Loans and Allowance for Losses and Concentrations of Credit Risk - Loans and Allowance for Losses and Concentrations (Tables)

6 Months Ended

Jun. 30, 2016

Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block]

Loans

Farmer Mac classifies loans as either held for investment or held for sale. Loans held for investment are recorded at the unpaid principal balance, net of unamortized premium or discount and other cost adjustments. Loans held for sale are reported at the lower of cost or fair value determined on a pooled basis. As of June 30, 2016 and December 31, 2015, Farmer Mac had no loans held for sale. The following table displays the composition of the loan balances as of June 30, 2016 and December 31, 2015:

Table 5.1



	As of June 30, 2016									As of December 31, 2015
	Unsecuritized			In Consolidated Trusts			Total			Unsecuritized			In Consolidated Trusts			Total
	(in thousands)
Farm & Ranch	$	2,265,932		$	922,666		$	3,188,598		$	2,249,864		$	708,111		$	2,957,975
Rural Utilities	1,001,769			—			1,001,769			1,008,126			—			1,008,126
Total unpaid principal balance⁽¹⁾	3,267,701			922,666			4,190,367			3,257,990			708,111			3,966,101
Unamortized premiums, discounts and other cost basis adjustments	9,821			—			9,821			423			—			423
Total loans	3,277,522			922,666			4,200,188			3,258,413			708,111			3,966,524
Allowance for loan losses	(4,038		)	(855		)	(4,893		)	(3,736		)	(744		)	(4,480		)
Total loans, net of allowance	$	3,273,484		$	921,811		$	4,195,295		$	3,254,677		$	707,367		$	3,962,044


⁽¹⁾	Unpaid principal balance is the basis of presentation in disclosures of outstanding balances for Farmer Mac's lines of business.

Allowance for Credit Losses on Financing Receivables [Table Text Block]

Allowance for Losses

Farmer Mac maintains an allowance for losses presented in two components on its consolidated balance sheets: (1) an allowance for loan losses to account for estimated probable losses on loans held, and (2) a reserve for losses to account for estimated probable losses on loans underlying LTSPCs and off-balance sheet Farmer Mac Guaranteed Securities. As of June 30, 2016 and December 31, 2015, Farmer Mac's total allowances for losses were $7.1 million and $6.6 million, respectively. See Note 6 for more information about off-balance sheet Farmer Mac Guaranteed Securities and LTSPCs.

The following is a summary of the changes in the total allowance for losses for the three and six months months ended June 30, 2016 and 2015:

Table 5.2



	As of June 30, 2016						As of June 30, 2015
	Allowance for Loan Losses		Reserve for Losses		Total Allowance for Losses		Allowance for Loan Losses			Reserve for Losses		Total Allowance for Losses
	(in thousands)
For the Three Months Ended:
Beginning Balance	$	4,529	$	2,097	$	6,626	$	5,940		$	3,491	$	9,431
Provision for losses	364		94		458		110			1,146		1,256
Charge-offs	—		—		—		(111		)	—		(111		)
Ending Balance	$	4,893	$	2,191	$	7,084	$	5,939		$	4,637	$	10,576

For the Six Months Ended:
Beginning Balance	$	4,480	$	2,083	$	6,563	$	5,864		$	4,263	$	10,127
Provision for losses	413		108		521		186			374		560
Charge-offs	—		—		—		(111		)	—		(111		)
Ending Balance	$	4,893	$	2,191	$	7,084	$	5,939		$	4,637	$	10,576

During second quarter 2016, Farmer Mac recorded provisions to its allowance for loan losses of $0.4 million and provisions to its reserve for losses of $0.1 million. The provisions to the allowance for loan losses recorded during second quarter 2016 were attributable to the establishment of a specific reserve for a long-standing impaired permanent planting loan due to collateral shortfalls relative to the unpaid principal balance and an increase in the specific allowance for on-balance sheet impaired loans resulting from a modest increase in the outstanding balance of such loans. The provisions to the reserve for losses recorded during the three months ended June 30, 2016 were attributable to an increase in the general allowance due to downgrades in risk rating on certain unimpaired crop loans and permanent planting loans underlying LTSPCs. The provisions were partially offset by a decrease in the general allowance of Agricultural Storage and Processing loans and Agricultural Storage and Processing loans underlying LTSPCs due to paydowns of these loans. Farmer Mac recorded no charge-offs to its allowance for loan losses during second quarter 2016.

