© 2019 Fannie Mae Mae 

An Analysis of Small Balance Loan Origination in Rural and 

High-Needs Rural Areas

December 02, 2019

Nuno Mota

Economist

Economic and Strategic Research
© 2019 Fannie Mae Page 2 of 40

Table of Contents:

 Executive Summary 3

 Introduction 4

 Geographic Market Sizes and Trends in 

Loan Originations

5

 Trends in Denial Rates 9

 Market Concentration by Geographic 

Area

13

 Factors Associated with Originations in 

Specific Geographic Areas

14

 Conclusion 16

 References 16

 Tables 17

 Appendix 23
© 2019 Fannie Mae Page 3 of 40

Executive Summary

This report analyzes the mortgage market for small balance loans using Home Mortgage Disclosure Act (HMDA) data 

from 2012 to 2017, focusing on rural and high-needs rural areas. High-needs rural areas are rural tracts in the Lower 

Mississippi Delta (LMD), Middle Appalachia (MIDAPP), and Persistent Poverty (PERPOV) counties). These all have an 

above average share of small balance loan originations; accounting for 26% to 39% and 30% to 45% of purchase 

money and refinance mortgage originations for site-built homes in these areas, respectively. This is in line with the 

mean and median loan amounts in these areas being below the national averages. For manufactured housing, small 

balance loans account for a larger share of the market, and, while rural markets generally have a similar share of loans 

that are small balance as the overall market, high-needs rural markets have a markedly larger share of small balance 

loans. 

Looking more broadly at the size of these four markets, we see that for site-built properties 17% of purchase money 

mortgage originations occurred in rural areas. The high-needs rural areas each account for no more than 0.9% of 

overall market originations. Geographic area shares for refinance mortgage originations are similar to those for 

purchase mortgages. Trend analysis reveals that rural and high-needs rural markets had more muted swings in 

refinance volumes than the market overall. For manufactured homes these four geographic areas account for a much 

larger share of the market, with rural areas representing the bulk of the market. 

We also analyze denial rates across areas and see significantly higher denial rates for manufactured homes than for 

site-built homes; that denial rates are decreasing in loan size; and that denial rates for site-built homes are higher for 

refinance mortgages than for purchase money mortgages, but the opposite is true for manufactured homes. For sitebuilt home mortgages, the four geographic areas in our analysis have higher denial rates than the market overall, in 

accordance with the smaller average loan amounts in these areas. For purchase money mortgages for site-built 

homes, these greater denial rates for rural and high-needs rural are evident even when comparing denial rates across 

areas within narrow loan amount ranges. Thus, these differences in denial rates are not driven by differences in 

average loan amounts across areas. For manufactured home loan denial rates, rural has consistently lower denial 

rates than the market overall for both purchase and refinance applications. 

Turning to market concentration, the purchase mortgage market for manufactured homes has the highest 

concentration of market share in a few lenders. However, rural markets tend to be the least concentrated overall. 

Detailed lender lists included in the appendices show the predominant lenders in all these areas and market 

segments. More generally, our analysis shows that a greater share of loans in these four geographic areas are 

originated by smaller lenders and commercial banks than in the market overall.

Lastly, in looking at loan features associated with a loan being originated in rural and high-needs rural markets, the 

following were strongly positively associated with originations in these areas: being a Farm Service Agency or Rural 

Housing Service loan; having an indicator of a high cost loan (APR Spread flag); and the loan being held in portfolio or 

being securitized by Ginnie Mae.
© 2019 Fannie Mae Page 4 of 40

Introduction

This report details the trends in small balance loan applications and originations in rural and high-needs rural areas. 

In addition to describing how small loan volumes evolved between 2012 and 2017, this paper also highlights which 

lenders have the greatest market share in these areas. 

Small balance loans are an important component of access to affordable homeownership for lower-income 

households and researchers have noted that a smaller share of the small balance loan market that obtains financing 

through the mortgage market (McCargo et al., 2018). As such, documenting how this segment of the mortgage market 

has evolved recently and how certain geographic areas may have a more prominent role in small balance loan 

originations contributes to our understanding of this issue.

There is no consensus regarding what constitutes a small balance loan. However, a recent report by the Urban 

Institute, uses a $100,000 cutoff to define small loans (Bai, Goodman, and Seidman, 2016). In this report we also 

define a small balance loan as one where the origination amount is smaller than $100,000. Additionally, we make use 

of the various points and fees cutoffs in the Consumer Financial Protection Bureau (CFPB) 2014 Ability to Repay and 

Qualified Mortgage Rule (ATR/QM Rule), detailed below, to detect whether there are differential trends based on these 

thresholds (CFPB, 2019):

• For a loan amount greater than or equal to $100,000, 3% of the total loan amount

• For a loan amount greater than or equal to 60,000 but less than $100,000, $3,000

• For a loan amount greater than or equal to $20,000 but less than $60,000, 5% of the total loan amount

• For a loan amount greater than or equal to $12,500 but less than $20,000, $1,000

• For a loan amount of less than $12,500, 8% of the total loan amount

The data used for the analysis are first-lien loan applications and originations available in the Home Mortgage 

Disclosure Act (HMDA) Loan Application Register (LAR) dataset, hereafter HMDA, from 2012 to 2017. 1 The geographic 

areas that this analysis focus on are defined by the Federal Housing Finance Agency (FHFA) for the enterprises’ Duty to 

Serve Program. 2 We separately focus on rural census tracts (hereafter rural areas) and on rural census tracts within 

three sets of high-needs counties (hereafter high-needs rural areas): Lower Mississippi Delta (LMD); Middle Appalachia 

(MIDAPP); and Persistent Poverty (PERPOV) counties.

The rest of this report is organized as follows. First, we look at geographic market shares and trends in loan 

originations. We then analyze trends in denial rates across areas, loan purposes and property types. Subsequently we 

focus on the degree of concentration of lending activity in these areas and identify the factors that are associated with 

loans being originated in these markets. We conclude by highlighting the most salient points of the analysis and 

making recommendations. 

1 In Figures 1A and 1B, to analyze trends in geographic area shares of the market for site-built 1- to 4-unit properties, we 

supplement HMDA with information from the FHFA/CFPB’s National Mortgage Database (NMDB).

2 For more details see https://www.fhfa.gov/DataTools/Downloads/Pages/Duty-to-Serve-Data.aspx
© 2019 Fannie Mae Page 5 of 40

Geographic Market Sizes and Trends in Loan Originations

Table 1 displays the breakdown in loan originations between 2012 and 2017 across geographic areas, loan purpose, 

and property type. Throughout the analysis we will separate mortgage applications and originations for 1- to 4-unit 

site-built properties and manufactured homes. 

Looking first at the mortgage statistics for site-built properties, the upper panel of Table 1 reveals that 17.2% of the 

2.9 million yearly average purchase money mortgage originations during this period occurred in rural areas. 3 The 

three high-needs rural areas each account for no more than 0.9% of total purchase originations. Geographic area 

shares are similar for refinance mortgage originations. 

Figures 1A and 1B show the evolution of geographic area shares of the overall mortgage market for site-built homes 

between 2012 and 2019-Q3 for purchase money and refinance mortgages, respectively. For purchase money 

mortgages (Figure 1A), using HMDA 2012 to 2017 data we can see that the rural market share has been steadily 

increasing during this period, from 16.5% to 17.9%; this reflects its higher average growth rate of 11.4% during this 

period than the market’s (9.7%). Rural MIDAPP also experienced a higher growth rate than the market overall during 

this period (11.9%), thus its market share increased slightly from 0.86% to 0.95%. The two remaining areas had belowmarket growth rates of 7.3% and 8.3% for rural tracts in LMD and PERPOV, respectively, thus decreasing their overall 

market share between 2012 and 2017. Turning to the NMDB data, which goes through 2019 Q3, we observe that the 

growth in rural continued in the most recent data. The remaining high-needs rural counties also experienced slight 

increases in their market share through 2019 Q3. It is interesting to note that market shares for all four areas are 

higher in the NMDB data, which is a nationally representative 5% sample of all originations and does not have 

differential reporting requirements across markets. This difference in geographic area shares across the two data 

sources is most pronounced for rural markets, lending weight to the view that rural market under-reporting is a 

concern with HMDA data.

3 Rural share is likely underestimated due to HMDA data reporting requirements, whereby lenders operating exclusively outside 

metropolitan areas and those below a certain asset threshold are exempt from reporting.

15%

16%

17%

18%

19%

20%

21%

22%

0.5%

0.7%

0.9%

1.1%

1.3%

1.5%

1.7%

1.9%

2012 2013 2014 2015 2016 2017 2018 2019 thru

09/30/19

Share for Rural

Share for LMD, MIDAPP, and PERPOV

Figure 1A Geographic Area Shares of Total Site-Built 1-4 Unit Purchase 

Mtg. Originations (2012-2019:Q3)

NDMB - LMD HMDA - LMD NMDB - MIDAPP HMDA - MIDAPP

NMDB - PERPOV HMDA - PERPOV NMDB - Rural HMDA - Rural
© 2019 Fannie Mae Page 6 of 40

For refinance originations, Figure 1B shows that geographic area market shares fluctuated throughout this period, yet 

a similar pattern emerges for all 4 areas in our analysis. All four areas exhibited growing market shares between 2012 

and 2014 and between 2016 and 2018, declined from 2014 to 2016 and in 2019. Looking at market growth rates during 

this period reveals that refinance markets in these areas exhibit more moderate growths (in the 2014 to 2016 period 

and in 2019) and declines (in the 2012 to 2014 and 2016 to 2018 periods). As such, geographic market shares increased 

when the overall refinance market fell and decreased when the market rose. Contrasting geographic market shares 

across the two data sources reveals smaller differences than for the purchase mortgage market. This may be 

attributable to the fact that refinance markets in all four geographic areas are more concentrated in larger lenders 

(see Tables 3A and 3B), which are more likely to have to report to HMDA. We will return to market concentration later 

in this report. 

Table 1 reveals another notable feature of the four areas in our analysis, namely that they have smaller mean and 

median loan amounts than the market overall. Median loan amounts for site-built homes for the four geographic 

areas in our analysis range from $118,000 to $151,000 for purchase money mortgages and $105,000 to $140,000 for 

refinance mortgages. By contrast, for the market overall the median purchase loan amount is $195,000 and the 

median refinance loan amount is $182,000. This is in line with differences in average property values across these 

areas (see Table A1 in Appendix). In addition, we see a greater prevalence of small balance loan originations in these 

areas. In Table 1 we can see that for the overall mortgage market, small balance loans account for 13.6% and 17.9% of 

2012-2017 purchase money and refinance originations, respectively. In contrast, for the four areas in our analysis 

small balance loans account for 25.6% to 39.3% and 30.4% to 45.1% of purchase money and refinance mortgage 

originations. 4

Turning to mortgages for manufactured homes (bottom panel of Table 1), it is evident that the four geographic areas 

in our analysis represent a much larger share of the overall market, for both purchase money and refinance 

mortgages. Rural represents the bulk of the market with 44,310 (60% of market) and 25,094 (72% of market) yearly 

4 Loan size categories in Tables 1 and 2 correspond to the 2014 ATR/QM points and fees cutoffs. Additionally, we add one extra 

loan category corresponding to loans that are above the small balance loan threshold but below the median loan amount in 2011, 

in a similar manner to the analysis in CFPB (2019).

15%

16%

17%

18%

19%

20%

21%

22%

0.5%

0.7%

0.9%

1.1%

1.3%

1.5%

1.7%

1.9%

2012 2013 2014 2015 2016 2017 2018 2019 thru

09/30/19

Share for Rural

Share for LMD, MIDAPP, and PERPOV

Figure 1B Geographic Area Shares of Total Site-Built 1-4 Unit Refinance 

Originations (2012-2019:Q3)

NDMB - LMD HMDA - LMD NMDB - MIDAPP HMDA - MIDAPP

NMDB - PERPOV HMDA - PERPOV HMDA - Rural NMDB - Rural
© 2019 Fannie Mae Page 7 of 40

average originations in this period for purchase money and refinance mortgages, respectively. It is important at this 

point to recall that mortgage loans for manufactured homes in HMDA include chattel (personal property) loans. 

Figure 1C show 

that the rural market share of purchase money mortgages for manufactured homes exhibited a sharp upturn from 

2013 to 2014, exhibiting a slight decline thereafter. A similar pattern is visible for the other three geographic areas; 

however, increases from 2013 to 2014 are more muted, thus ending up with smaller market shares in 2017 than in 

2012. 

For refinance mortgages (Figure 1D) we see that the pattern visible for refinances for site-built homes is emulated in 

refinances for manufactured homes. Again, we see that geographic market shares decrease when the overall 

56%

60%

64%

68%

72%

76%

0%

2%

4%

6%

8%

10%

2012 2013 2014 2015 2016 2017

Share for Rural

Share for LMD, MIDAPP, and PERPOV

Figure 1C Geographic Area Shares of Total Manufactured Home Purchase 

Mortgage Originations (2012-2017)

LMD MIDAPP PERPOV Rural

56%

60%

64%

68%

72%

76%

0%

2%

4%

6%

8%

10%

2012 2013 2014 2015 2016 2017

Share for Rural

Share for LMD, MIDAPP, and PERPOV

Figure 1D Geographic Area Shares of Total Manufactured Home 

Refinance Originations (2012-2017)

LMD MIDAPP PERPOV Rural
© 2019 Fannie Mae Page 8 of 40

refinance market is growing and decrease when it is contracting. This is in accordance with the more muted changes 

in these four areas than the market overall.

