associations in those States. Thus, almost all of the total savings shown for savings and loan associations in this table were estimated from data reported to regulatory bodies. The estimated savings shown for life insurance companies include estimated reserves, unpaid dividends, dividends left to accumulate and surplus to policy holders less premium notes, policy loans, and net deferred and unpaid premiums. The estimates for life-insurance companies are obtained from the Spectator, and are based on the reports of a large group of companies which in terms of assets represent more than 95 percent of all legal reserve companies in the United States. The figures on the savings in insured commercial banks cover all savings accounts except those having definite termination dates, such as Christmas saving accounts and certificates of deposit which in some States represent business savings. From 1934 through 1941, data were tabulated from reports submitted by each institution with insured accounts to the Federal Deposit Insurance Corporation and represent complete coverage of such institutions. Figures for 1942 through 1946 were estimated by the Federal Home Loan Bank Administration from time deposits obtained from the Federal Deposit Insurance Corporation. Only about 1 percent of the total savings deposits in all commercial banks are held in uninsured banks. The savings shown for mutual savings banks represent complete coverage of such institutions and were taken from reports of the Comptroller of the Currency or the National Association of Mutual Savings Banks. The figures from both agencies are almost equal, and are based on the reports that mutual savings banks make to the State regulatory bodies. The data on postal savings and war savings securities are from reports by the Government agencies concerned and represent a complete tabulation of all the funds involved. Chapter II Volume of Mortgage Lending This chapter contains estimates of the total amount and number of mortgages recorded and the average size of loan for each month since the beginning of 1939. In addition, there is presented recording activity by type of lender, and new mortgage lending activity of savings and loan associations by purpose of loan. Mortgage recording statistics are useful to mortgage lenders as a basis for comparison with their own operations and are also helpful in analyzing real-estate market conditions and trends in real-estate activity. Table 86 shows principal amount, number and average principal amount of nonfarm mortgages of $20,000 and under recorded 1050 each month since January 1939. The total principal amount is also presented graphically in chart 21 and the average principal amount in chart 22. Type of Lender Estimates of mortgage recording activity are computed by type of lender each month by the Federal Home Loan Bank Administration. A description of the data is included in the explanation accompanying table 87 where mortgage volume is presented by type of lender. Table 87 and chart 23 show the total principal amount of mortgages recorded by type of mortgagee. During 1946, savings and loan associa Chart 21 NONFARM MORTGAGES RECORDED PRINCIPAL AMOUNT BY MONTH, 1939 THRU MARCH 1947 MORTGAGES OF $20,000 OR LESS 1050 tions accounted for about a third of the total principal amount of mortgages recorded while banks and trust companies originated over a quarter. During that year, about a fifth of the total was written by individual lenders; approximately 5 percent each, by insurance companies and mutual savings banks, and about 12 percent by "other mortgagees." However, the importance of insurance companies in the mortgage market cannot be judged by the proportion of mortgages originated by these institutions since they purchase mortgages originated by other mortgagees to a large extent. Size of Loan The principal amount and number of nonfarn mortgage recordings of $20,000 or less are esti mated monthly by the Federal Home Loan Bank Administration. The exclusion of mortgage exceeding $20,000 is believed to eliminate largely the mortgages on nonresidential properties and large rental housing projects. In general, the data relate primarily to loans on one- to four-family The average size of loan made is generally highest for insurance companies, averaging $5,766 Table 86.-Nonfarm mortgages recorded: Total principal amount, number, and average principal amount by month, January 1939-March 1947 mates based primarily on reports furnished by the associations. One reason is that association reports cover total lending activity rather than nonfarm mortgages of $20,000 or less. Moreover, there is a difference in timing. Recordings reflect the actual date the mortgage is recorded whereas, the association reports the loan commitment. Another reason is that changes in the terms of an existing mortgage may necessitate a new registration. For example, in the case of refinancing a mortgage held by an association, the face amount of the new mortgage would appear in the recording total, whereas only that portion which represented an increase in funds loaned would be included in the monthly lending figures reported by the association. Chart 23 NONFARM MORTGAGES RECORDED PERCENTAGE DISTRIBUTION OF DOLLAR AMOUNT BY TYPE OF MORTGAGEE, BY YEAR, 1939-1946 properties. Monthly reports of mortgage recordings, including both first and junior mortgages, are received from about 500 areas having almost three-fifths of the total nonfarm population of the United States. Regular voluntary cooperators, usually savings and loan associations, complete forms supplied by the Federal Home Loan Bank Administration showing number and dollar amount of nonfarm recordings in their respective counties during the month. Data are reported by type of mortgagee. The sample data are expanded by type of mortgage lender to State and national totals on the basis of nonfarm population, by county groupings within States. County groupings are determined by various characteristics such as type of lenders who operate in rural areas or proximity to or inclusion of a large city. Data for states and Federal Home Loan Bank districts are available from the Federal Home Loan Bank Administration. The figures for savings and loan associations in this table are not directly comparable with those shown for new mortgage loans made by savings and loan associations in table 96, which are esti PERCENT OF TOTAL 1940 1941 1942 1943 SOURCE: Federal Home Loan Bank Administration 1946 Purpose of Loan The mortgage recording series would be of greater value if a distribution of loans were available by purpose for which mortgage credit is granted. Unfortunately, such information is not available for all types of mortgage lenders. However, new mortgage lending of savings and Table 87.-Nonfarm mortgages recorded: Principal amount, percentage distribution and average principal amount of mortgage, by type of mortgagee, by year, 1939-46; and principal amount, by month, January 1946-March 1947 Include fiduciaries, real estate and bond companies, title and mortgage companies, philanthropic and educational institutions, fraternal organizations, construction companies, RFC Mortgage Company, etc. Source: Federal Home Loan Bank Administration. loan associations by purpose of loan is presented in table 88 and chart 24. While the lending activity of savings and loan associations may not be typical of all mortgage lenders, they represent the only data of this type available. The data for savings and loan associations on purpose of loan include data for construction, home purchases, refinancing, repairs and reconditioning, and "all other purposes." Loans for these purposes are limited to those on one- to four-family structures, including such structures with business, although some loans on other than one- to four-family structures are included in the "all other purposes" category. Construction loans include lending for new residential construction to operative builders and owner-builders. Available information on construction lending is quite limited. Not only are |