During second quarter 2015, Farmer Mac recorded provisions to its allowance for loan losses of $0.1 million and provisions to its reserve for losses of $1.1 million, primarily related to a specific allowance for two Agricultural Storage and Processing loans underlying an LTSPC that financed one canola facility. The establishment of a specific allowance for these loans was due to a downgrade in risk rating resulting from collateral shortfalls relative to the unpaid principal balance for such loans. Farmer Mac recorded $0.1 million of charge-offs to its allowance for loan losses during second quarter 2015.

The following tables present the changes in the total allowance for losses for the three and six months ended June 30, 2016 and 2015 by commodity type:

Table 5.3



	June 30, 2016
	Crops		Permanent Plantings		Livestock		Part-time Farm		Ag. Storage and Processing			Other		Total
	(in thousands)
For the Three Months Ended:
Beginning Balance	$	2,892	$	937	$	1,763	$	444	$	587		$	3	$	6,626
Provision for/(release of) losses	219		207		143		3		(114		)	—		458
Ending Balance	$	3,111	$	1,144	$	1,906	$	447	$	473		$	3	$	7,084

For the Six Months Ended:
Beginning Balance	$	2,791	$	931	$	1,781	$	408	$	649		$	3	$	6,563
Provision for/(release of) losses	320		213		125		39		(176		)	—		521
Ending Balance	$	3,111	$	1,144	$	1,906	$	447	$	473		$	3	$	7,084



	June 30, 2015
	Crops		Permanent Plantings			Livestock		Part-time Farm			Ag. Storage and Processing			Other		Total
	(in thousands)
For the Three Months Ended:
Beginning Balance	$	2,640	$	2,284		$	1,343	$	459		$	2,698		$	7	$	9,431
Provision for/(release of) losses	13		(63		)	417		85			804			—		1,256
Charge-offs	—		—			—		(111		)	—			—		(111		)
Ending Balance	$	2,653	$	2,221		$	1,760	$	433		$	3,502		$	7	$	10,576

For the Six Months Ended
Beginning Balance	$	2,519	$	2,159		$	1,423	$	467		$	3,552		$	7	$	10,127
Provision for/(release of) losses	134		62			337		77			(50		)	—		560
Charge-offs	—		—			—		(111		)	—			—		(111		)
Ending Balance	$	2,653	$	2,221		$	1,760	$	433		$	3,502		$	7	$	10,576

Schedule of Allowance for Losses by Impairment Method and Commodity [Table Text Block]

The following tables present the unpaid principal balances of loans held and loans underlying LTSPCs and off-balance sheet Farmer Mac Guaranteed Securities and the related total allowance for losses by impairment method and commodity type as of June 30, 2016 and December 31, 2015:

Table 5.4



	As of June 30, 2016
	Crops		Permanent Plantings		Livestock		Part-time Farm		Ag. Storage and Processing		Other		Total
	(in thousands)
Ending Balance:
Collectively evaluated for impairment:
On-balance sheet	$	2,016,360	$	474,431	$	485,740	$	138,786	$	11,843	$	3,155	$	3,130,315
Off-balance sheet	1,275,541		458,343		727,971		117,304		41,960		4,964		2,626,083
Total	$	3,291,901	$	932,774	$	1,213,711	$	256,090	$	53,803	$	8,119	$	5,756,398
Individually evaluated for impairment:
On-balance sheet	$	22,481	$	22,001	$	6,301	$	7,500	$	—	$	—	$	58,283
Off-balance sheet	6,227		3,123		5,584		918		—		—		15,852
Total	$	28,708	$	25,124	$	11,885	$	8,418	$	—	$	—	$	74,135
Total Farm & Ranch loans:
On-balance sheet	$	2,038,841	$	496,432	$	492,041	$	146,286	$	11,843	$	3,155	$	3,188,598
Off-balance sheet	1,281,768		461,466		733,555		118,222		41,960		4,964		2,641,935
Total	$	3,320,609	$	957,898	$	1,225,596	$	264,508	$	53,803	$	8,119	$	5,830,533
Allowance for Losses:
Collectively evaluated for impairment:
On-balance sheet	$	1,957	$	380	$	714	$	164	$	59	$	—	$	3,274
Off-balance sheet	433		260		298		57		414		3		1,465
Total	$	2,390	$	640	$	1,012	$	221	$	473	$	3	$	4,739
Individually evaluated for impairment:
On-balance sheet	$	511	$	476	$	434	$	198	$	—	$	—	$	1,619
Off-balance sheet	210		28		460		28		—		—		726
Total	$	721	$	504	$	894	$	226	$	—	$	—	$	2,345
Total Farm & Ranch loans:
On-balance sheet	$	2,468	$	856	$	1,148	$	362	$	59	$	—	$	4,893
Off-balance sheet	643		288		758		85		414		3		2,191
Total	$	3,111	$	1,144	$	1,906	$	447	$	473	$	3	$	7,084