Contrasting average loan amounts for manufactured home purchase money mortgages across the areas reveals that 

rural has the highest mean and median loan amounts, slightly above the overall market (see bottom panel of Table 1). 

High-needs rural areas have markedly smaller average loan amounts. Small balance loan amounts in rural areas 

account for 78% of total manufactured home purchase money loans, whereas these account for 84 to 89% of 

origination in high-needs rural counties. For refinance loan for manufactured homes we again see that rural loans 

have similar average values and distributions to the overall market, but high-needs rural loans areas have smaller 

values. Small balance loans account for 80% to 86% of the refinance market in rural tracts in LMD, MIDAPP, and 

PERPOV, while for rural and the overall market they only account for 63% and 64% of refinances, respectively. 
© 2019 Fannie Mae Page 9 of 40

Trends in Denial Rates

One of the concerns associated with the ATR/QM Rule’s imposition of maximum points and fees thresholds in 2014 

pertains to the ability of lenders to originate loans with small balances. If there are fixed costs associated with 

originating a mortgage loan, then these would represent a larger share of the loan balance for smaller loans, thus 

raising the possibility that lenders may not have the ability to fully cover their origination costs and stay within the 

ATR/QM fee thresholds. Additionally, mortgage bankers reported gradually increasing average per loan origination 

costs, from $5,300 in Q1 2012 to $8,000 in Q1 2014 (see Figure A1 in the appendix), further raising the possibility that 

the ATR/QM fee thresholds may be a binding constraint to lending. One way to measure impacts on the availability of 

credit is to analyze denial rates, or the share of applications that are denied by the lender.

5 However, assessments of 

the rule’s impact on smaller balance loans’ denial rates have generally failed to find evidence that points and fees 

thresholds are associated with a curtailment of credit to borrowers seeking loans with smaller loan amounts (Bai et al. 

2016, CFPB 2019).

In this report we will focus on denial rates, not just by loan amount, but also for different geographic markets. This 

contrasts with the previous assessments’ broader geographic market focus. Table 2 presents denial rates by 

geographic area, loan purpose, property type, and loan amounts. A few salient features of denial rates are evident in 

Table 2: denial rates are significantly higher for manufactured homes than for site-built homes; denial rates are 

decreasing in loan size, for both loan purposes and property types; and denial rates for site-built homes are higher for 

refinance mortgages than for purchase money mortgages, but the opposite is true for manufactured homes.

Contrasting denial rates by geographic areas for site-built homes (upper panel of Table 2) reveals that denial rates are 

higher in the four geographic markets in our analysis than for the market overall. This is partly attributable to the 

differences in loan size distribution, because these four areas have a larger share of small balance loans and these 

have higher denial rates. However, when analyzing denial rates for specific loan size ranges, we can still see that for 

purchase money mortgages these four areas generally have higher denial rates for loans across all loan amount 

ranges. We can also observe that applications in rural PERPOV tend to have higher denial rates. For refinance 

mortgages, denial rates in the four areas tend to be below the overall market for loans in the two smallest size ranges 

($0-$12.5k, and $12.5k-$25k) and above the market for the remaining, larger loan size buckets. 

5 Denial rates in our analysis are obtained from HMDA data by dividing the number of loan applications denied by the financial 

institution by the sum of the number of applications denied, approved but not accepted by the borrower, and applications that

led to originations. Applications with missing information or withdrawn by the applicant are excluded from the calculation but 

don’t have a meaningful impact on the results.
© 2019 Fannie Mae Page 10 of 40

Figures 2A and 2B plot denial rates for mortgages applications for site-built homes by geographic area and loan 

purpose from 2012 to 2017. In Figure 2A we can see that denial rates for purchase money mortgages are constantly 

decreasing throughout the period. Conversely, denial rates for refinance mortgages in Figure 2B increased 

pronouncedly from 2012 to 2014 and then hover around the higher rates through to 2017. While one may be tempted 

to attribute this plateauing of denial rates in 2014 to the ATR/QM rule, the refinance market exhibits constant 

fluctuations in volume throughout this period in accordance with movements in interest rates and the impact of the 

Home Affordable Refinance Program (HARP). In Figure A2 in the appendix one can see a steep decrease in refinance 

volume from 2013 to 2014, coincident with a rise in the average 30-year fixed rate mortgage rate and the decrease in 

HARP originations, and again in mid-2015 and the end of 2016, when rates interest rates rise. Additionally, this pattern 

10%

15%

20%

25%

30%

35%

40%

45%

2012 2013 2014 2015 2016 2017

Figure 2A Denial Rates for Site-Built 1-4 Unit Purchase Mortgage Applications 

(2012-2017)

RURAL LMD MIDAPP PERPOV ALL

10%

15%

20%

25%

30%

35%

40%

45%

2012 2013 2014 2015 2016 2017

Figure 2B Denial Rates for Site-Built 1-4 Unit Refinance Mortgage Applications 

(2012-2017)

RURAL LMD MIDAPP PERPOV ALL
© 2019 Fannie Mae Page 11 of 40

in refinance denial rates is similar across geographic areas and loan amounts, thus suggesting this is an overall 

market effect and not something attributable to the policy change which should have differential effects by loan size.

Analyzing denial rates for manufactured home mortgage applications across geographic areas (lower panel of Table 

2) shows that rural markets have lower denial rates than the overall market for both purchase money and refinance 

applications. In fact, for manufactured home refinance applications all areas have lower denial rates than the market 

overall. Looking at denial rates by loan size reveals that rural markets have consistently lower denial rates for 

manufactured home mortgage applications than the overall market. Rural tracts in high-needs counties have lower 

denial rates for smaller loan amounts but tend to have higher denial rates for applications in the larger loan amount 

ranges than the market overall. Charts with yearly denial rate by geographic area (Figures 2C and 2D) show that denial 

rates for purchase money mortgage applications fell slightly until 2014 but have been increasing ever since. For 

refinance applications, denial rates display an upturn in 2014 similar to denial rates on refinance mortgage 

applications for site-built homes. Lastly, Figure 2D shows that denial rates for refinance mortgage applications for 

manufactured homes in rural PERPOV have been increasing relative to the other areas.

15%

25%

35%

45%

55%

65%

2012 2013 2014 2015 2016 2017

Figure 2C Denial Rates for Manufactured Home Purchase Mortgage Applications 

(2012-2017)

RURAL LMD MIDAPP PERPOV ALL
© 2019 Fannie Mae Page 12 of 40

15%

25%

35%

45%

55%

65%

2012 2013 2014 2015 2016 2017

Figure 2D Denial Rates for Manufactured Home Refinance Mortgage 

Applications (2012-2017)

RURAL LMD MIDAPP PERPOV ALL
© 2019 Fannie Mae Page 13 of 40

Market Concentration by Geographic Area

This section of the report details the market structure of the various geographic areas by presenting the share of an 

area’s total originations that are originated by the top lenders. Tables 3A and 3B present the market share of the five 

largest lenders (by number of loan origination) and for the top 10, 20 and 50 lenders by loan purpose, property type, 

and geographic area for all loans (Table 3A) and for small balance loans (Table 3B). 6

Tables 3A and 3B show that the purchase mortgage market for manufactured homes is significantly more 

concentrated than all other property type and loan purpose market segments. 21st Mortgage Corporation and 

Vanderbilt Mortgage and Finance Inc., both Berkshire Hathaway Companies, are the dominant players, together 

accounting for 34.4% of all purchase money manufactured home loans and 42.6% of small balance purchase money 

loans. Also evident in both tables is that refinance markets tend to be more concentrated than purchase markets for 

site-built homes, but the opposite is true for manufactured homes. Contrasting Tables 3A to 3B we can observe that 

the small balance loan market is less concentrated than the overall market for purchase money mortgages for sitebuilt homes and for refinance mortgages for manufactured homes; the opposite being true for the other two market 

segments (refinances for site-built homes, purchases for manufactured homes).

Looking at the relative market concentration across geographic areas reveals that the rural market is slightly less 

concentrated, i.e. market power is less concentrated in a subset of lenders, in all but one market segment. The only 

segment where rural is not the least concentrated is for refinance mortgages for manufactured homes. By contrast, 

rural tracts in MIDAPP counties tend to have the highest degree of market concentration among the areas analyzed.

6 Appendix Tables A2A to A5D-S provide a detailed breakdown of the top 10 lenders, including lender name and type (commercial 

bank, credit union, savings and loan, and specialty lender, e.g. mortgage company) for these areas, detailing the total number of 

originations, denial rates, and small loan shares within each market.
© 2019 Fannie Mae Page 14 of 40

Factors Associated with Originations in Specific Geographic Areas

Having established the relative market share of different geographic areas and how market concentration varies 

across these areas, this section of the report highlights factors that are correlated with a loan being originated in a 

given area. Specifically, we employ linear probability models, where the outcome is an indicator of whether a loan 

was originated in a specific geographic area, to detail what loan, property, or lender attributes are correlated with this 

outcome. 7 This method allows us to ascertain the influence of a given attribute while controlling for other factors that 

may be correlated with the outcome. The models take on the following general form:

LLLLLLLL OOOOOOOOOO OOOOOO AA YY/NN = ff(ll tttt , ll aa aa , HH HHHH , AA AA ss , tttt , 

ll pph tttt , ll tttt , ll , ) 

The detailed functional form of the control variables in these regressions are listed in Tables 4A and 4B. Table 4A 

analyzes the correlation of these factors with the likelihood that a purchase mortgage is originated in a given area.

Column (1) in Table 4A has an indicator of a purchase loan being originated in a rural area as the dependent variable, 

with the influences of the various control variables displayed as a percentage relative to the sample mean of purchase 

loans originated in rural areas of 19.2%. Columns (2) through (4) present analogous results for when the dependent 

variables indicate a purchase mortgage originated in rural tracts in LMD, MIDAPP, or PERPOV counties, respectively. 

We display these estimated effects as percentage relative to the mean, instead of coefficient estimates from the linear 

probability model, in order to ease the comparison across areas. Unless otherwise noted in the table, all coefficient 

estimates are statistically significant at least at the 10% level.

The first thing to note in Table 4A is that a loan being for a manufactured home is much more strongly associated with 

a purchase origination occurring in one of these four markets than if the loan is for a site-built home. This reflects the 

fact that these four markets represent a significantly higher share of the overall mortgage market for manufactured 

homes than site-built homes. Focusing on the relationship between loan type and whether a purchase loan is 

originated in a given area, Table 4A reveals that a loan being a Farm Service Agency or Rural Housing Service 

(Farm/Rural in table) loan substantially increases its likelihood of being originated in any of the four areas in the 

analysis relative to conventional loans. The remaining loan types are not as strongly associated with originations in 

these areas, with VA loans being consistently positively associated with an origination occurring in these areas and 

FHA loans negatively so. 

Turning to the influence of the remaining loan features visible in Table 4A, we observe that any loan with a balance 

below $170,000 is more likely to originate in these areas than loans with a balance above this amount. Furthermore, 

for all but the smallest loan size bucket, as you move down the loan amount thresholds, the likelihood of origination 

in these areas increases. These are in line with the market summary statistics visible in Table 1 which revealed smaller 

balance loans were more common in these four areas, relative to the market overall. Table 4A also shows that loans 

with an Annual Percentage Rate (APR) spread flag are more commonly originated in all these markets, but that, after 

controlling for the APR spread flag, Home Ownership and Equity Protection Act (HOEPA) flag loans are more common 

in rural LMD less common in rural MIDAPP. 8 Generally, HOEPA flag occurs at a higher borrowing cost threshold than 

7

 Origination year fixed effects are included in the regression but not presented in the table or discussed in the text. This is because they largely 

emulate the pattern exhibited in Figures 1A to 1D, discussed earlier in the text.

8

 While originally only refinances and closed-end home equity loans were covered under Home Ownership and Equity Protection Act (HOEPA) 

enacted in 1994, as of the Dodd-Frank Act enacted in 2010, purchase money mortgages and HELOCs are also covered. HOEPA flag can occur due 

to a high APR spread, high points and fees, or certain prepayment penalties. In our sample, 86% of purchase money and 82% of refinance 

originations with a HOEPA flag also have an APR spread flag. For more details on HOEPA rule, see 

https://files.consumerfinance.gov/f/201305_compliance-guide_home-ownership-and-equity-protection-act-rule.pdf
© 2019 Fannie Mae Page 15 of 40

the APR spread flag, so when the APR coefficient is positive and HOEPA coefficient is negative for a given area, this can 

be interpreted as indicating that loans with high costs are more likely in an area, but that loans with the highest cost 

are less likely. Together, these two factors indicate that high-cost loans are more common in these four areas, this is 

in line with Critchfield et al. (2019) and Mota (2016) who find that borrowers in rural areas paid higher interest rates on 

their mortgages. 

Table 4A reveals that if a loan is held in portfolio it is more likely to be originated in any of these four markets. 

Additionally, more loans in these areas are purchased by Ginnie Mae than in the market overall. The remaining 

purchaser types have differential correlations with the likelihood of loans being originated in different markets. 

