Prior Reverted Reverted Total Repurchased Market Repurchased Market

Total

Ending

UPB

Loan

Balance Calendar to CalHFA to CalHFA Trustee by Lender Sale(s) by Lender Sale(s) Disposition Balance of REO's

Type # of Loans Adj.

January Sales

January January of REO(s) # of Loans Owned

FHA/RHS/VA

15

0

4

4

6

6

13 $ 2,178,098

Conventional

60

0

15

15

8

8

67 14,561,559

Total

75

0

0

19

19

0

0

6

8

14

80 $ 16,739,656

*3rd party trustee sales are not shown in this table (title to these loans were never transferred to CalHFA). There were eight (8) 3rd party sales in calendar year 2008, eighteen (18) 3rd party sales in calendar year 2009, thirty nine (39) 3rd party sales in calendar year 2010, twenty two (22) 3rd party sales in calendar year 2011, fourty one (41) 3rd party sales in calendar year 2012, fifty nine (59) 3rd party sales in calendar year 2013, fourty three (43) 3rd party sales in calendar 2014, and there are two (2) 3rd party sales to date 2015.

1200 1100 1000

900 800 700 600 500 400 300 200 100

0

315

FHA REO Inventory

REO Inventory New REOs Sold REOs

13

1200 1100 1000 900 800 700 600 500 400 300 200 100 0

1200 1100 1000

900 800 700 600 500 400 300 200 100

0

1076

Quarterly by Calendar Year

Conventional REO Inventory

REO Inventory New REOs Sold REOs

1200

1100

1000

900

800

700

600

500

400

300

200

67

100

0

Number of REOs

Quarterly by Calendar Year

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$ Amount of Principal Write Offs

$ Amount of Principal Write Offs

$300,000,000 $280,000,000 $260,000,000 $240,000,000 $220,000,000 $200,000,000 $180,000,000 $160,000,000 $140,000,000 $120,000,000 $100,000,000

$80,000,000 $60,000,000 $40,000,000 $20,000,000

$0

$40,000,000

$35,000,000

$30,000,000

$25,000,000

$20,000,000

$15,000,000

$10,000,000

$5,000,000

$0

2015 Year to Date Composition of 1st Trust Deed Loss (As of January 31, 2015)

Disposition

Loan Type FHA/RHS/VA Conventional

Repurchased by Lender 6

6

Market Sales

8 8

Short Sales

1 4 5

Loan Balance at Sales

$ 1,341,129 2,504,540

$ 3,845,670

Principal Write-Offs

$ (330,683) $ (330,683)

Accumulated Uninsured Loss from Sale of Conventional REOs & Short Sales (by Escrow Closing Date)

Short Sale - Loan Loss REO - Loan Loss

$247,672,692

Quarterly by Calendar Year

Comparison of Quarterly Uninsured Loss from Sale of Conventional REOs & Short Sales (by Escrow Closing Date)

Short Sale - Loan Loss REO - Loan Loss

$31,699,732

Quarterly by Calendar Year

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$330,683

Cumulative Default Rate

Cumulative Default Rate For Conventional Modified Loans By Year of Modification 75%

70%

As of January 2015, loans modified starting in 2011 have a lower default rate, which parallels the introduction of the Keep Your Home California (KYHC) Program. The loans modified starting in 2012 have an even lower default rate,

65% which parallels an increase in the Principal Reduction Program (PRP) maximum payment from $50,000 to $100,000.

60% 55% 50% 45% 40%

Originated By Year

2009:

87

2010

330

2011

284

2012

191

2013

380

2014

275

Remaining By Year 2009: 44.83% 2010 52.73% 2011 71.13% 2012 86.39% 2013 90.00% 2014 96.36%

2010

2009

35%

30%

25%

2011

20%

15%

10%

5%

2014

2013

2012

"Cure rate" Overall: 72% Current at modification: 83% Delinquent at modification: 69%

0% Yr1-Q1

Yr1-Q3

Yr2-Q1

Yr2-Q3

Yr3-Q1 Yr3-Q3 Yr4-Q1 Yr4-Q3 Quarters From Modification

Yr5-Q1

Yr5-Q3

Yr6-Q1

Yr6-Q3

$37,500,000 $35,000,000 $32,500,000 $30,000,000 $27,500,000 $25,000,000 $22,500,000 $20,000,000 $17,500,000 $15,000,000 $12,500,000 $10,000,000

$7,500,000 $5,000,000 $2,500,000

$0

Cumulative Principal Reduction Payments (PRP) received from Keep Your Home California (KYHC)

Cumulative FHA PRP Paid Cumulative Conventional PRP Paid

Since 2011 we have modified 597 loans (FHA and conventional) that have recieved KYHC's Principal Reduction Program (PRP) funds, for a total of 35.8mn. *1 August 2012 - Change in PRP procedure (changed from receiving the PRP payment over a three year period to receiving the total payment upfront...in addition received approximately $3mn in funds owed on August 2012...based on previous procedure) *2 October 2012 ? Change in PRP criteria (maximum payments increased to $100,000 from $50,000) *3 January 2013 ? Change in PRP criteria (FHA loans now can be modified using PRP funds)

*3

*1

*2

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