	As of December 31, 2015
	Crops		Permanent Plantings		Livestock		Part-time Farm		Ag. Storage and Processing		Other		Total
	(in thousands)
Ending Balance:
Collectively evaluated for impairment:
On-balance sheet	$	1,911,039	$	433,654	$	444,320	$	92,712	$	15,944	$	3,199	$	2,900,868
Off-balance sheet	1,313,872		483,473		777,663		110,378		56,208		7,142		2,748,736
Total	$	3,224,911	$	917,127	$	1,221,983	$	203,090	$	72,152	$	10,341	$	5,649,604
Individually evaluated for impairment:
On-balance sheet	$	12,803	$	21,247	$	5,958	$	7,261	$	9,838	$	—	$	57,107
Off-balance sheet	5,937		3,037		8,840		774		—		—		18,588
Total	$	18,740	$	24,284	$	14,798	$	8,035	$	9,838	$	—	$	75,695
Total Farm & Ranch loans:
On-balance sheet	$	1,923,842	$	454,901	$	450,278	$	99,973	$	25,782	$	3,199	$	2,957,975
Off-balance sheet	1,319,809		486,510		786,503		111,152		56,208		7,142		2,767,324
Total	$	3,243,651	$	941,411	$	1,236,781	$	211,125	$	81,990	$	10,341	$	5,725,299
Allowance for Losses:
Collectively evaluated for impairment:
On-balance sheet	$	1,968	$	434	$	702	$	116	$	167	$	—	$	3,387
Off-balance sheet	347		137		292		65		482		3		1,326
Total	$	2,315	$	571	$	994	$	181	$	649	$	3	$	4,713
Individually evaluated for impairment:
On-balance sheet	$	290	$	218	$	384	$	201	$	—	$	—	$	1,093
Off-balance sheet	186		142		403		26		—		—		757
Total	$	476	$	360	$	787	$	227	$	—	$	—	$	1,850
Total Farm & Ranch loans:
On-balance sheet	$	2,258	$	652	$	1,086	$	317	$	167	$	—	$	4,480
Off-balance sheet	533		279		695		91		482		3		2,083
Total	$	2,791	$	931	$	1,781	$	408	$	649	$	3	$	6,563

Impaired Financing Receivables [Table Text Block]

The following tables present by commodity type the unpaid principal balances, recorded investment, and specific allowance for losses related to impaired loans and the recorded investment in loans on nonaccrual status as of June 30, 2016 and December 31, 2015:

Table 5.5



	As of June 30, 2016
	Crops		Permanent Plantings		Livestock		Part-time Farm		Ag. Storage and Processing		Other		Total
	(in thousands)
Impaired Loans:
With no specific allowance:
Recorded investment	$	2,101	$	13,840	$	1,832	$	1,671	$	—	$	—	$	19,444
Unpaid principal balance	2,027		13,804		1,832		1,665		—		—		19,328
With a specific allowance:
Recorded investment⁽¹⁾	27,126		11,409		9,992		6,776		—		—		55,303
Unpaid principal balance	26,681		11,320		10,053		6,753		—		—		54,807
Associated allowance	721		504		894		226		—		—		2,345
Total:
Recorded investment	29,227		25,249		11,824		8,447		—		—		74,747
Unpaid principal balance	28,708		25,124		11,885		8,418		—		—		74,135
Associated allowance	721		504		894		226		—		—		2,345

Recorded investment of loans on nonaccrual status⁽²⁾	$	8,629	$	14,903	$	3,329	$	5,691	$	—	$	—	$	32,552


⁽¹⁾	Impairment analysis was performed in the aggregate in consideration of similar risk characteristics of the assets and historical statistics on $52.1 million (70 percent) of impaired loans as of June 30, 2016, which resulted in a specific reserve of $1.3 million.


⁽²⁾	Includes $17.4 million of loans that are less than 90 days delinquent but which have not met Farmer Mac's performance criteria for returning to accrual status.