Among these, it is interesting to note that Freddie Mac purchases are more likely to be associated with originations in 

rural tracts and rural tracts in MIDAPP but less likely in rural tracts in LMD and PERPOV, relative to Fannie Mae 

purchases.

The remaining variables in Table 4A are lender-specific features that allow us to identify the types of lenders and the 

typical size of lenders (by financial assets) that tend to operate in these geographic markets. The lender type field is 

obtained from matching HMDA lenders to SNL Financial data. In so doing, we see that the lender being a commercial 

bank or bank holding company (the reference category in the analysis) is more positively associated with purchase 

originations in these four areas than other lender types. Lastly, lenders below the top tenth percentile in terms of the 

financial assets’ distribution are more likely to originate loans in these areas. Together, these lender-specific features 

indicate that loans originated by smaller lenders and by commercial banks are more likely to originate in these areas.

For refinance originations the influence of the various control variables is similar to the results for purchase 

originations (see Table 4B). That being said, a few notable differences stand out. Whereas with purchase originations, 

loans having an APR spread flag had a positive association with originations in these areas but a HOEPA flag was 

sometimes negatively associated; for refinance originations, both these high cost loan flags are strongly positively 

correlated with originations in high-needs rural counties. This emphasizes the higher borrowing costs in these areas 

and further reveals that very high cost refinance loans (HOEPA flagged) are more common in these high-needs rural 

areas than the overall market.
© 2019 Fannie Mae Page 16 of 40

Conclusion

This report focused on the evolution of the mortgage market for small balance loans from 2012 to 2017 for various geographic 

markets. The markets we focus on, rural and high-needs rural, all have an above average share of small balance loan originations. 

For manufactured housing, small balance loans account for a larger share of the market, and while rural markets generally have a 

similar small balance loans share to the overall market, high-needs rural markets have markedly larger small balance shares. 

In addition to analyzing the relative market size and small balance loan prevalence in these four areas, the analysis also details 

differential denial rates and market concentration in these areas, as well as loan, lender, and property features associated with 

originations occurring in each of these markets. This, together with detailed top lender lists in these areas, shown in the 

appendices, will allow Fannie Mae to better serve borrowers in these areas. This is particularly important given the generally 

higher denial rates for borrowers in these areas and the fact that loans with high borrowing cost indicators are more likely to be 

originated in these areas than in the market overall.

References

Bai, Bing, Laurie Goodman, and Ellen Seidman. 2016. Has the QM Rule Made it Harder to Get a Mortgage? Urban Institute, Housing 

Finance Policy Center. Washington. DC. March. https://www.urban.org/sites/default/files/publication/78266/2000640-Has-theQM-Rule-Made-It-Harder-to-Get-a-Mortgage.pdf

Consumer Financial Protection Bureau (CFPB). 2019. Ability to Repay and Qualified Mortgage Rule Assessment Report. Washington, 

DC. January

Critchfield, Tim, Jaya Dey, Nuno Mota, and Saty Patrabansh. 2019. Mortgage Experiences of Rural Borrowers in the United States: 

Insights from the National Survey of Mortgage Originations. Cityscape, 22(2): 9-31

McCargo, Alanna, Bing Bai, Taz George, and Sarah Strochak. 2018. Small-Dollar Mortgages for Single Family Residential Properties. 

Urban Institute, Housing Finance Policy Center. Washington. DC. April. 

https://www.urban.org/sites/default/files/publication/98261/small_dollar_mortgages_for_single_family_residential_properties_

0.pdf

Mota, Nuno. 2016. Rural Mortgage Lending Over the Last Decade. Fannie Mae Working Paper, 10.25.2016. 

http://fanniemae.com/resources/file/research/datanotes/pdf/working-paper102716.pdf
 

© 2019 Fannie Mae Mae 

Tables

Table 1 Number of Loan Originations, and Loan Amounts by Geographic Area (2012-2017)

Purchase Money Mortgages Refinance Mortgages

All Rural LMD MIDAPP PERPOV All Rural LMD MIDAPP PERPOV

Site-Built 1-4 Unit

Yearly Originations 2,968,823 509,511 24,346 26,746 26,004 3,407,493 579,654 29,138 31,017 30,845

(% of Total) (17.2) (0.82) (0.90) (0.88) (17.0) (0.86) (0.91) (0.91)

Mean Loan Amount $244,424 $183,950 $133,972 $147,317 $146,108 $229,902 $174,029 $128,338 $142,077 $139,538

Median Loan Amount $195,000 $151,000 $118,000 $126,000 $127,000 $182,000 $140,000 $105,000 $117,000 $112,000

Loans by Loan Amount 

[$0, $12.5k) 0.1% 0.1% 0.3% 0.1% 0.3% 0.1% 0.3% 0.8% 0.3% 0.7%

[$12.5k, $25k) 0.1% 0.2% 0.7% 0.4% 0.6% 0.2% 0.4% 1.1% 0.5% 0.9%

[$25k, $60k) 3.3% 7.4% 13.4% 10.5% 11.8% 4.8% 9.4% 16.9% 12.6% 14.6%

[$60k, $100k) 10.2% 17.8% 24.9% 24.0% 22.9% 12.9% 20.3% 26.3% 26.0% 25.3%

[$100k, $170k) 27.3% 33.5% 35.3% 38.8% 35.5% 28.4% 33.5% 32.4% 35.9% 33.5%

[$170k +) 59.2% 40.9% 25.4% 26.2% 28.9% 53.7% 36.1% 22.5% 24.7% 25.0%

Small Loan (<$100k) 13.6% 25.6% 39.3% 35.0% 35.6% 17.9% 30.4% 45.1% 39.4% 41.5%

Manufactured Housing

Yearly Originations 73,399 44,310 4,416 4,605 6,083 34,828 25,094 1,766 2,332 2,272

(% of Total) (60.4) (6.0) (6.3) (8.3) (72.1) (5.1) (6.7) (6.5)

Mean Loan Amount $81,535 $83,510 $60,634 $67,042 $64,340 $100,998 $94,021 $57,708 $69,425 $69,683

Median Loan Amount $65,000 $70,000 $53,000 $62,000 $57,000 $83,000 $80,000 $44,000 $65,000 $52,000

Loans by Loan Amount 

[$0, $12.5k) 2.2% 1.7% 2.3% 1.6% 1.8% 1.7% 1.8% 5.9% 1.8% 4.4%

[$12.5k, $25k) 2.7% 2.0% 2.4% 2.1% 2.0% 2.1% 2.2% 6.9% 2.6% 5.2%

[$25k, $60k) 43.6% 38.4% 49.6% 40.8% 47.6% 25.5% 25.2% 44.3% 33.5% 38.6%

[$60k, $100k) 32.2% 35.7% 34.3% 39.9% 36.5% 33.7% 34.6% 29.0% 43.8% 32.3%

[$100k, $170k) 15.7% 17.9% 10.6% 14.7% 11.0% 27.3% 27.3% 12.3% 17.1% 16.9%

[$170k +) 3.7% 4.1% 0.8% 0.9% 1.0% 9.5% 8.8% 1.6% 1.2% 2.6%

Small Loan (<$100k) 80.6% 77.9% 88.6% 84.4% 88.1% 63.1% 63.9% 86.1% 81.7% 80.5%

Note: LMD, MIDAPP, and PERPOV refer to rural census tracts within Lower Mississippi Delta, Middle Appalachia, and Persistent Poverty counties.
© 2019 Fannie Mae Page 18 of 40

Table 2 Denial Rates by Geographic Area (2012-2017)

Purchase Money Mortgages Refinance Mortgages

All Rural LMD MIDAPP PERPOV All Rural LMD MIDAPP PERPOV

Site-Built 1-4 Unit

Denial Rates

All 13% 15% 18% 18% 20% 25% 29% 31% 32% 35%

[$0, $12.5k) 48% 53% 61% 63% 61% 40% 32% 25% 38% 24%

[$12.5k, $25k) 44% 43% 47% 40% 48% 32% 28% 24% 33% 25%

[$25k, $60k) 28% 28% 32% 31% 36% 31% 31% 33% 34% 36%

[$60k, $100k) 19% 18% 20% 21% 24% 30% 32% 35% 34% 38%

[$100k, $170k) 13% 14% 15% 16% 17% 27% 29% 31% 32% 35%

[$170k +) 10% 11% 11% 13% 13% 22% 26% 27% 29% 31%

Small Loan (<$100k) 21% 21% 25% 24% 29% 30% 31% 34% 34% 37%

Manufactured Housing

Denial Rates

All 54% 49% 55% 52% 56% 36% 34% 29% 36% 34%

[$0, $12.5k) 71% 67% 64% 61% 67% 34% 27% 16% 30% 18%

[$12.5k, $25k) 51% 48% 46% 47% 47% 32% 25% 13% 26% 16%

[$25k, $60k) 55% 50% 53% 50% 55% 39% 35% 26% 33% 33%

[$60k, $100k) 56% 51% 57% 52% 58% 38% 37% 36% 37% 41%

[$100k, $170k) 51% 45% 56% 56% 56% 34% 33% 34% 39% 36%

[$170k +) 36% 31% 60% 56% 51% 30% 29% 29% 38% 31%

Small Loan (<$100k) 55% 51% 55% 51% 56% 38% 35% 28% 35% 34%

Note: LMD, MIDAPP, and PERPOV refer to rural census tracts within Lower Mississippi Delta, Middle Appalachia, and Persistent Poverty counties.
© 2019 Fannie Mae Page 19 of 40

Table 3A Top Lenders’ Shares of Loan Originations by Geographic Area (2012-2017)

Purchase Money Mortgages Refinance Mortgages

All Rural LMD MIDAPP PERPOV All Rural LMD MIDAPP PERPOV

Site-Built 1-4 Unit

1st 5.7% 4.7% 4.2% 4.1% 3.5% 9.1% 8.6% 9.1% 10.1% 10.1%

2nd 1.9% 2.5% 2.8% 3.3% 3.0% 7.8% 7.4% 5.6% 5.4% 5.8%

3rd 1.8% 1.4% 2.5% 3.3% 2.3% 5.3% 3.7% 4.3% 4.7% 3.9%

4th 1.5% 1.3% 2.4% 3.0% 1.9% 4.0% 2.6% 3.2% 3.5% 2.5%

5th 1.4% 1.2% 1.7% 2.8% 1.8% 2.3% 2.4% 3.1% 2.6% 2.4%

Top 5 12% 11% 14% 17% 13% 29% 25% 25% 26% 25%

Top 10 18% 16% 21% 23% 19% 37% 32% 35% 35% 34%

Top 20 26% 23% 32% 35% 28% 44% 39% 44% 47% 43%

Top 50 39% 34% 52% 54% 42% 54% 48% 57% 60% 55%

Manufactured Housing

1st 21.6% 15.6% 22.4% 34.3% 24.5% 10.2% 9.4% 3.6% 4.7% 4.6%

2nd 12.9% 14.8% 19.1% 6.4% 21.9% 4.4% 4.1% 3.0% 4.6% 2.8%

3rd 4.6% 5.1% 3.5% 2.6% 2.7% 3.7% 3.7% 2.9% 4.4% 2.4%

4th 3.0% 2.8% 2.5% 2.5% 2.3% 2.9% 2.7% 2.9% 3.7% 2.1%

5th 2.4% 2.3% 1.8% 2.3% 2.3% 2.2% 2.2% 2.2% 3.4% 2.0%

Top 5 44% 41% 49% 48% 54% 23% 22% 15% 21% 14%

Top 10 51% 47% 56% 57% 59% 31% 30% 23% 32% 22%

Top 20 56% 53% 63% 66% 65% 41% 38% 36% 45% 33%

Top 50 66% 62% 75% 79% 75% 52% 50% 58% 65% 52%

Note: LMD, MIDAPP, and PERPOV refer to rural census tracts within Lower Mississippi Delta, Middle Appalachia, and Persistent Poverty counties.
© 2019 Fannie Mae Page 20 of 40

Table 3B Top Lenders’ Shares of Small Balance Loan (under $100,000) Originations by Geographic Area (2012-2017)

Purchase Money Mortgages Refinance Mortgages

All Rural LMD MIDAPP PERPOV All Rural LMD MIDAPP PERPOV

Site-Built 1-4 Unit

1st 4.4% 3.6% 4.5% 4.4% 3.5% 8.7% 7.5% 8.4% 8.9% 8.7%

2nd 2.6% 3.1% 2.6% 3.4% 2.7% 7.2% 6.3% 7.4% 6.6% 5.0%

3rd 1.3% 1.5% 2.6% 2.8% 2.1% 6.9% 4.5% 4.1% 4.3% 4.3%

4th 1.3% 1.1% 2.3% 2.4% 2.1% 4.1% 2.7% 3.7% 3.8% 3.3%

5th 1.2% 0.9% 1.7% 1.9% 1.7% 4.0% 2.5% 3.5% 3.1% 3.2%

Top 5 11% 10% 14% 15% 12% 31% 24% 27% 27% 25%

Top 10 16% 14% 20% 22% 18% 39% 32% 36% 36% 34%

Top 20 22% 20% 30% 33% 25% 47% 39% 45% 48% 43%

Top 50 33% 30% 50% 52% 39% 56% 49% 60% 63% 57%

Manufactured Housing

1st 27.1% 19.9% 23.7% 36.6% 26.4% 7.9% 7.1% 3.9% 5.0% 3.6%

2nd 15.5% 18.2% 20.0% 7.3% 23.9% 3.7% 3.6% 3.4% 4.9% 3.3%

3rd 3.5% 3.9% 3.5% 2.3% 2.8% 2.4% 2.3% 3.2% 4.6% 2.4%

4th 3.4% 2.5% 2.6% 2.2% 2.3% 2.1% 2.1% 3.0% 3.6% 2.4%

5th 2.0% 2.5% 2.0% 2.1% 1.7% 1.9% 1.7% 2.3% 3.4% 2.0%

Top 5 52% 47% 52% 51% 57% 18% 17% 16% 21% 14%

Top 10 57% 53% 58% 59% 63% 26% 24% 25% 33% 22%

Top 20 62% 58% 66% 69% 68% 34% 32% 37% 45% 33%

Top 50 69% 65% 77% 81% 77% 45% 43% 59% 65% 52%

Note: LMD, MIDAPP, and PERPOV refer to rural census tracts within Lower Mississippi Delta, Middle Appalachia, and Persistent Poverty counties.
© 2019 Fannie Mae Page 21 of 40

