Terms of Clearance an Sample Technical Note

MONTHLY SURVEY OF RATES AND TERMS ON CONVENTIONAL
1-FAMILY NONFARM MORTGAGE LOANS (MIRS)
OMB NUMBER 2590-0004
Sample Technical Note and Terms of Clearance

Technical note: The data are based on a small monthly survey of mortgage lenders
which may not be representative. Survey respondents are asked to report the terms and
conditions on all conventional, single-family, fully amortized, purchase-money loans
closed during the last five working days of the month. The sample is not a statistical
sample but is rather a convenience sample. The data exclude FHA-insured and VAguaranteed mortgages, refinancing loans, and balloon loans. This month's data are based
on 4,010 reported loans from 30 lenders, which may include savings associations,
mortgage companies, commercial banks, and mutual savings banks. The effective
interest rate includes the amortization of initial fees and charges over a 10-year period,
which is the historical assumption of the average life of a mortgage loan. The data are
weighted to reflect the shares of mortgage lending by lender size and lender type as
reported in the latest release of the Federal Reserve Board’s Home Mortgage Disclosure
Act data.

Terms of clearance: FHFA and OMB agree that this survey is a convenience sample,
that the sample may not be representative, and that all public disclosures of this data
should caveat these limitations. FHFA is given an abbreviated 18 month
clearance. During this time, FHFA will seek to replace or amend this survey to correct
for its limitations and will present revisions to OMB at the time of next submission.