	As of December 31, 2015
	Crops		Permanent Plantings		Livestock		Part-time Farm		Ag. Storage and Processing		Other		Total
	(in thousands)
Impaired Loans:
With no specific allowance:
Recorded investment	$	3,772	$	12,340	$	5,644	$	1,851	$	—	$	—	$	23,607
Unpaid principal balance	3,720		12,346		5,645		1,851		—		—		23,562
With a specific allowance:
Recorded investment⁽¹⁾	15,103		11,939		9,050		6,185		9,838		—		52,115
Unpaid principal balance	15,020		11,938		9,153		6,184		9,838		—		52,133
Associated allowance	476		360		787		227		—		—		1,850
Total:
Recorded investment	18,875		24,279		14,694		8,036		9,838		—		75,722
Unpaid principal balance	18,740		24,284		14,798		8,035		9,838		—		75,695
Associated allowance	476		360		787		227		—		—		1,850

Recorded investment of loans on nonaccrual status⁽²⁾	$	5,105	$	16,546	$	4,313	$	5,870	$	9,838	$	—	$	41,672


⁽¹⁾	Impairment analysis was performed in the aggregate in consideration of similar risk characteristics of the assets and historical statistics on $46.4 million (61 percent) of impaired loans as of December 31, 2015, which resulted in a specific reserve of $1.0 million.


⁽²⁾	Includes $14.7 million of loans that are less than 90 days delinquent but which have not met Farmer Mac's performance criteria for returning to accrual status.

The following table presents by commodity type the average recorded investment and interest income recognized on impaired loans for the three and six months ended June 30, 2016 and 2015:

Table 5.6



	June 30, 2016
	Crops		Permanent Plantings		Livestock		Part-time Farm		Ag. Storage and Processing		Other		Total
	(in thousands)
For the Three Months Ended:
Average recorded investment in impaired loans	$	28,732	$	24,133	$	14,883	$	8,772	$	—	$	—	$	76,520
Income recognized on impaired loans	60		509		133		105		—		—		807

For the Six Months Ended:
Average recorded investment in impaired loans	$	26,121	$	29,673	$	13,906	$	9,111	$	7,368	$	—	$	86,179
Income recognized on impaired loans	62		553		148		177		—		—		940



	June 30, 2015
	Crops		Permanent Plantings		Livestock		Part-time Farm		Ag. Storage and Processing		Other		Total
	(in thousands)
For the Three Months Ended:
Average recorded investment in impaired loans	$	24,392	$	42,347	$	14,247	$	10,924	$	6,750	$	—	$	98,660
Income recognized on impaired loans	58		142		49		92		—		—		341

For the Six Months Ended:
Average recorded investment in impaired loans	$	21,471	$	41,407	$	14,683	$	11,733	$	4,500	$	—	$	93,794
Income recognized on impaired loans	340		225		197		150		—		—		912

Schedule of Certain Loans Acquired in Transfer Acquired During Period [Table Text Block]

The following tables present information related to Farmer Mac's acquisition of defaulted loans for the three and six months ended June 30, 2016 and 2015 and the outstanding balances and carrying amounts of all such loans as of June 30, 2016 and December 31, 2015:

Table 5.7



	For the Three Months Ended				For the Six Months Ended
	June 30, 2016		June 30, 2015		June 30, 2016		June 30, 2015
	(in thousands)
Unpaid principal balance at acquisition date:
Loans underlying LTSPCs	$	—	$	—	$	1,267	$	—
Loans underlying off-balance sheet Farmer Mac Guaranteed Securities	—		1,324		148		1,981
Total unpaid principal balance at acquisition date	—		1,324		1,415		1,981
Contractually required payments receivable	—		—		1,435		—
Impairment recognized subsequent to acquisition	208		57		208		109
Recovery/release of allowance for defaulted loans	6		—		10		121



	As of
	June 30, 2016		December 31, 2015
	(in thousands)
Outstanding balance	$	16,734	$	36,195
Carrying amount	14,875		34,015

Past Due Financing Receivables [Table Text Block]

Net credit losses and 90-day delinquencies as of and for the periods indicated for loans held and loans underlying off-balance sheet Farm & Ranch Guaranteed Securities and LTSPCs are presented in the table below. As of June 30, 2016, there were no delinquencies and no probable losses inherent in Farmer Mac's Rural Utilities loan portfolio and Farmer Mac had not experienced credit losses on any Rural Utilities loans.