Table 4A Influence of Loan and Lender Features on Likelihood of Purchase Mortgage being 

Originated in a Given Area (2012-2017)

(1)

Rural

(2)

LMD

(3)

MIDAPP

(4)

PERPOV

Share of Sample in Area 19.2% 1.0% 1.1% 1.1%

Manufactured Housing 178.3% 360.9% 363.8% 518.4%

Loan Type - Farm/Rural 197.9% 331.8% 223.7% 204.6%

Loan Type - FHA -9.3% -23.5% -43.0% -20.5%

Loan Type - VA 36.3% 40.5% 17.1% 28.3%

Loan Type - Conventional - - - -

Loan Amount - [$0, $12.5k) 91.2% 648.2% 174.3% 487.8%

Loan Amount - [$12.5k, $25k) 117.9% 635.7% 207.8% 464.8%

Loan Amount - [$25k, $60k) 102.8% 297.7% 179.0% 231.6%

Loan Amount - [$60k, $100k) 73.0% 134.1% 138.3% 118.5%

Loan Amount - [$100k, $170k) 37.2% 55.2% 73.1% 53.4%

Loan Amount - [$170k +) - - - -

HOEPA Flag -5.1%~ 68.6% -46.5% 25.1%~

APR Spread Flag 10.8% 79.1% 55.4% 79.4%

Purchaser - Affiliate Inst. -3.6% -26.7% 0.7%~ -30.0%

Purchaser - Comm. or Sav. Bank -14.0% 3.6% 0.9%~ -4.1%

Purchaser - Farmer Mac 30.0% -147.8% 432.9% -127.1%

Purchaser - Freddie Mac 6.7% -4.7% 23.0% -11.5%

Purchaser - Ginnie Mae 5.9% 28.9% 37.6% 19.4%

Purchaser - Life Ins., Cred. Un. or Mort. Co. -8.9% 12.3% 19.1% -3.5%

Purchaser - Not Sold 5.2% 51.4% 76.9% 44.2%

Purchaser - Other -2.6% -10.5% -10.0% -18.2%

Purchaser - Private Securitization -0.7%~ -0.2% -7.6% 8.3%

Purchaser - Fannie Mae - - - -

Lender Type - Broker/Dealer -25.8% -110.4% -72.6% -86.2%

Lender Type - Credit Union -24.3% -156.1% -17.0% -88.2%

Lender Type - Sav. & Loan Inst. -28.6% -95.8% -56.5% -50.8%

Lender Type - Specialty Lender (Mort. Co.) -47.7% -86.0% -31.5% -48.4%

Lender Type - Comm. Bank or Holding Co. - - - -

Lender Asset Percentile - [0,10] 22.2% 28.5% 19.3% 21.8%

Lender Asset Percentile - (10,25] 41.0% 49.4% 4.2% 28.3%

Lender Asset Percentile - (25,75] 50.2% 105.5% 32.7% 55.0%

Lender Asset Percentile - (75,90] 42.6% 99.0% 41.4% 56.2%

Lender Asset Percentile - (90,100] - - - -

R Squared 0.108 0.023 0.015 0.021

Linear probability model employed including year fixed effects in addition to the covariates detailed above. Dependent variable is indicator of loan 

being originated in a particular area, differing across columns. Coefficient estimates are displayed as percentages relative to the sample mean. 

Sample size is 17,848,282.

~ Denotes effect is not statistically significant at the 10% level.

Note: LMD, MIDAPP, and PERPOV refer to rural census tracts within Lower Mississippi Delta, Middle Appalachia, and Persistent Poverty 

counties.
© 2019 Fannie Mae Page 22 of 40

Table 4B Influence of Loan and Lender Features on Likelihood of a Refinance Mortgage being 

Originated in a Given Area (2012-2017)

(1)

Rural

(2)

LMD

(3)

MIDAPP

(4)

PERPOV

Share of Sample in Area 18.0% 0.9% 1.0% 1.0%

Manufactured Housing 235.9% 283.8% 459.4% 419.4%

Loan Type - Farm/Rural 194.8% 205.0% 161.2% 147.5%

Loan Type - FHA -14.2% -42.8% -29.5% -24.9%

Loan Type - VA 19.4% 6.0% 9.4% 4.8%

Loan Type - Conventional - - - -

Loan Amount - [$0, $12.5k) 167.4% 1190.5% 101.6% 1146.0%

Loan Amount - [$12.5k, $25k) 152.9% 907.0% 152.2% 814.9%

Loan Amount - [$25k, $60k) 110.6% 302.2% 180.5% 255.3%

Loan Amount - [$60k, $100k) 76.2% 128.2% 134.5% 116.1%

Loan Amount - [$100k, $170k) 43.3% 61.1% 67.7% 57.3%

Loan Amount - [$170k +) - - - -

HOEPA Flag -6.5% 783.1% 152.3% 416.4%

APR Spread Flag 37.2% 253.3% 164.6% 203.8%

Purchaser - Affiliate Inst. -14.3% -50.3% -24.0% -37.1%

Purchaser - Comm. or Sav. Bank -10.8% 10.6% 7.9% -5.3%

Purchaser - Farmer Mac 115.1% -150.5% -97.6% -90.0%

Purchaser - Freddie Mac 3.8% -24.2% 18.3% -13.8%

Purchaser - Ginnie Mae 10.1% 35.4% 31.9% 25.8%

Purchaser - Life Ins., Cred. Un. or Mort. Co. -7.8% -4.2% 15.9% -9.9%

Purchaser - Not Sold 18.2% 71.1% 81.2% 58.6%

Purchaser - Other 12.0% -2.0%~ -11.4% -23.0%

Purchaser - Private Securitization -13.9% -30.0% -20.6% -18.7%

Purchaser - Fannie Mae - - - -

Lender Type - Broker/Dealer -7.4% -131.1% -72.5% -106.0%

Lender Type - Credit Union -44.2% -207.0% -67.5% -142.8%

Lender Type - Sav. & Loan Inst. -26.5% -90.3% -56.5% -68.2%

Lender Type - Specialty Lender (Mort. Co.) -37.4% -79.0% 0.8%~ -52.8%

Lender Type - Comm. Bank or Holding Co. - - - -

Lender Asset Percentile - [0,10] 30.4% 68.1% 24.0% 52.6%

Lender Asset Percentile - (10,25] 47.2% 58.6% 15.6% 32.1%

Lender Asset Percentile - (25,75] 76.5% 165.0% 65.1% 113.2%

Lender Asset Percentile - (75,90] 62.6% 106.6% 72.2% 88.0%

Lender Asset Percentile - (90,100] - - - -

R Squared 0.073 0.020 0.010 0.017

Linear probability model employed including year fixed effects in addition to the covariates detailed above. Dependent variable is indicator of loan 

being originated in a particular area, differing across columns. Coefficient estimates are displayed as percentages relative to the sample mean. 

Sample size is 21,470,359.

~ Denotes effect is not statistically significant at the 10% level.

Note: LMD, MIDAPP, and PERPOV refer to rural census tracts within Lower Mississippi Delta, Middle Appalachia, and Persistent 

Poverty counties.
© 2019 Fannie Mae Page 23 of 40

Appendix 

 $5,000

 $5,500

 $6,000

 $6,500

 $7,000

 $7,500

 $8,000

 $8,500

 $9,000

 $9,500

Figure A1 Quarterly Average Loan Origination Cost (2012:Q1-2019:Q1)

Average Origination Cost (Mortgage Bankers Performance Report, MBA)

0

1

2

3

4

5

6

0

100,000

200,000

300,000

400,000

500,000

600,000

30-Yr. Fixed Rate Mortgage Interest Rate (%)

Monhtly GSE Refinance Volume (Number of Loans)

Figure A2 Monthly Refinance Volumes and Mortgage Rates (2012-2019:Q1)

Number of GSE Refinances (Refinance Report, FHFA)

HARP GSE Refinances (Refinance Report, FHFA)

FRM 30-Yr Rate (Freddie Mac, PMMS)
© 2019 Fannie Mae Page 24 of 40

Table A1 Summary Information for American Community Survey 5-Year Summary Tables, 2013-2017

RURAL RURAL 

MIDAPP

RURAL

LMD

RURAL

PERPOV

HIGHNEEDS 

RURAL

U.S.

Number of Units 34,922,535 2,622,262 2,419,943 3,573,383 6,992,234 135,393,564

Number of Occupied Units 28,191,565 2,120,252 1,980,665 2,856,483 5,644,098 118,825,921

Property Type

% Single Family 1-4 unit 81% 75% 77% 73% 75% 77%

% Manufactured Housing 14% 21% 18% 22% 20% 6%

% Multi-Family 5+ unit 5% 5% 4% 5% 5% 18%

Owner 

Occupancy

Owner Occupied Units 20,635,533 1,556,605 1,401,489 1,926,569 3,974,251 75,833,135

% of Occupied Owner Occupancy 73% 73% 71% 67% 70% 64%

Property Type 

for Owner 

Occupied

% Single Family 1-4 unit 86% 80% 81% 77% 80% 90%

% Manufactured Housing 14% 20% 19% 23% 20% 6%

% Multi-Family 5+ unit 0% 0% 0% 0% 0% 3%

Renter 

Occupancy

Renter Occupied Units 7,556,032 563,647 579,176 929,914 1,669,847 42,992,786

% of Occupied Renter Occupancy 27% 27% 29% 33% 30% 36%

Property Type 

for Renter 

Occupied

% Single Family 1-4 unit 66% 60% 70% 65% 65% 53%

% Manufactured Housing 14% 23% 16% 19% 19% 5%

% Multi-Family 5+ unit 19% 17% 14% 16% 16% 43%

Median House 

Value of OwnerOccupied Units

Manufactured Housing $54,939 $46,516 $40,988 $42,158 $44,802 $42,900

All Single Family 1-4 unit (SiteBuilt+MH) $147,728 $111,134 $95,086 $92,989 $102,361 $193,500

Population Total Population 74,202,725 5,343,932 5,217,393 7,958,648 15,059,505 321,004,407

Population Growth Rate Since 2013 * 0.4% -0.6% -1.4% -1.1% -0.8% 3.0%

Households

Total Households 28,191,565 2,120,252 1,980,665 2,856,483 5,644,098 118,825,921

Household Growth Rate Since 2013 * 0.9% 0.2% -0.4% 0.2% 0.1% 2.8%

Average Household Size 2.54 2.44 2.52 2.67 2.58 2.63

Race

Asian Population 1% 0% 0% 1% 1% 5%

Black Population 8% 3% 26% 23% 16% 13%

Hispanic White Population 7% 2% 2% 11% 7% 12%

Non-Hispanic White Population 78% 93% 70% 54% 70% 61%

Other Race Population 9% 4% 4% 13% 9% 8%

Population Age Median Population Age ** 41.4 42.7 40.1 37.8 40.0 37.8

Poverty Status % Poverty Rate 16% 20% 22% 27% 23% 15%

Income

Median Household Income ** $51,052 $40,500 $40,120 $36,527 $39,629 $57,652

Median Homeowner Income ** $59,581 $48,334 $48,699 $46,029 $48,393 $73,252

Median Renter Income ** $33,003 $25,481 $25,510 $23,845 $25,548 $36,653

Educational 

Attainment of 

Population Aged 

25 to 64

less than a high-school degree 12% 15% 16% 19% 17% 11%

only high-school degree 34% 40% 38% 36% 37% 26%

only some college or AD 33% 29% 30% 29% 30% 30%

BA degree or higher degree 20% 16% 16% 16% 16% 32%

Labor Force

Labor force participation rate 58% 52% 53% 52% 53% 63%

Employment to population ratio 54% 48% 48% 46% 48% 59%

Unemployment rate 6% 8% 8% 10% 9% 7%

Worker 

Occupational 

Distribution

Management, Business, Science, and Arts 

Occ. 31% 29% 28% 28% 28% 37%

Service Occupations 18% 19% 19% 20% 19% 18%

Sales and Office Occupations 22% 22% 22% 22% 22% 24%

Nat. Res., Construction, and Maint. Occs. 13% 12% 13% 14% 13% 9%

Production, Transport., and Mat. Moving 

Occs. 17% 18% 18% 17% 18% 12%

* Growth rates calculated relative to ACS 5-Year estimates for 2009-2013.

