Manufactured Housing Loans

Single-Family Portfolio

Enterprise Strategic Research

November 20, 2018

© 2018 Fannie Mae. Trademarks of Fannie Mae.
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This data summary is being released pursuant to Fannie Mae’s Duty to Serve Underserved Markets Plan for the Manufactured Housing 

Market. 

Information in this summary is supplied by Fannie Mae Data Dynamics, which contains a subset of our 30-year and less, fully amortizing, full 

documentation, single-family, conventional fixed-rate acquisitions. It does not contain ARMs, balloon mortgage loans, interest-only loans, 

mortgage loans with prepayment penalties, government-insured loans, HARP loans, Refi Plus loans, or non-standard loans. Certain other types 

(LTV > 97, alt-A, reduced documentation, streamlined processing, programs or variances that are ineligible today) are also excluded. Also 

excluded are loans subject to long-term standby commitments, sold with lender recourse, or subject to certain other third-party risk-sharing 

arrangements, or that were acquired by Fannie Mae on a negotiated bulk basis.

Loans reflected in this summary are secured by real property, not by personal property, and by property subject to the federal HUD code for 

manufactured homes, rather than those subject to state and local building codes. Because the underlying source for this summary, Fannie Mae 

Data Dynamics, is published on a lag as of the publication of this report, the most recent acquisition data reflects September 2017 and the most 

recent loan performance data reflect June 2018.
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Contents

• Geographic Distribution of MH Loans in Data Dynamics

• MH Loan Acquisitions, by Year, in Data Dynamics

• MH Loan Share of Single-Family Acquisitions, by Year, in Data Dynamics

• Origination Profile of Historical Single-Family MH and non-MH Acquisitions in Data 

Dynamics(2000 to 2017) 

• Origination Profile of Historical Single-Family MH and non-MH Acquisitions in Data 

Dynamics(2010 to 2017) 

• Performance of Historical Single-Family MH and non-MH Acquisitions (2000 to 2017)

• Performance of Historical Single-Family MH and non-MH Acquisitions (2010 to 2017)

• Performance of MH Loans by Acquisition Year, in Data Dynamics
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Geographic Distribution of MH Loans in Data Dynamics

• Total count of MH loans in Data Dynamics that are still outstanding as of June 2018 is 85k, with a total UPB of $7.10 billion. 

• The top five states account for 40% and top ten states account for 60% of total MH loan counts in Data Dynamics.

Source: Fannie Mae Data Dynamics

MH Loan Counts by State and State Share of Total as of June 2018 in Data Dynamics
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MH Loan Acquisitions, by Year, in Data Dynamics

[Note that 2017 reflects only partial year data]

• MH loan acquisitions in Data Dynamics declined during 2004-2011 and then rose after 2011.

Source: Fannie Mae Data Dynamics historical acquisitions since 2000 through September 2017. 

0

500,000,000

1,000,000,000

1,500,000,000

2,000,000,000

2,500,000,000

3,000,000,000

3,500,000,000

4,000,000,000

4,500,000,000

0

5,000

10,000

15,000

20,000

25,000

30,000

35,000

40,000

45,000

Total Origination Amount

Loan Count

Loan Count Origination Amount
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MH Loan Share of Single-Family Acquisitions, by Year, in 

Data Dynamics

• In Data Dynamics, MH loan balances are typically smaller than those of non-MH loans, 

therefore loan balance share is even smaller than loan count share.

Source: Fannie Mae Data Dynamics historical acquisitions since 2000 through September 2017. 

0.0%

0.2%

0.4%

0.6%

0.8%

1.0%

1.2%

Share of MH out of All Acquisition

Loan Count Share Origination Amount Share
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Origination Profile of Historical Single-Family MH and nonMH Acquisitions in Data Dynamics (2010 to 2017)

Source: Fannie Mae Data Dynamics historical acquisitions, January 2010 through September 2017.

* Information for non-MH loans is based on a 10% random sample.

Type

Loan 

Count 

(mm)

FICO Origination 

LTV

Debt-toIncome 

Ratio

One 

Borrower

First-time 

Home 

Buyer

Purchase 

Money

Primary 

Residence

Third Party 

Originations FRM30 Origination Rate

MH 0.07 743 73 32 50% 18% 52% 89% 24% 62% 4.27

Non MH* 1.54 756 71 32 45% 15% 41% 87% 45% 69% 4.02
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Performance of Historical Single-Family MH and non-MH 

Acquisitions (2010 to 2017)

• Compared to non-MH loans, MH loans are more likely to be repurchased or go 

into default, and less likely to prepay. 

• Among the liquidated loans, MH loans have longer loan life than non-MH loans 

by four months. 

Source: Fannie Mae Data Dynamics historical acquisitions, January 2010 through September 2017. Loan performance is as of June 2018. 

* Information for non-MH loans is based on a 10% random sample.

Type Loan Count 

(mm) Prepay Repurchase Default

Life of Loans that Prepaid,

Were Repurchased, or 

Defaulted (months)

MH 0.07 23% 0.17% 0.27% 35

Non MH* 1.54 39% 0.09% 0.11% 31
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Performance of MH Loans by Acquisition Year, in Data 

Dynamics

• Foreclosure rate has significantly declined since 2009 acquisitions. 

Source: Fannie Mae Data Dynamics historical acquisitions since January 2000 through September 2017. Loan Performance is as of June 2018.

8.1% 7.3% 7.7% 6.0% 4.0% 6.2% 9.6% 10.0% 5.5% 1.9% 0.9% 0.5% 0.4% 0.3% 0.3% 0.2% 0.0% 0.0%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Active Prepaid Repurchased Default
Access Additional Data

To access additional data:

1. Go to https://benchmarksyndication.fanniemae.com/data-dynamics/#!/signIn

2. Click the link for “Fannie Mae Loan Performance Data” below the login information

3. Create an account

4. Click on the link in your confirmation email to confirm your account. 

NOTE: Do not login to this page.

5. Return to https://benchmarksyndication.fanniemae.com/data-dynamics/#!/signIn

6. Login using the username and password you created

7. Click the link for “Manufactured Housing Data” in the “Resources” section in the right column.

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