Table 5.8



	90-Day Delinquencies⁽¹⁾				Net Credit Losses
	As of				For the Six Months Ended
	June 30, 2016		December 31, 2015		June 30, 2016		June 30, 2015
	(in thousands)
On-balance sheet assets:
Farm & Ranch:
Loans	$	15,180	$	26,935	$	39	$	112
Total on-balance sheet	$	15,180	$	26,935	$	39	$	112
Off-balance sheet assets:
Farm & Ranch:
LTSPCs	$	6,913	$	5,201	$	—	$	—
Total off-balance sheet	$	6,913	$	5,201	$	—	$	—
Total	$	22,093	$	32,136	$	39	$	112


⁽¹⁾	Includes loans and loans underlying off-balance sheet Farm & Ranch Guaranteed Securities and LTSPCs that are 90 days or more past due, in foreclosure, or in bankruptcy, excluding loans performing under either their original loan terms or a court-approved bankruptcy plan.

Of the $15.2 million of on-balance sheet loans reported as 90-day delinquencies as of June 30, 2016, $0.3 million were loans subject to "removal-of-account" provisions.

Financing Receivable Credit Quality Indicators [Table Text Block]

Credit Quality Indicators

The following tables present credit quality indicators related to Farm & Ranch loans held and loans underlying LTSPCs and off-balance sheet Farm & Ranch Guaranteed Securities as of June 30, 2016 and December 31, 2015:

Table 5.9



	As of June 30, 2016
	Crops		Permanent Plantings		Livestock		Part-time Farm		Ag. Storage and Processing		Other		Total
	(in thousands)
Credit risk profile by internally assigned grade⁽¹⁾
On-balance sheet:
Acceptable	$	1,982,541	$	473,353	$	453,701	$	136,174	$	11,843	$	3,155	$	3,060,767
Special mention⁽²⁾	33,819		1,078		32,039		2,612		—		—		69,548
Substandard⁽³⁾	22,481		22,001		6,301		7,500		—		—		58,283
Total on-balance sheet	$	2,038,841	$	496,432	$	492,041	$	146,286	$	11,843	$	3,155	$	3,188,598
Off-Balance Sheet:
Acceptable	$	1,203,888	$	422,893	$	686,744	$	110,477	$	39,837	$	4,324	$	2,468,163
Special mention⁽²⁾	54,224		20,489		29,565		2,786		2,123		544		109,731
Substandard⁽³⁾	23,656		18,084		17,246		4,959		—		96		64,041
Total off-balance sheet	$	1,281,768	$	461,466	$	733,555	$	118,222	$	41,960	$	4,964	$	2,641,935
Total Ending Balance:
Acceptable	$	3,186,429	$	896,246	$	1,140,445	$	246,651	$	51,680	$	7,479	$	5,528,930
Special mention⁽²⁾	88,043		21,567		61,604		5,398		2,123		544		179,279
Substandard⁽³⁾	46,137		40,085		23,547		12,459		—		96		122,324
Total	$	3,320,609	$	957,898	$	1,225,596	$	264,508	$	53,803	$	8,119	$	5,830,533

Commodity analysis of past due loans⁽¹⁾
On-balance sheet	$	5,773	$	6,663	$	639	$	2,105	$	—	$	—	$	15,180
Off-balance sheet	6,121		15		298		479		—		—		6,913
90 days or more past due	$	11,894	$	6,678	$	937	$	2,584	$	—	$	—	$	22,093


⁽¹⁾	Amounts represent unpaid principal balance of risk-rated loans, which is the basis Farmer Mac uses to analyze its portfolio, and recorded investment of past due loans.


⁽²⁾	Assets in the "Special mention" category generally have potential weaknesses due to performance issues but are currently considered to be adequately secured.


⁽³⁾	Substandard assets have a well-defined weakness or weaknesses and there is a distinct possibility that some loss will be sustained if deficiencies are not corrected.