** Median reported in table is the average median from Census tract-level data. Source: Computations from American Community Survey 2013-2017 data.
© 2019 Fannie Mae Page 25 of 40

Table A2A Top 10 Rural Lenders by Total Site-Built 1-4 Unit Properties PMM Loan Originations

Rank Institution Name City, St Share 

of All

Yearly 

Originations

Denial 

Rate

Lender 

[0,60k) %

Lender 

[0,100k) %

1 Wells Fargo Bank, 

National Association

Sioux Falls, 

SD 4.7% 28,886 17% 5.3% 19.2%

2 Quicken Loans Inc. Detroit, MI 2.5% 15,166 26% 8.2% 30.8%

3 U.S. Bank National 

Association

Minneapolis, 

MN 1.4% 8,432 17% 8.5% 27.6%

4 USAA Federal Savings 

Bank

San Antonio, 

TX 1.3% 7,954 25% 2.0% 12.0%

5 PrimeLending, a 

PlainsCapital Company Dallas, TX 1.2% 7,278 7% 3.6% 19.7%

6 Mortgage Research 

Center, LLC

Columbia, 

MO 1.1% 6,940 13% 1.5% 11.8%

7 Guild Mortgage 

Company San Diego, CA 1.1% 6,694 6% 2.2% 14.5%

8 Flagstar Bank, FSB Troy, MI 1.1% 6,626 17% 3.7% 19.2%

9 Branch Banking and 

Trust Company

WinstonSalem, NC 1.0% 6,182 21% 9.1% 26.3%

10 Fairway Independent 

Mortgage Corporation Madison, WI 1.0% 5,915 6% 2.7% 17.7%

Top 50 34% 4,112 15% 5.1% 20.7%

Top 20 23% 7,048 17% 5.0% 20.0%

Top 10 16% 10,007 17% 5.1% 20.7%

Top 5 11% 13,543 19% 5.8% 22.1%

Table A2A-S Top 10 Rural Lenders by Small Balance Site-Built 1-4 Unit Properties PMM Loan 

Originations

Rank Institution Name City, St Share 

of All

Yearly 

Originations

Denial 

Rate

Lender 

[0,60k) %

Lender 

[0,100k) %

1 Wells Fargo Bank, 

National Association

Sioux Falls, 

SD 3.6% 5,553 24% 5.3% 19.2%

2 Quicken Loans Inc. Detroit, MI 3.1% 4,678 31% 8.2% 30.8%

3 U.S. Bank National 

Association

Minneapolis, 

MN 1.5% 2,330 21% 8.5% 27.6%

4 Branch Banking and 

Trust Company

WinstonSalem, NC 1.1% 1,625 31% 9.1% 26.3%

5 PrimeLending, a 

PlainsCapital Company Dallas, TX 0.9% 1,434 9% 3.6% 19.7%

6 Regions Bank Birmingham, 

AL 0.9% 1,418 19% 10.1% 34.7%

7 Flagstar Bank, FSB Troy, MI 0.8% 1,272 21% 3.7% 19.2%

8 JPMorgan Chase Bank, 

National Association

Columbus, 

OH 0.8% 1,169 32% 5.6% 20.4%

9 AmeriFirst Financial 

Corporation Portage, MI 0.7% 1,055 9% 10.1% 46.5%

10 State Employees' 

Credit Union Raleigh, NC 0.7% 1,053 18% 9.9% 32.0%

Top 50 30% 922 21% 5.6% 22.2%

Top 20 20% 1,533 24% 6.0% 22.9%

Top 10 14% 2,159 24% 6.7% 24.5%

Top 5 10% 3,124 25% 6.6% 23.7%
© 2019 Fannie Mae Page 26 of 40

Table A2B Top 10 Rural Lenders by Total Site-Built 1-4 Unit Properties Refinance Loan Originations

Rank Institution Name City, St Share 

of All

Yearly 

Originations

Denial 

Rate

Lender 

[0,60k) %

Lender 

[0,100k) %

1 Quicken Loans Inc. Detroit, MI 8.6% 57,645 30% 5.0% 26.2%

2 Wells Fargo Bank, 

National Association

Sioux Falls, 

SD 7.4% 49,144 25% 7.6% 25.4%

3 JPMorgan Chase Bank, 

National Association

Columbus, 

OH 3.7% 24,686 29% 9.9% 36.5%

4 Bank of America, 

National Association Charlotte, NC 2.6% 17,567 23% 7.1% 27.0%

5 U.S. Bank National 

Association

Minneapolis, 

MN 2.4% 15,996 34% 11.4% 34.1%

6 Citibank, N.A. Sioux Falls, 

SD 1.8% 11,745 20% 15.2% 42.3%

7 Freedom Mortgage 

Corporation

Mount Laurel, 

NJ 1.7% 11,061 12% 1.9% 17.7%

8 loanDepot.com, LLC Foothill 

Ranch, CA 1.4% 9,041 76% 0.2% 10.3%

9 Nationstar Mortgage 

LLC Lewisville, TX 1.3% 8,793 53% 3.3% 26.7%

10 Branch Banking and 

Trust Company

WinstonSalem, NC 1.2% 7,822 27% 16.1% 38.6%

Top 50 48% 6,405 35% 8.4% 29.0%

Top 20 39% 13,013 34% 7.9% 28.8%

Top 10 32% 21,350 35% 7.3% 28.1%

Top 5 25% 33,007 28% 7.3% 28.4%

Table A2B-S Top 10 Rural Lenders by Small Balance Site-Built 1-4 Unit Properties Refinance Loan 

Orig.

Rank Institution Name City, St Share 

of All

Yearly 

Originations

Denial 

Rate

Lender 

[0,60k) %

Lender 

[0,100k) %

1 Quicken Loans Inc. Detroit, MI 7.5% 15,090 35% 5.0% 26.2%

2 Wells Fargo Bank, 

National Association Sioux Falls, SD 6.3% 12,505 28% 7.6% 25.4%

3 JPMorgan Chase Bank, 

National Association Columbus, OH 4.5% 9,002 30% 9.9% 36.5%

4 U.S. Bank National 

Association

Minneapolis, 

MN 2.7% 5,460 39% 11.4% 34.1%

5 Citibank, N.A. Sioux Falls, SD 2.5% 4,973 21% 15.2% 42.3%

6 Bank of America, 

National Association Charlotte, NC 2.4% 4,743 22% 7.1% 27.0%

7 Regions Bank Birmingham, 

AL 1.7% 3,490 38% 26.8% 54.6%

8 PNC Bank, National 

Association

Wilmington, 

DE 1.5% 3,032 36% 13.7% 39.2%

9 Branch Banking and 

Trust Company

WinstonSalem, NC 1.5% 3,016 29% 16.1% 38.6%

10 Nationstar Mortgage LLC Lewisville, TX 1.2% 2,348 59% 3.3% 26.7%

Top 50 49% 1,952 36% 9.0% 30.7%

Top 20 39% 3,904 33% 9.3% 31.5%

Top 10 32% 6,366 33% 8.8% 30.7%

Top 5 24% 9,406 31% 7.9% 29.5%
© 2019 Fannie Mae Page 27 of 40

Table A2C Top 10 Rural Lenders by Total Manufactured Housing PMM Loan Originations

Rank Institution Name City, St Share 

of All

Yearly 

Originations

Denial 

Rate

Lender 

[0,60k) %

Lender 

[0,100k) %

1 21st Mortgage 

Corporation Knoxville, TN 15.6% 7,872 52% 56.8% 91.6%

2 Vanderbilt Mortgage 

and Finance, Inc. Maryville, TN 14.8% 7,445 60% 46.9% 88.5%

3 Wells Fargo Bank, 

National Association

Sioux Falls, 

SD 5.1% 2,559 29% 16.3% 54.5%

4 American Financial 

Resources, Inc.

Parsippany, 

NJ 2.8% 1,432 17% 9.3% 50.4%

5 U.S. Bank National 

Association

Minneapolis, 

MN 2.3% 1,152 69% 38.5% 77.0%

6 Credit Human Federal 

Credit Union

San Antonio, 

TX 2.0% 1,023 65% 52.1% 88.5%

7 Guild Mortgage 

Company San Diego, CA 1.9% 957 10% 4.1% 27.5%

8 Branch Banking and 

Trust Company

WinstonSalem, NC 1.0% 518 38% 20.0% 71.1%

9 Southwest Stage 

Funding, LLC Gilbert, AZ 0.8% 424 34% 3.2% 30.9%

10 Centier Bank Merrillville, IN 0.8% 406 6% 64.0% 92.5%

Top 50 62% 630 52% 37.2% 73.1%

Top 20 53% 1,337 54% 39.8% 77.1%

Top 10 47% 2,379 55% 41.6% 79.2%

Top 5 41% 4,092 56% 43.8% 82.1%

Table A2C-S Top 10 Rural Lenders by Small Balance Manufactured Housing PMM Loan Originations

Rank Institution Name City, St Share 

of All

Yearly 

Originations

Denial 

Rate

Lender 

[0,60k) %

Lender 

[0,100k) %

1 21st Mortgage 

Corporation Knoxville, TN 19.9% 7,208 51% 56.8% 91.6%

2 Vanderbilt Mortgage and 

Finance, Inc. Maryville, TN 18.2% 6,592 58% 46.9% 88.5%

3 Wells Fargo Bank, 

National Association

Sioux Falls, 

SD 3.9% 1,394 30% 16.3% 54.5%

4 Credit Human Federal 

Credit Union

San Antonio, 

TX 2.5% 906 64% 52.1% 88.5%

5 U.S. Bank National 

Association

Minneapolis, 

MN 2.5% 887 71% 38.5% 77.0%

6 American Financial 

Resources, Inc.

Parsippany, 

NJ 2.0% 721 20% 9.3% 50.4%

7 Centier Bank Merrillville, 

IN 1.0% 375 6% 64.0% 92.5%

8 Branch Banking and Trust 

Company

WinstonSalem, NC 1.0% 368 38% 20.0% 71.1%

9 State Employees' Credit 

Union Raleigh, NC 0.8% 305 25% 41.0% 89.8%

10 Guild Mortgage Company San Diego, 

CA 0.7% 264 12% 4.1% 27.5%

Top 50 65% 467 53% 39.2% 75.9%

Top 20 58% 1,044 54% 42.0% 79.5%

Top 10 53% 1,902 54% 42.3% 80.2%

Top 5 47% 3,397 56% 46.7% 84.7%
© 2019 Fannie Mae Page 28 of 40

Table A2D Top 10 Rural Lenders by Total Manufactured Housing Refinance Loan Originations

Rank Institution Name City, St Share 

of All

Yearly 

Originations

Denial 

Rate

Lender 

[0,60k) %

Lender 

[0,100k) %

1 Wells Fargo Bank, 

National Association

Sioux Falls, 

SD 9.4% 2,660 37% 10.2% 48.5%

2 American Financial 

Resources, Inc.

Parsippany, 

NJ 4.1% 1,149 22% 5.9% 35.6%

3 U.S. Bank National 

Association

Minneapolis

, MN 3.7% 1,039 48% 22.9% 63.1%

4 Freedom Mortgage 

Corporation

Mount 

Laurel, NJ 2.7% 762 26% 3.8% 34.6%

5 Carrington Mortgage 

Services, LLC Anaheim, CA 2.2% 608 16% 7.1% 49.5%

6 First Guaranty Mortgage 

Corporation

Tysons 

Corner, VA 1.9% 545 12% 3.5% 34.3%

7 State Employees' Credit 

Union Raleigh, NC 1.5% 425 29% 39.8% 91.3%

8 PNC Bank, National 

Association

Wilmington, 

DE 1.5% 422 44% 18.2% 55.8%

9 Bank of America, 

National Association

Charlotte, 

NC 1.3% 379 35% 23.4% 64.9%

10 Branch Banking and 

Trust Company

WinstonSalem, NC 1.3% 363 51% 37.9% 82.2%

Top 50 50% 280 37% 20.3% 54.7%

Top 20 38% 539 37% 13.2% 50.3%

Top 10 30% 835 34% 13.7% 51.2%

Top 5 22% 1,244 34% 10.4% 46.9%

Table A2D-S Top 10 Rural Lenders by Small Balance Manufactured Housing Refinance Loan Orig.

Rank Institution Name City, St Share 

of All

Yearly 

Originations

Denial 

Rate

Lender 

[0,60k) %

Lender 

[0,100k) %

1 Wells Fargo Bank, 

National Association

Sioux Falls, 

SD 7.1% 1,290 37% 10.2% 48.5%

2 U.S. Bank National 

Association

Minneapolis, 

MN 3.6% 656 22% 5.9% 35.6%

3 American Financial 

Resources, Inc.

