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Annual Performance Plan 508

Annual Performance Plan 508

Data Sources,

Data Sources, Limitations and Advantages, and Validation This section is organized by strategic goal, measure and program. Strategic Goal Strategic Objective Metric Strengthen the Nation’s Housing Market to Bolster the Economy and Protect Consumers Establish a sustainable housing finance system that provides support during market disruptions, with a properly defined role for the U.S. government. Overall market share of private capital, GSEs, FHA, and VA • Description: This measure will track the share of the mortgage market for private lenders, governmentsponsored entities (Fannie Mae and Freddie Mac), and FHA in order to observe FHA’s role in the housing market and the balance of the housing market • Data source: FHA Single Family Data Warehouse, Corelogic TrueStandings; Mortgage Bankers Association of America • Unit of measurement: Share of market • Dimension: Percent • Calculation method: Share of specified mortgage market over share of entire market • Frequency: (of reporting): Quarterly • Direction: Downwards • Data quality (limitations/advantages of the data): We are relying upon CoreLogic TrueStandings loan servicing data for shares by funding source, and MBa for total market origination volumes. CoreLogic coverage of the market has slipped in recent years because subscribing lenders have been selling major servicing portfolios to non-subscribing lenders. CoreLogic is actively recruiting these new non-bank lenders and re-populating its database for 2012 and 2013. The MBa volumes are estimates and subject to error as shares of originations coming through different funding channels changes in real time from what is assumed in the MBa algorithms. Over the last two years, this has led to large revisions in market-size estimates with the release of the annual HMDA LAR data (in September). • Measurement Validation, verification, and improvement of measure: Inside Mortgage Finance publishes its own estimates of agency versus nonagency lending, and we can use that as a reasonability check on our estimates. Sequence: 1 148 Section Three: Additional Information

Strategic Goal Metric Strengthen the Nation’s Housing Market to Bolster the Economy and Protect Consumers Share of FHA-insured purchase • Description: This measure will track the share FHA originations that are made to first-time homebuyers. • Data source: Single-Family Data Warehouse and American Housing Survey • Unit of measurement: Share of FHA originations that belong to first-time home buyers • Dimension: Percent • Calculation method: Percent of FHA originations made to first-time homebuyers. • Frequency: (of reporting): Quarterly • Direction: Increase • Data quality (limitations/advantages of the data): We will rely on data from the Single-Family Data Warehouse, which tracks the number of FHA loans to first-time homebuyers on a quarterly basis • Measurement Validation, verification, and improvement of measure: American Housing Survey is available every 2 years Sequence: 2 Strategic Objective Metric Ensure equal access to sustainable housing financing and achieve a more balanced housing market, particularly in underserved communities. Federal Housing Administration share of originations • Description: This measure will show the percentage of mortgage originations in the housing market that were made by FHA. • Data source: FHA Single Family Data Warehouse, Corelogic TrueStandings; Mortgage Bankers Association of America • Unit of measurement: Percent of FHA Mortgage Originations • Dimension: Percent • Calculation method: Share of specified mortgage market over share of entire market • Frequency: (of reporting): Quarterly • Direction: Downwards • Data quality (limitations/advantages of the data): We rely upon the MBa for total volumes and CoreLogic for average loan amounts (used to derive loan counts). See limitations on these sources in SO 1A. • Measurement Validation, verification, and improvement of measure: We discuss data quality with MBa and with CoreLogic, and have open communications to express any concerns. Sequence:3 Section Three: Additional Information 149

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