	As of December 31, 2015
	Crops		Permanent Plantings		Livestock		Part-time Farm		Ag. Storage and Processing		Other		Total
	(in thousands)
Credit risk profile by internally assigned grade⁽¹⁾
On-balance sheet:
Acceptable	$	1,888,762	$	431,038	$	409,003	$	89,541	$	15,944	$	3,199	$	2,837,487
Special mention⁽²⁾	22,255		2,616		35,317		2,918		—		—		63,106
Substandard⁽³⁾	12,825		21,247		5,958		7,514		9,838		—		57,382
Total on-balance sheet	$	1,923,842	$	454,901	$	450,278	$	99,973	$	25,782	$	3,199	$	2,957,975
Off-Balance Sheet
Acceptable	$	1,279,454	$	473,335	$	753,472	$	102,990	$	56,208	$	6,517	$	2,671,976
Special mention⁽²⁾	24,422		7,226		13,121		2,938		—		523		48,230
Substandard⁽³⁾	15,933		5,949		19,910		5,224		—		102		47,118
Total off-balance sheet	$	1,319,809	$	486,510	$	786,503	$	111,152	$	56,208	$	7,142	$	2,767,324
Total Ending Balance:
Acceptable	$	3,168,216	$	904,373	$	1,162,475	$	192,531	$	72,152	$	9,716	$	5,509,463
Special mention⁽²⁾	46,677		9,842		48,438		5,856		—		523		111,336
Substandard⁽³⁾	28,758		27,196		25,868		12,738		9,838		102		104,500
Total	$	3,243,651	$	941,411	$	1,236,781	$	211,125	$	81,990	$	10,341	$	5,725,299

Commodity analysis of past due loans⁽¹⁾
On-balance sheet	$	4,656	$	7,405	$	2,517	$	2,519	$	9,838	$	—	$	26,935
Off-balance sheet	511		—		4,542		148		—		—		5,201
90 days or more past due	$	5,167	$	7,405	$	7,059	$	2,667	$	9,838	$	—	$	32,136


⁽¹⁾	Amounts represent unpaid principal balance of risk-rated loans, which is the basis Farmer Mac uses to analyze its portfolio, and recorded investment of past due loans.


⁽²⁾	Assets in the "Special mention" category generally have potential weaknesses due to performance issues but are currently considered to be adequately secured.


⁽³⁾	Substandard assets have a well-defined weakness or weaknesses and there is a distinct possibility that some loss will be sustained if deficiencies are not corrected.

Schedules of Concentration of Risk, by Risk Factor [Table Text Block]

Concentrations of Credit Risk

The following table sets forth the geographic and commodity/collateral diversification, as well as the range of original loan-to-value ratios, for all Farm & Ranch loans held and loans underlying off-balance sheet Farm & Ranch Guaranteed Securities and LTSPCs as of June 30, 2016 and December 31, 2015:

Table 5.10



	As of
	June 30, 2016		December 31, 2015
	(in thousands)
By commodity/collateral type:
Crops	$	3,320,609	$	3,243,651
Permanent plantings	957,898		941,411
Livestock	1,225,596		1,236,781
Part-time farm	264,508		211,125
Ag. Storage and Processing	53,803		81,990
Other	8,119		10,341
Total	$	5,830,533	$	5,725,299
By geographic region⁽¹⁾:
Northwest	$	613,508	$	582,127
Southwest	1,722,509		1,726,927
Mid-North	2,045,422		2,009,654
Mid-South	794,257		769,831
Northeast	225,405		215,883
Southeast	429,432		420,877
Total	$	5,830,533	$	5,725,299
By original loan-to-value ratio:
0.00% to 40.00%	$	1,632,950	$	1,594,818
40.01% to 50.00%	1,339,807		1,279,321
50.01% to 60.00%	1,603,174		1,593,025
60.01% to 70.00%	1,086,716		1,107,710
70.01% to 80.00%	150,822		126,860
80.01% to 90.00%	17,064		23,565
Total	$	5,830,533	$	5,725,299


⁽¹⁾	Geographic regions: Northwest (AK, ID, MT, OR, WA, WY); Southwest (AZ, CA, CO, HI, NM, NV, UT); Mid-North (IA, IL, IN, MI, MN, NE, ND, SD, WI); Mid-South (AR, KS, LA, MO, OK, TX); Northeast (CT, DE, KY, MA, MD, ME, NH, NJ, NY, OH, PA, RI, VA, VT, WV); Southeast (AL, FL, GA, MS, NC, SC, TN).

The original loan-to-value ratio is calculated by dividing the loan principal balance at the time of guarantee, purchase, or commitment by the appraised value at the date of loan origination or, when available, the updated appraised value at the time of guarantee, purchase, or commitment. Current loan-to-value ratios may be higher or lower than the original loan-to-value ratios.