Parsippany, 

NJ 2.3% 409 48% 22.9% 63.1%

4 State Employees' Credit 

Union Raleigh, NC 2.1% 388 26% 3.8% 34.6%

5 Carrington Mortgage 

Services, LLC Anaheim, CA 1.7% 301 16% 7.1% 49.5%

6 Branch Banking and Trust 

Company

WinstonSalem, NC 1.6% 298 12% 3.5% 34.3%

7 Freedom Mortgage 

Corporation

Mount 

Laurel, NJ 1.5% 264 29% 39.8% 91.3%

8 Bank of America, National 

Association Charlotte, NC 1.4% 246 44% 18.2% 55.8%

9 PNC Bank, National 

Association

Wilmington, 

DE 1.3% 235 35% 23.4% 64.9%

10 U.S. Bank National 

Association ND Fargo, ND 1.1% 200 51% 37.9% 82.2%

Top 50 43% 157 37% 20.3% 54.7%

Top 20 32% 288 37% 13.2% 50.3%

Top 10 24% 429 34% 13.7% 51.2%

Top 5 17% 609 34% 10.4% 46.9%
© 2019 Fannie Mae Page 29 of 40

Table A3A Top 10 Rural LMD Lenders by Total Site-Built 1-4 Unit Properties PMM Loan Originations

Rank Institution Name City, St Share 

of All

Yearly 

Originations

Denial 

Rate

Lender 

[0,60k) %

Lender 

[0,100k) %

1 Regions Bank Birmingham, 

AL 4.2% 1,226 16% 12.9% 42.7%

2 BancorpSouth Bank Tupelo, MS 2.8% 808 15% 15.0% 33.0%

3 Quicken Loans Inc. Detroit, MI 2.5% 717 28% 12.9% 42.5%

4 U.S. Bank National 

Association

Minneapolis, 

MN 2.4% 703 16% 15.7% 43.6%

5 Wells Fargo Bank, 

National Association Sioux Falls, SD 1.7% 498 23% 9.0% 26.7%

6 GMFS LLC Baton Rouge, 

LA 1.7% 491 10% 0.5% 18.1%

7 IBERIABANK Mortgage 

Company

New Orleans, 

LA 1.5% 432 6% 6.3% 25.9%

8 Renasant Bank Tupelo, MS 1.4% 407 10% 12.7% 32.4%

9 Trustmark National 

Bank Jackson, MS 1.4% 399 12% 9.7% 27.7%

10 First Security Bank Searcy, AR 1.3% 387 9% 15.9% 42.0%

Top 50 52% 299 15% 12.9% 37.3%

Top 20 32% 468 15% 11.0% 34.6%

Top 10 21% 607 16% 11.7% 35.3%

Top 5 14% 790 19% 13.3% 38.8%

Table A3A-S Top 10 Rural LMD Lenders by Small Balance Site-Built 1-4 Unit Properties PMM Loan 

Orig.

Rank Institution Name City, St Share 

of All

Yearly 

Originations

Denial 

Rate

Lender 

[0,60k) %

Lender 

[0,100k) %

1 Regions Bank Birmingham, 

AL 4.5% 523 20% 12.9% 42.7%

2 U.S. Bank National 

Association

Minneapolis, 

MN 2.6% 307 19% 15.7% 43.6%

3 Quicken Loans Inc. Detroit, MI 2.6% 304 33% 12.9% 42.5%

4 BancorpSouth Bank Tupelo, MS 2.3% 267 23% 15.0% 33.0%

5 First State 

Community Bank

Farmington, 

MO 1.7% 198 24% 35.3% 58.7%

6 FirstBank Nashville, TN 1.6% 187 4% 20.6% 52.3%

7 First Security Bank Searcy, AR 1.4% 163 13% 15.9% 42.0%

8 First Citizens National 

Bank Dyersburg, TN 1.2% 142 11% 27.9% 57.4%

9 Southern Bank Poplar Bluff, 

MO 1.2% 141 15% 25.4% 53.9%

10 Wells Fargo Bank, 

National Association Sioux Falls, SD 1.1% 133 32% 9.0% 26.7%

Top 50 50% 115 20% 13.6% 38.5%

Top 20 30% 177 20% 14.7% 40.4%

Top 10 20% 237 21% 16.5% 42.7%

Top 5 14% 320 23% 15.9% 42.2%
© 2019 Fannie Mae Page 30 of 40

Table A3B Top 10 Rural LMD Lenders by Total Site-Built 1-4 Unit Properties Refinance Loan Orig.

Rank Institution Name City, St Share 

of All

Yearly 

Originations

Denial 

Rate

Lender 

[0,60k) %

Lender 

[0,100k) %

1 Quicken Loans Inc. Detroit, MI 9.1% 3,019 32% 11.2% 42.9%

2 Regions Bank Birmingham

, AL 5.6% 1,850 37% 32.6% 61.8%

3 Wells Fargo Bank, 

National Association

Sioux Falls, 

SD 4.3% 1,441 27% 13.9% 39.7%

4 BancorpSouth Bank Tupelo, MS 3.2% 1,071 13% 40.8% 59.2%

5 JPMorgan Chase Bank, 

National Association

Columbus, 

OH 3.1% 1,028 31% 17.6% 52.9%

6 U.S. Bank National 

Association

Minneapolis

, MN 3.1% 1,023 35% 18.3% 48.1%

7 Trustmark National 

Bank Jackson, MS 1.8% 589 10% 20.6% 40.1%

8 Freedom Mortgage 

Corporation

Mount 

Laurel, NJ 1.6% 530 16% 4.2% 27.7%

9 Bank of America, 

National Association

Charlotte, 

NC 1.6% 522 22% 15.4% 47.6%

10 GMFS LLC Baton 

Rouge, LA 1.4% 457 9% 0.4% 13.5%

Top 50 57% 380 36% 20.0% 46.8%

Top 20 44% 724 37% 19.0% 46.4%

Top 10 35% 1,153 29% 18.8% 46.6%

Top 5 25% 1,682 31% 20.9% 49.8%

Table A3B-S Top 10 Rural LMD Lenders by Small Balance Site-Built 1-4 Unit Prop. Refinance Loan 

Orig.

Rank Institution Name City, St Share 

of All

Yearly 

Originations

Denial 

Rate

Lender 

[0,60k) %

Lender 

[0,100k) %

1 Quicken Loans Inc. Detroit, MI 8.4% 1,294 35% 11.2% 42.9%

2 Regions Bank Birmingham, 

AL 7.4% 1,143 40% 32.6% 61.8%

3 BancorpSouth Bank Tupelo, MS 4.1% 634 12% 40.8% 59.2%

4 Wells Fargo Bank, 

National Association

Sioux Falls, 

SD 3.7% 572 30% 13.9% 39.7%

5 JPMorgan Chase Bank, 

National Association

Columbus, 

OH 3.5% 543 31% 17.6% 52.9%

6 U.S. Bank National 

Association

Minneapolis, 

MN 3.2% 493 40% 18.3% 48.1%

7 Citibank, N.A. Sioux Falls, 

SD 1.7% 261 21% 23.8% 58.6%

8 Bank of America, 

National Association Charlotte, NC 1.6% 249 22% 15.4% 47.6%

9 Trustmark National 

Bank Jackson, MS 1.5% 236 14% 20.6% 40.1%

10 South Lafourche Bank 

& Trust Company Larose, LA 1.3% 202 1% 48.4% 68.8%

Top 50 60% 185 36% 21.0% 48.6%

Top 20 45% 349 36% 21.6% 49.9%

Top 10 36% 563 32% 21.2% 49.9%

Top 5 27% 837 33% 20.9% 49.8%
© 2019 Fannie Mae Page 31 of 40

Table A3C Top 10 Rural LMD Lenders by Total Manufactured Housing PMM Loan Originations

Rank Institution Name City, St Share 

of All

Yearly 

Originations

Denial 

Rate

Lender 

[0,60k) %

Lender 

[0,100k) %

1 21st Mortgage 

Corporation Knoxville, TN 22.4% 1,149 51% 59.0% 93.3%

2 Vanderbilt Mortgage 

and Finance, Inc. Maryville, TN 19.1% 981 62% 52.8% 92.2%

3 U.S. Bank National 

Association

Minneapolis, 

MN 3.5% 182 70% 47.1% 86.6%

4 Credit Human Federal 

Credit Union

San Antonio, 

TX 2.5% 127 70% 55.3% 92.4%

5 Clayton Bank and Trust Knoxville, TN 1.8% 93 59% 65.2% 98.6%

6 American Financial 

Resources, Inc.

Parsippany, 

NJ 1.7% 85 17% 12.3% 57.3%

7 Renasant Bank Tupelo, MS 1.3% 67 28% 58.1% 89.5%

8 FirstBank Nashville, TN 1.2% 62 54% 75.1% 96.8%

9 Wells Fargo Bank, 

National Association

Sioux Falls, 

SD 1.2% 61 39% 20.9% 73.3%

10 Teche Federal Bank New Iberia, 

LA 1.1% 56 61% 73.9% 94.9%

Top 50 75% 77 55% 56.8% 89.0%

Top 20 63% 162 57% 57.0% 91.3%

Top 10 56% 286 59% 54.6% 91.1%

Top 5 49% 506 60% 55.8% 92.5%

Table A3C-S Top 10 Rural LMD Lenders by Small Balance Manufactured Housing PMM Loan 

Originations

Rank Institution Name City, St Share 

of All

Yearly 

Originations

Denial 

Rate

Lender 

[0,60k) %

Lender 

[0,100k) %

1 21st Mortgage 

Corporation Knoxville, TN 23.7% 1,073 51% 59.0% 93.3%

2 Vanderbilt Mortgage 

and Finance, Inc. Maryville, TN 20.0% 904 61% 52.8% 92.2%

3 U.S. Bank National 

Association

Minneapolis, 

MN 3.5% 158 71% 47.1% 86.6%

4 Credit Human Federal 

Credit Union

San Antonio, 

TX 2.6% 117 69% 55.3% 92.4%

5 Clayton Bank and Trust Knoxville, TN 2.0% 92 57% 65.2% 98.6%

6 Renasant Bank Tupelo, MS 1.3% 60 29% 58.1% 89.5%

7 FirstBank Nashville, TN 1.3% 60 52% 75.1% 96.8%

8 Teche Federal Bank New Iberia, 

LA 1.2% 53 61% 73.9% 94.9%

9 Pelican State Credit 

Union

Baton Rouge, 

LA 1.1% 49 32% 95.9% 99.3%

10 American Financial 

Resources, Inc.

Parsippany, 

NJ 1.1% 49 19% 12.3% 57.3%

Top 50 77% 70 55% 58.8% 91.1%

Top 20 66% 148 57% 57.0% 91.3%

Top 10 58% 261 58% 56.0% 91.7%

Top 5 52% 468 59% 55.8% 92.5%
© 2019 Fannie Mae Page 32 of 40

Table A3D Top 10 Rural LMD Lenders by Total Manufactured Housing Refinance Loan Originations

Rank Institution Name City, St Share 

of All

Yearly 

Originations

Denial 

Rate

Lender 

[0,60k) %

Lender 

[0,100k) %

1 BancorpSouth Bank Tupelo, MS 3.6% 77 5% 89.2% 95.5%

2 Citizens Bank Byhalia, MS 3.0% 64 10% 90.9% 99.2%

3 Evangeline Bank and 

Trust Company

Ville Platte, 

LA 2.9% 64 2% 77.2% 95.8%

4 U.S. Bank National 

Association

Minneapolis, 

MN 2.9% 62 56% 46.5% 92.2%

5 City Savings Bank & 

Trust Company DeRidder, LA 2.2% 47 2% 77.0% 92.6%

6 Wells Fargo Bank, 

National Association

Sioux Falls, 

SD 2.1% 45 47% 22.4% 83.2%

7 Landmark Bank Columbia, 

MO 1.8% 39 28% 65.4% 91.3%

8 JD Bank Jennings, LA 1.7% 37 6% 79.7% 96.8%

9 American Financial 

Resources, Inc.

Parsippany, 

NJ 1.6% 35 30% 11.0% 63.3%

10 Renasant Bank Tupelo, MS 1.6% 34 12% 80.2% 94.6%

Top 50 58% 25 21% 67.3% 88.8%

Top 20 36% 39 22% 64.8% 89.0%

Top 10 23% 50 26% 67.0% 91.7%

Top 5 15% 63 23% 76.8% 95.2%

Table A3D-S Top 10 Rural LMD Lenders by Small Balance Manufactured Housing Refinance Loan 

Orig.

Rank Institution Name City, St Share 

of All

Yearly 

Originations

Denial 

Rate

Lender 

[0,60k) %

Lender 

[0,100k) %

1 BancorpSouth Bank Tupelo, MS 3.9% 74 5% 89.2% 95.5%

2 Citizens Bank Columbia, MS 3.4% 64 9% 90.9% 99.2%

3 Evangeline Bank and 

Trust Company

Ville Platte, 

LA 3.2% 61 2% 77.2% 95.8%

4 U.S. Bank National 

Association

Minneapolis, 

MN 3.0% 58 54% 46.5% 92.2%

5 City Savings Bank & 

Trust Company DeRidder, LA 2.3% 44 2% 77.0% 92.6%

6 Wells Fargo Bank, 

National Association

Sioux Falls, 

SD 2.0% 37 47% 22.4% 83.2%

7 JD Bank Jennings, LA 1.9% 36 6% 79.7% 96.8%

8 Landmark Bank Columbia, 

MO 1.9% 35 25% 65.4% 91.3%

9 Renasant Bank Tupelo, MS 1.7% 32 12% 80.2% 94.6%

10 Southern Heritage 

Bank Jonesville, LA 1.5% 29 4% 72.2% 94.1%

Top 50 59% 22 20% 69.6% 90.8%

Top 20 37% 35 21% 70.6% 92.3%

Top 10 25% 47 23% 71.2% 93.9%

Top 5 16% 60 22% 76.8% 95.2%
© 2019 Fannie Mae Page 33 of 40

Table A4A Top 10 Rural MIDAPP Lenders by Total Site-Built 1-4 Unit Properties PMM Loan 

Originations

Rank Institution Name City, St Share 

of All

Yearly 

Originations

Denial 

Rate

Lender 

[0,60k) %

Lender 

[0,100k) %

1 Branch Banking and 

Trust Company

WinstonSalem, NC 4.1% 1,316 24% 13.8% 36.5%

2 Quicken Loans Inc. Detroit, MI 3.3% 1,072 27% 8.8% 34.1%

3 Wells Fargo Bank, 

National Association

Sioux Falls, 

SD 3.3% 1,069 19% 6.4% 24.5%

4 State Employees' Credit 

Union Raleigh, NC 3.0% 984 9% 8.7% 30.8%

5 Mortgage Investors 

Group, Inc.

