- Calculation of estimated borrowers with over $5K in debt
- Per CoreLogic data – the average balance is $175,440 on a mortgage loan (CoreLogic’s data contains 26.4 million mortgages)
- If total mortgage debt outstanding is $10.539 trillion, per Fed Flow of Funds, dividing by CoreLogic’s average balance results in 60,069,237 mortgages outstanding
- For comparison, the census bureau denotes 90,696,000 non-rental housing units in the US*
- This is consistent with published material denoting 1 in 3 houses is non-levered
- Based on Mr. Cooper portfolio, 53.18% of loans have > $5K in consumer debt and more than $5K in home equity at 80% Loan to Value ratio (“LTV”)
- Assuming Mr. Cooper is representative of the national picture, we estimate there are 31,944,820 potential consumers holding a mortgage and with both > $5K in consumer debt and more than $5K in equity at 80% LTV
- Q3 Census Housing survey of 77,185 owner occupied properties and 16,727 vacant properties less 3,216 vacant rental properties https://www.census.gov/housing/hvs/files/currenthvspress.pdf
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