Cumulative totals.-On a cumulative basis, the ranking of States is somewhat different. The six States with the largest dollar amounts of home mortgages insured accounted for 47 percent of the total amount written in the country. Included were California with

TABLE 5-State distribution of all home mortgages: Number and face amount of home mortgages insured by FHA under Secs. 203 and 603, for the year 1948

Total'.

2,471,900

293, 936 2,085, 054, 739 161, 934 1, 213, 930, 472 29,741 218, 325, 950 102, 261 652,798, 317

1 Excludes 920 mortgages for $3,390,350 insured under Sec. 603 pursuant to Sec. 610, and 3 manufacturedabout housing loans for $1,871,972 insured under Sec. 609.

* Includes 2,800 refinanced cases amounting to approximately $15,000,000.

Cases tabulated in Washington during the period Jan. 1, 1948 through Dec. 31, 1948.

7,000 1,085,700 10,865, 800

10

89, 600

48

270

2, 506, 700

168

413,900 1,530, 900

375

3, 231, 200

376

12, 800

$1,704,000,000, Michigan with $738,800,000, Illinois with $587,300,000, Texas with $567,000,000, Pennsylvania with $526,400,000, and Ohio with $503,200,000 (Table 6). The East North Central States accounted for the largest cumulative volume of insurance written, almost 23 percent of the total, followed by the Pacific States with about 22 percent, and the Middle Atlantic States with about 15

TABLE 6.-State distribution of all home mortgages: Number and face amount of home mortgages insured by FHA under Secs. 203 and 603, cumulative through 1948

1 Excludes 924 mortgages for $3,411,450 insured under Sec. 603 pursuant to Sec. 610, and 3 manufacturedhousing loans for $1,871,972 insured under Sec. 609.

* Cases tabulated in Washington through Dec. 31, 1948.

percent. Less than 3 percent of the total amount of home mortgages insured since the beginning of operations has involved properties located in the New England States.

Financial Institutions

Originations and holdings.-During 1948, Section 203 mortgages were originated by almost 4,000 individual financial institutions, while Section 603 mortgages were originated by more than 1,900 institutions. As of December 31, 1948, over 8,900 institutions held Section 203 insured mortgages in their portfolios, while 3,800 institutions held Section 603 mortgages.

Table 7 shows the number of institutions, by type, originating and holding mortgages insured under these sections of the act, with the volume of activity for each type of institution.

The number and amount of originations under Sections 203 and 603 tabulated in Washington totaled 1,981,032 mortgages for $9,900,662,716. Of this volume, 294,187 mortgages for $2,086,644,839 were originated during 1948. As might be expected, the number and

TYPE OF INSTITUTION ORIGINATING, TRANSFERRING OR HOLDING HOME MORTGAGES (BASED ON DOLLAR AMOUNT OF MORTGAGES INSURED UNDER SECTIONS 203 AND 603)

TABLE 7.-Type of institution originating and holding all home mortgages: Number and face amount of Secs. 203 and 603 mortgages originated for the year 1948 and held in portfolio as of Dec. 31, 1948

1 Total originations for the year do not agree with insurance written for the year shown elsewhere, due to lag in tabulation.

Less than face amount in force, due to lag in tabulation.

Based on amount of mortgage.

Includes industrial banks, finance companies, endowed institutions, private and State benefit funds, etc. Excludes mortgages insured under Sec. 603 pursuant to Sec. 610 and those insured under Sec. 609.

amount of mortgages originated by the various types of institution through 1948 have not been in proportion to the number of institutions in each category. For both Section 203 and Section 603, the largest number of institutions originating or holding mortgages as of December 31, 1948, were the State banks, but (as shown in Chart III) these institutions ranked fourth in the amount of insurance originated and third in the amount held at the year end.

Mortgage companies have originated some $2,474,315,650, or more than one-fourth, of the total amount of home mortgages insured by the Federal Housing Administration since the beginning of operations. In 1948, these institutions originated 81,816 mortgages under Sections 203 and 603 amounting to $574,733,210, or, as the chart and table show, about 27.5 percent of the total amount written under these sections. Insurance companies ranked second, originating 66,088 mortgages for $468,350,822, or 22.4 percent of the total amount. National banks, ranking third in volume, together with State banks, which ranked fourth, brought the amount written for all commercial banks to 92,374 mortgages for $657,042,557, or 31.5 percent of the total amount.

The institutions holding the greatest volume of FHA-insured home mortgages on December 31, 1948 were the insurance companies with 379,903 mortgages for $2,077,148,409-more than one out of every three mortgages held in portfolio as of that date. These institutions had in their portfolios almost one-third more FHA mortgages than they had originated since the beginning of operations. National banks, as of the year end, held 233,960 mortgages for $1,187,205,707, or about 21.3 percent of the total amount held. National banks and State banks combined brought the holdings of all commercial banks to about the same as that of insurance companies. Mortgage companies, which originated the greatest volume of mortgages, held only 3.5 percent of the total.

Transfers.—Table 8 shows, for the year 1948, the participation in the secondary market of financial institutions buying and selling mortgages insured under Sections 203 and 603. Including resales, a total of 133,924 of these mortgages with an original face amount of $886,573,530 were transferred during the year. Some 1,165 separate institutions purchased 51,730 Section 203 mortgages totaling $304,879,152, while 1,145 institutions sold these mortgages. Under Section 603, 82,194 mortgages totaling $581,694,378 were purchased by 689 institutions and sold by 878 institutions.

With sales of mortgages aggregating $458,354,492, mortgage companies accounted for over half the dollar volume of home mortgages sold during 1948. These institutions frequently originate FHA mortgages with the intention of selling them and acting as servicing agent for the purchasers. As the table and chart show, they purchased only 2.6 percent of the dollar amount of mortgages transferred during the year. State banks, which sold 25,597 mortgages with original face amount of $162,329,161, ranked second in volume of sales, accounting for 18.3 percent of the total amount sold. National banks were third with 13,757 mortgages for $90,444,727 or 10.2 percent of