Knoxville, 

TN 2.8% 901 6% 3.1% 22.6%

6 Community Trust Bank, 

Inc. Pikeville, KY 1.4% 457 22% 21.1% 42.8%

7 WesBanco Bank, Inc. Wheeling, 

WV 1.3% 435 12% 10.5% 34.1%

8 Atlantic Bay Mortgage 

Group LLC

Virginia 

Beach, VA 1.3% 415 5% 4.5% 27.2%

9 Huntington National 

Bank

Columbus, 

OH 1.3% 414 22% 9.6% 32.0%

10 Farm Credit Mid-America Louisville, 

KY 1.3% 413 14% 23.9% 42.7%

Top 50 54% 351 17% 8.6% 30.8%

Top 20 35% 563 17% 8.7% 30.6%

Top 10 23% 748 18% 10.1% 31.9%

Top 5 17% 1,068 18% 8.6% 30.2%

Table A4A-S Top 10 Rural MIDAPP Lenders by Small Balance Site-Built 1-4 Unit Prop. PMM Loan Orig.

Rank Institution Name City, St Share 

of All

Yearly 

Originations

Denial 

Rate

Lender 

[0,60k) %

Lender 

[0,100k) %

1 Branch Banking and Trust 

Company

WinstonSalem, NC 4.4% 480 32% 13.8% 36.5%

2 Quicken Loans Inc. Detroit, MI 3.4% 366 33% 8.8% 34.1%

3 State Employees' Credit 

Union Raleigh, NC 2.8% 304 13% 8.7% 30.8%

4 Wells Fargo Bank, 

National Association

Sioux Falls, 

SD 2.4% 262 27% 6.4% 24.5%

5 Mortgage Investors Group, 

Inc.

Knoxville, 

TN 1.9% 203 9% 3.1% 22.6%

6 Community Trust Bank, 

Inc. Pikeville, KY 1.8% 196 27% 21.1% 42.8%

7 Farm Credit Mid-America Louisville, 

KY 1.6% 177 16% 23.9% 42.7%

8 ALCOVA Mortgage, LLC Roanoke, VA 1.4% 153 5% 9.2% 42.9%

9 WesBanco Bank, Inc. Wheeling, 

WV 1.4% 148 15% 10.5% 34.1%

10 Fifth Third Mortgage 

Company

Cincinnati, 

OH 1.3% 140 21% 12.7% 37.3%

Top 50 52% 112 23% 9.0% 31.9%

Top 20 33% 179 22% 10.3% 33.2%

Top 10 22% 243 23% 10.6% 32.9%

Top 5 15% 323 26% 8.6% 30.2%
© 2019 Fannie Mae Page 34 of 40

Table A4B Top 10 Rural MIDAPP Lenders by Total Site-Built 1-4 Unit Properties Refinance Loan Orig.

Rank Institution Name City, St Share 

of All

Yearly 

Originations

Denial 

Rate

Lender 

[0,60k) %

Lender 

[0,100k) %

1 Quicken Loans Inc. Detroit, MI 10.1% 3,581 31% 6.3% 34.2%

2 Branch Banking and 

Trust Company

WinstonSalem, NC 5.4% 1,892 28% 21.4% 48.1%

3 Wells Fargo Bank, 

National Association

Sioux Falls, 

SD 4.7% 1,675 28% 8.5% 31.6%

4 JPMorgan Chase Bank, 

National Association

Columbus, 

OH 3.5% 1,251 29% 13.3% 47.2%

5 U.S. Bank National 

Association

Minneapolis, 

MN 2.6% 905 44% 15.9% 47.6%

6 Bank of America, 

National Association Charlotte, NC 2.1% 745 22% 9.4% 35.6%

7 State Employees' 

Credit Union Raleigh, NC 2.0% 711 15% 10.8% 35.4%

8 SunTrust Mortgage, 

Inc. Richmond, VA 1.7% 592 19% 9.4% 35.3%

9 Freedom Mortgage 

Corporation

Mount Laurel, 

NJ 1.7% 588 14% 3.1% 26.1%

10 Citibank, N.A. Sioux Falls, 

SD 1.5% 547 21% 20.2% 52.0%

Top 50 60% 427 36% 12.8% 39.7%

Top 20 47% 822 35% 12.6% 39.9%

Top 10 35% 1,249 28% 11.3% 38.8%

Top 5 26% 1,861 31% 11.7% 39.6%

Table A4B-S Top 10 Rural MIDAPP Lenders by Small Balance Site-Built 1-4 Unit Prop. Refinance Ln. 

Orig.

Rank Institution Name City, St Share 

of All

Yearly 

Originations

Denial 

Rate

Lender 

[0,60k) %

Lender 

[0,100k) %

1 Quicken Loans Inc. Detroit, MI 8.9% 1,224 34% 6.3% 34.2%

2 Branch Banking and Trust 

Company

WinstonSalem, NC 6.6% 911 28% 21.4% 48.1%

3 JPMorgan Chase Bank, 

National Association

Columbus, 

OH 4.3% 590 29% 13.3% 47.2%

4 Wells Fargo Bank, 

National Association

Sioux Falls, 

SD 3.8% 530 31% 8.5% 31.6%

5 U.S. Bank National 

Association

Minneapolis, 

MN 3.1% 431 48% 15.9% 47.6%

6 Citibank, N.A. Sioux Falls, 

SD 2.1% 284 22% 20.2% 52.0%

7 Regions Bank Birmingham, 

AL 2.0% 278 40% 28.0% 55.7%

8 Bank of America, National 

Association Charlotte, NC 1.9% 265 22% 9.4% 35.6%

9 State Employees' Credit 

Union Raleigh, NC 1.8% 252 13% 10.8% 35.4%

10 PNC Bank, National 

Association

Wilmington, 

DE 1.8% 246 41% 16.7% 48.4%

Top 50 63% 175 36% 13.7% 41.4%

Top 20 48% 334 35% 13.3% 41.4%

Top 10 36% 501 33% 12.7% 40.7%

Top 5 27% 737 34% 11.7% 39.6%
© 2019 Fannie Mae Page 35 of 40

Table A4C Top 10 Rural MIDAPP Lenders by Total Manufactured Housing PMM Loan Originations

Rank Institution Name City, St Share 

of All

Yearly 

Originations

Denial 

Rate

Lender 

[0,60k) %

Lender 

[0,100k) %

1 Vanderbilt Mortgage and 

Finance, Inc.

Maryville, 

TN 34.3% 1,746 57% 48.9% 89.5%

2 21st Mortgage 

Corporation

Knoxville, 

TN 6.4% 326 61% 68.2% 95.3%

3 Wells Fargo Bank, 

National Association

Sioux Falls, 

SD 2.6% 131 34% 21.8% 73.3%

4 American Financial 

Resources, Inc.

Parsippany, 

NJ 2.5% 127 14% 13.4% 72.3%

5 Branch Banking and 

Trust Company

WinstonSalem, NC 2.3% 116 39% 17.1% 72.2%

6 Credit Human Federal 

Credit Union

San 

Antonio, TX 2.2% 111 71% 51.5% 89.9%

7 Community Trust Bank, 

Inc. Pikeville, KY 1.8% 94 36% 57.1% 85.1%

8 State Employees' Credit 

Union Raleigh, NC 1.8% 93 22% 36.4% 89.1%

9 First Community Bank Bluefield, 

VA 1.5% 75 23% 51.3% 85.3%

10 U.S. Bank National 

Association

Minneapolis,

MN 1.4% 69 74% 39.5% 86.3%

Top 50 79% 80 53% 47.0% 85.4%

Top 20 66% 169 54% 46.4% 86.3%

Top 10 57% 289 56% 46.8% 87.7%

Top 5 48% 489 56% 46.7% 87.7%

Table A4C-S Top 10 Rural MIDAPP Lenders by Small Balance Manufactured Housing PMM Loan Orig.

Rank Institution Name City, St Share 

of All

Yearly 

Originations

Denial 

Rate

Lender 

[0,60k) %

Lender 

[0,100k) %

1 Vanderbilt Mortgage and 

Finance, Inc. Maryville, TN 36.6% 1,564 55% 48.9% 89.5%

2 21st Mortgage 

Corporation

Knoxville, 

TN 7.3% 311 60% 68.2% 95.3%

3 Credit Human Federal 

Credit Union

San Antonio, 

TX 2.3% 100 70% 51.5% 89.9%

4 Wells Fargo Bank, 

National Association

Sioux Falls, 

SD 2.2% 96 33% 21.8% 73.3%

5 American Financial 

Resources, Inc.

Parsippany, 

NJ 2.1% 92 13% 13.4% 72.3%

6 Branch Banking and Trust 

Company

WinstonSalem, NC 2.0% 84 38% 17.1% 72.2%

7 State Employees' Credit 

Union Raleigh, NC 1.9% 83 20% 36.4% 89.1%

8 Community Trust Bank, 

Inc. Pikeville, KY 1.9% 80 35% 57.1% 85.1%

9 First Community Bank Bluefield, VA 1.5% 64 22% 51.3% 85.3%

10 U.S. Bank National 

Association

Minneapolis, 

MN 1.4% 60 73% 39.5% 86.3%

Top 50 81% 69 52% 48.1% 86.2%

Top 20 69% 147 53% 48.2% 87.6%

Top 10 59% 253 55% 46.8% 87.7%

Top 5 51% 432 55% 48.3% 88.6%
© 2019 Fannie Mae Page 36 of 40

Table A4D Top 10 Rural MIDAPP Lenders by Total Manufactured Housing Refinance Loan 

Originations

Rank Institution Name City, St Share 

of All

Yearly 

Originations

Denial 

Rate

Lender 

[0,60k) %

Lender 

[0,100k) %

1 Branch Banking and 

Trust Company

Winston-Salem, 

NC 4.7% 122 45% 38.9% 85.2%

2 State Employees' 

Credit Union Raleigh, NC 4.6% 118 22% 36.3% 90.4%

3 U.S. Bank National 

Association

Minneapolis, 

MN 4.4% 112 53% 36.8% 88.1%

4 Wells Fargo Bank, 

National Association Sioux Falls, SD 3.7% 94 46% 17.5% 80.5%

5 American Financial 

Resources, Inc. Parsippany, NJ 3.4% 87 26% 14.4% 66.0%

6 Citizens Tri-County 

Bank Dunlap, TN 2.9% 75 8% 82.9% 96.9%

7 Community Trust 

Bank, Inc. Pikeville, KY 2.5% 63 41% 45.5% 86.5%

8 First Community Bank Bluefield, VA 2.1% 54 22% 46.3% 84.8%

9 Fifth Third Mortgage 

Company Cincinnati, OH 2.0% 51 22% 23.1% 84.4%

10 Huntington National 

Bank Columbus, OH 1.8% 47 43% 23.0% 78.8%

Top 50 65% 33 32% 40.3% 83.5%

Top 20 45% 57 36% 34.2% 82.2%

Top 10 32% 82 37% 36.3% 84.5%

Top 5 21% 106 41% 30.1% 83.0%

Table A4D-S Top 10 Rural MIDAPP Lenders by Small Balance Manufactured Housing Refinance Ln. 

Orig.

Rank Institution Name City, St Share 

of All

Yearly 

Originations

Denial 

Rate

Lender 

[0,60k) %

Lender 

[0,100k) %

1 State Employees' Credit 

Union Raleigh, NC 5.0% 106 21% 36.3% 90.4%

2 Branch Banking and 

Trust Company

WinstonSalem, NC 4.9% 104 45% 38.9% 85.2%

3 U.S. Bank National 

Association

Minneapolis, 

MN 4.6% 99 51% 36.8% 88.1%

4 Wells Fargo Bank, 

National Association Sioux Falls, SD 3.6% 76 47% 17.5% 80.5%

5 Citizens Tri-County Bank Dunlap, TN 3.4% 73 7% 82.9% 96.9%

6 American Financial 

Resources, Inc.

