Texas General Land Office and Texas Veterans' Land Board Annual Financial Report: 2014 Page: 85
This report is part of the collection entitled: Texas State Publications and was provided to The Portal to Texas History by the UNT Libraries Government Documents Department.
Extracted Text
The following text was automatically extracted from the image on this page using optical character recognition software:
UNAUDITED
Statement No. 65, the governmental fund reported deferred
inflows of resources of $10,721,469.07 related to its deferred
revenues for amounts not collected within 60 days after year
end, as presented in Exhibit I.
NOTE 29:
TROUBLED DEBT
RESTRUCTURINGNot applicable.
Table 35
HOUSING AND LAND MORTGAGES
Percent of Total
Type Number Number of LoansConventional
FHA
VA
Other
Total2,469
594
10,099
3,71214.63
3.52
59.85
22.0016,874 100.00
NOTE 30:
NON-EXCHANGE FINANCIAL
GUARANTEES
Not applicable.
NOTE 31:
PROPERTY ACQUIRED THROUGHFORECLOSURE AND
DELINQUENCIES
SECURITY AND INSURANCE
The Veterans' Land Board holds title to lands under
contracts for deed in the land program. A voluntary group
credit life insurance program is available to contract
holders. The Veterans' Land Board also originates land
mortgage loans. These land mortgage loans are not
insured. Any loss or gain on the disposal of a foreclosed
land mortgage loan will depend on the value of the property
at the Real Estate Owned (REO) sale, which can be
unpredictable.
Housing mortgages secured by first liens are insured
by the Federal Housing Authority (FHA), the Veterans
Administration (VA), or qualified Private Mortgage Insurers
(Conventional PMI) unless the loan to value ratio was below
80percent and insurance was not required. Home
improvement mortgages secured by first or second liens are
insured under the U.S. Department of Housing and Urban
Development (HUD) Title I insurance program.
Housing and land mortgages secured by first and
second liens as of August 31, 2014, are presented in Table 35
to the right.For FHA-insured housing mortgages, HUD
reimburses 100 percent of the principal balance and interest
from 30 days after the due date with a 60-day interest
curtailment. HUD also pays two-thirds of foreclosure
attorney costs, and 100 percent of all other expenses.
For VA-insured housing mortgages, assuming the
VA pays you "in full" (meaning they accept conveyance of
the property, which is usually the case), they generally pay
100 percent of principal plus interest through the date of the
claim payment, plus specific expenses allowed per the VA
guidelines. Expenses may be curtailed if they are outside of
VA's guidelines or incurred outside of the VA established
timelines. In summary, if the property is conveyed, the
investor's loss is usually minimal. For VA housing
mortgages where VA does not accept conveyance they pay
the percentages established under their Guarantee
Agreement (which is usually 25 percent), and the housing
program also receives all proceeds from the sale of the REO
property.
Most Veterans' Land Board conventional housing
mortgages are insured; unless loan to value is less than 80
percent. The loss, and in some instances a gain, will depend
on the value of the property at the REO sale, which can be
unpredictable. For Conventional loans that are insured, the
coverage is approximately 20 to 30 percent of the unpaid
principal balance, accrued interest, and foreclosure expense.
Resale proceeds, along with insurance coverage, minimize
the risk of loss.
For HUD Title I FHA insured mortgages in a first or
second lien position, HUD pays for 90 percent of the default
balance with the remaining 10 percent being absorbed by
the investor.
Data applicable to housing and land mortgages at
August 31, 2014, are listed in Table 36 on page 86.85
Upcoming Pages
Here’s what’s next.
Search Inside
This report can be searched. Note: Results may vary based on the legibility of text within the document.
Tools / Downloads
Get a copy of this page or view the extracted text.
Citing and Sharing
Basic information for referencing this web page. We also provide extended guidance on usage rights, references, copying or embedding.
Reference the current page of this Report.
Texas. General Land Office. Texas General Land Office and Texas Veterans' Land Board Annual Financial Report: 2014, report, Autumn 2014; Austin, Texas. (https://texashistory.unt.edu/ark:/67531/metapth639012/m1/89/?rotate=270: accessed July 18, 2024), University of North Texas Libraries, The Portal to Texas History, https://texashistory.unt.edu.; crediting UNT Libraries Government Documents Department.