Parsippany, 

NJ 2.7% 57 28% 14.4% 66.0%

7 Community Trust Bank, 

Inc. Pikeville, KY 2.6% 55 41% 45.5% 86.5%

8 First Community Bank Bluefield, VA 2.1% 46 23% 46.3% 84.8%

9 Fifth Third Mortgage 

Company Cincinnati, OH 2.0% 43 19% 23.1% 84.4%

10 Huntington National 

Bank Columbus, OH 1.7% 37 42% 23.0% 78.8%

Top 50 65% 28 31% 41.2% 84.2%

Top 20 45% 48 35% 36.1% 83.6%

Top 10 33% 70 37% 36.3% 84.5%

Top 5 21% 91 39% 40.3% 87.8%
© 2019 Fannie Mae Page 37 of 40

Table A5A Top 10 Rural PERPOV Lenders by Total Site-Built 1-4 Unit Properties PMM Loan 

Originations

Rank Institution Name City, St Share 

of All

Yearly 

Originations

Denial 

Rate

Lender 

[0,60k) %

Lender 

[0,100k) %

1 Wells Fargo Bank, 

National Association

Sioux Falls, 

SD 3.5% 1,099 23% 8.2% 27.0%

2 Quicken Loans Inc. Detroit, MI 3.0% 955 29% 11.5% 40.5%

3 BancorpSouth Bank Tupelo, MS 2.3% 732 14% 13.9% 32.2%

4 Regions Bank Birmingha

m, AL 1.9% 594 18% 12.3% 39.6%

5 Renasant Bank Tupelo, MS 1.8% 570 9% 11.6% 32.7%

6 Branch Banking and 

Trust Company

WinstonSalem, NC 1.5% 481 28% 16.6% 39.7%

7 USAA Federal Savings 

Bank

San 

Antonio, TX 1.5% 472 27% 3.0% 17.9%

8 Mortgage Research 

Center, LLC

Columbia, 

MO 1.2% 379 18% 2.5% 17.4%

9 American Southwest 

Mortgage Corp.

Oklahoma 

City, OK 1.1% 349 7% 5.5% 38.7%

10 Fairway Independent 

Mortgage Corporation Madison, WI 1.0% 328 8% 5.2% 28.3%

Top 50 42% 265 17% 9.1% 31.1%

Top 20 28% 439 18% 9.0% 30.4%

Top 10 19% 596 20% 9.7% 32.0%

Top 5 13% 790 21% 11.2% 33.9%

Table A5A-S Top 10 Rural PERPOV Lenders by Small Balance Site-Built 1-4 Unit Prop. PMM Loan Orig.

Rank Institution Name City, St Share 

of All

Yearly 

Originations

Denial 

Rate

Lender 

[0,60k) %

Lender 

[0,100k) %

1 Quicken Loans Inc. Detroit, MI 3.5% 387 34% 11.5% 40.5%

2 Wells Fargo Bank, 

National Association

Sioux Falls, 

SD 2.7% 297 31% 8.2% 27.0%

3 BancorpSouth Bank Tupelo, MS 2.1% 236 21% 13.9% 32.2%

4 Regions Bank Birmingham, 

AL 2.1% 236 24% 12.3% 39.6%

5 Branch Banking and 

Trust Company

WinstonSalem, NC 1.7% 191 38% 16.6% 39.7%

6 Renasant Bank Tupelo, MS 1.7% 186 17% 11.6% 32.7%

7 American Southwest 

Mortgage Corp.

Oklahoma 

City, OK 1.2% 135 7% 5.5% 38.7%

8 Community Trust 

Bank, Inc. Pikeville, KY 1.1% 125 30% 21.0% 41.4%

9 BancFirst Oklahoma 

City, OK 1.0% 108 12% 30.3% 55.1%

10 Trustmark National 

Bank Jackson, MS 1.0% 107 25% 12.1% 33.6%

Top 50 39% 86 24% 10.1% 32.8%

Top 20 25% 141 27% 10.7% 33.4%

Top 10 18% 201 27% 12.5% 35.9%

Top 5 12% 269 30% 11.8% 34.8%
© 2019 Fannie Mae Page 38 of 40

Table A5B Top 10 Rural PERPOV Lenders by Total Site-Built 1-4 Unit Properties Refinance Loan Orig.

Rank Institution Name City, St Share 

of All

Yearly 

Originations

Denial 

Rate

Lender 

[0,60k) %

Lender 

[0,100k) %

1 Quicken Loans Inc. Detroit, MI 10.1% 3,710 33% 8.5% 37.1%

2 Wells Fargo Bank, 

National Association Sioux Falls, SD 5.8% 2,130 30% 10.9% 36.9%

3

JPMorgan Chase 

Bank, National 

Association

Columbus, OH 3.9% 1,422 31% 14.0% 47.4%

4 Regions Bank Birmingham, 

AL 2.5% 907 38% 29.7% 57.7%

5 Bank of America, 

National Association Charlotte, NC 2.4% 895 24% 12.9% 40.0%

6 BancorpSouth Bank Tupelo, MS 2.4% 876 13% 38.5% 56.9%

7 Branch Banking and 

Trust Company

WinstonSalem, NC 1.8% 663 33% 23.9% 51.1%

8 Citibank, N.A. Sioux Falls, SD 1.7% 610 24% 20.7% 51.5%

9 Freedom Mortgage 

Corporation

Mount Laurel, 

NJ 1.5% 560 17% 3.6% 26.0%

10 Nationstar Mortgage 

LLC Lewisville, TX 1.5% 554 59% 5.6% 37.3%

Top 50 55% 400 38% 16.6% 42.6%

Top 20 43% 793 40% 14.6% 41.2%

Top 10 34% 1,233 32% 14.6% 42.3%

Top 5 25% 1,813 32% 12.5% 41.0%

Table A5B-S Top 10 Rural PERPOV Lenders by Small Balance Site-Built 1-4 Unit Prop. Refinance Ln. 

Orig.

Rank Institution Name City, St Share 

of All

Yearly 

Originations

Denial 

Rate

Lender 

[0,60k) %

Lender 

[0,100k) %

1 Quicken Loans Inc. Detroit, MI 8.7% 1,375 37% 8.5% 37.1%

2 Wells Fargo Bank, 

National Association

Sioux Falls, 

SD 5.0% 786 33% 10.9% 36.9%

3 JPMorgan Chase Bank, 

National Association

Columbus, 

OH 4.3% 674 32% 14.0% 47.4%

4 Regions Bank Birmingham, 

AL 3.3% 523 43% 29.7% 57.7%

5 BancorpSouth Bank Tupelo, MS 3.2% 499 12% 38.5% 56.9%

6 Bank of America, 

National Association Charlotte, NC 2.3% 358 25% 12.9% 40.0%

7 Branch Banking and 

Trust Company

WinstonSalem, NC 2.2% 339 35% 23.9% 51.1%

8 Citibank, N.A. Sioux Falls, 

SD 2.0% 314 25% 20.7% 51.5%

9 Trustmark National 

Bank Jackson, MS 1.6% 245 13% 28.4% 50.5%

10 Renasant Bank Tupelo, MS 1.4% 217 8% 26.7% 45.9%

Top 50 57% 178 38% 18.3% 45.0%

Top 20 43% 337 38% 16.7% 44.0%

Top 10 34% 533 32% 16.6% 43.8%

Top 5 25% 771 34% 14.9% 42.6%
© 2019 Fannie Mae Page 39 of 40

Table A5C Top 10 Rural PERPOV Lenders by Total Manufactured Housing PMM Loan Originations

Rank Institution Name City, St Share 

of All

Yearly 

Originations

Denial 

Rate

Lender 

[0,60k) %

Lender 

[0,100k) %

1 Vanderbilt Mortgage 

and Finance, Inc.

Maryville, 

TN 24.5% 1,696 62% 53.3% 92.7%

2 21st Mortgage 

Corporation

Knoxville, 

TN 21.9% 1,520 54% 57.9% 93.5%

3 U.S. Bank National 

Association

Minneapolis

, MN 2.7% 185 74% 51.3% 89.3%

4 Credit Human Federal 

Credit Union

San 

Antonio, TX 2.3% 157 71% 50.0% 89.0%

5 Wells Fargo Bank, 

National Association

Sioux Falls, 

SD 2.3% 156 34% 19.3% 64.9%

6 American Financial 

Resources, Inc.

Parsippany, 

NJ 1.5% 105 20% 12.3% 57.7%

7 Clayton Bank and Trust Knoxville, 

TN 1.4% 97 62% 65.6% 99.1%

8 Community Trust Bank, 

Inc. Pikeville, KY 1.0% 71 36% 54.1% 84.3%

9 South State Bank Columbia, 

SC 0.9% 65 64% 59.1% 97.2%

10 Guild Mortgage 

Company

San Diego, 

CA 0.7% 50 8% 6.6% 40.4%

Top 50 75% 104 57% 53.1% 88.1%

Top 20 65% 226 59% 52.0% 88.9%

Top 10 59% 410 60% 52.3% 90.2%

Top 5 54% 743 60% 53.5% 91.5%

Table A5C-S Top 10 Rural PERPOV Lenders by Small Balance Manufactured Housing PMM Loan Orig.

Rank Institution Name City, St Share 

of All

Yearly 

Originations

Denial 

Rate

Lender 

[0,60k) %

Lender 

[0,100k) %

1 Vanderbilt Mortgage 

and Finance, Inc. Maryville, TN 26.4% 1,573 60% 53.3% 92.7%

2 21st Mortgage 

Corporation Knoxville, TN 23.9% 1,421 53% 57.9% 93.5%

3 U.S. Bank National 

Association

Minneapolis, 

MN 2.8% 166 74% 51.3% 89.3%

4 Credit Human Federal 

Credit Union

San Antonio, 

TX 2.3% 140 71% 50.0% 89.0%

5 Wells Fargo Bank, 

National Association

Sioux Falls, 

SD 1.7% 101 34% 19.3% 64.9%

6 Clayton Bank and Trust Knoxville, TN 1.6% 96 60% 65.6% 99.1%

7 South State Bank Columbia, SC 1.1% 63 63% 59.1% 97.2%

8 American Financial 

Resources, Inc.

Parsippany, 

NJ 1.0% 60 22% 12.3% 57.7%

9 Community Trust 

Bank, Inc. Pikeville, KY 1.0% 60 36% 54.1% 84.3%

10 Renasant Bank Tupelo, MS 0.7% 41 34% 61.5% 88.8%

Top 50 77% 92 57% 54.6% 89.4%

Top 20 68% 202 58% 54.1% 90.9%

Top 10 63% 372 59% 52.9% 90.8%

Top 5 57% 680 59% 53.5% 91.5%
 

© 2019 Fannie Mae Page 40 of 40

 

Table A5D Top 10 Rural PERPOV Lenders by Total Manufactured Housing Refinance Loan Originations

Rank Institution Name City, St Share 

of All

Yearly 

Originations

Denial 

Rate

Lender 

[0,60k) %

Lender 

[0,100k) %

1 Wells Fargo Bank, 

National Association

Sioux Falls, 

SD 4.6% 128 43% 17.8% 65.1%

2 Citizens Bank Byhalia, MS 2.8% 77 8% 89.4% 97.6%

3 U.S. Bank National 

Association

Minneapolis, 

MN 2.4% 68 56% 34.2% 80.4%

4 American Financial 

Resources, Inc.

Parsippany, 

NJ 2.1% 59 29% 11.5% 57.6%

5 Colony Bank Fitzgerald, GA 2.0% 56 17% 89.8% 98.2%

6 Community Trust 

Bank, Inc. Pikeville, KY 1.9% 53 43% 44.3% 87.0%

7 State Employees' 

Credit Union Raleigh, NC 1.8% 49 40% 52.5% 95.3%

8 Carrington Mortgage 

Services, LLC Anaheim, CA 1.7% 48 15% 7.6% 61.7%

9 BancorpSouth Bank Tupelo, MS 1.6% 45 8% 89.5% 95.9%

10 First Guaranty 

Mortgage Corporation

Tysons 

Corner, VA 1.3% 38 12% 5.3% 37.3%

Top 50 52% 29 29% 54.9% 81.8%

Top 20 33% 46 32% 49.7% 79.7%

Top 10 22% 62 34% 43.0% 77.6%

Top 5 14% 78 37% 44.3% 77.9%

Table A5D-S Top 10 Rural PERPOV Lenders by Small Balance Manufactured Housing Refinance Ln. 

Orig.

Rank Institution Name City, St Share 

of All

Yearly 

Originations

Denial 

Rate

Lender 

[0,60k) %

Lender 

[0,100k) %

1 Wells Fargo Bank, 

National Association

Sioux Falls, 

SD 3.6% 83 45% 17.8% 65.1%

2 Citizens Bank Columbia, MS 3.3% 75 7% 89.4% 97.6%

3 U.S. Bank National 

Association

Minneapolis, 

MN 2.4% 55 56% 34.2% 80.4%

4 Colony Bank Fitzgerald, GA 2.4% 55 17% 89.8% 98.2%

5 State Employees' 

Credit Union Raleigh, NC 2.0% 47 39% 52.5% 95.3%

6 Community Trust 

Bank, Inc. Pikeville, KY 2.0% 46 43% 44.3% 87.0%

7 BancorpSouth Bank Tupelo, MS 1.9% 43 8% 89.5% 95.9%

8 American Financial 

Resources, Inc.

Parsippany, 

NJ 1.5% 34 36% 11.5% 57.6%

9 Branch Banking and 

Trust Company

WinstonSalem, NC 1.4% 32 58% 52.5% 87.2%

10 Carrington Mortgage 

Services, LLC Anaheim, CA 1.3% 30 15% 7.6% 61.7%

Top 50 52% 24 29% 57.0% 83.8%

Top 20 33% 37 30% 57.1% 84.5%

Top 10 22% 50 38% 45.8% 80.6%

Top 5 14% 63 38% 50.5% 83.3%