Table 3 Summary statistics (All periods...

Table 3

Summary statistics (All periods and period 5)

Variables		All		Prepayment		Normal repayment
Variables		Mean	SD	Mean	SD	Mean	SD
All periods
Monthly averaged spread (%)		0.0112	0.0546	0.0136	0.0656	0.0065	0.0177
Monthly average Δhouse price (%)		0.2176	0.3386	0.2450	0.3562	0.1633	0.2931
ΔExpected house price (%)		1.9438	4.0311	2.6486	3.9767	0.5465	3.7652
CLTV (%)		44.7445	16.7248	45.5131	16.8517	43.2207	16.3641
DTI (%)		26.7467	16.3552	27.0846	16.5202	26.0770	16.0020
Relative loan amount ratio		1.0000	0.6765	0.9646	0.6474	1.0701	0.7257
Loan maturity (year)		18.8893	7.4118	18.4790	7.3128	19.7028	7.5386
Borrower age		38.8667	7.7728	38.4254	7.6105	39.7415	8.0136
Grade 7 or higher		0.0438	0.2045	0.0452	0.2078	0.0408	0.1979
Elapsed months		31.4801	15.3799	24.6403	13.7755	45.0408	7.2552
Prepayer (%)		0.6647	0.4721	–	–	–	–
No. of observations		341,280		226,857		114,423
Etc	Loan rate	3.7229	1.4071	3.8589	1.3869	3.4532	1.4081
	Spread	0.3559	0.7939	0.3771	0.8316	0.3138	0.7112
	LTV (%)	54.3513	15.9500	51.1752	15.9706	54.7005	15.9035
Period 5
Monthly averaged spread (%)		0.0084	0.0562	0.0129	0.0631	−0.0067	0.0111
Monthly average Δhouse price (%)		0.2310	0.1932	0.2506	0.1987	0.1656	0.1566
ΔExpected house price (%)		2.0715	2.6334	2.5106	2.5846	0.6042	2.2336
CLTV (%)		47.6207	15.9336	48.6223	15.4418	44.2739	15.4418
DTI (%)		26.2615	15.9331	26.2371	15.8048	26.3434	16.3548
Relative loan amount ratio		1.0000	0.6475	0.9973	0.6494	1.0092	0.6409
Loan maturity (year)		18.0005	7.2993	17.8855	7.2591	18.3846	7.4196
Borrower age		26.2615	15.9331	26.2371	15.8048	26.3434	16.3548
Grade 7 or higher		0.0391	0.1938	0.0367	0.1880	0.0471	0.2119
Elapsed months		26.6231	14.0419	21.8413	12.0246	42.6014	6.4165
Prepayer (%)		0.7697	0.4211	–	–	–	–
No. of observations		71,665		55,158		16,507
Etc.	Loan rate	3.4343	0.5364	3.5001	0.5350	3.2143	0.4792
	Spread	0.2400	0.6369	0.3852	0.6055	−0.2453	0.4794
	LTV (%)	56.3947	15.2453	56.3816	15.2698	56.4383	15.1636

Variables		All		Prepayment		Normal repayment
Variables		Mean	SD	Mean	SD	Mean	SD
All periods
Monthly averaged spread (%)		0.0112	0.0546	0.0136	0.0656	0.0065	0.0177
Monthly average Δhouse price (%)		0.2176	0.3386	0.2450	0.3562	0.1633	0.2931
ΔExpected house price (%)		1.9438	4.0311	2.6486	3.9767	0.5465	3.7652
CLTV (%)		44.7445	16.7248	45.5131	16.8517	43.2207	16.3641
DTI (%)		26.7467	16.3552	27.0846	16.5202	26.0770	16.0020
Relative loan amount ratio		1.0000	0.6765	0.9646	0.6474	1.0701	0.7257
Loan maturity (year)		18.8893	7.4118	18.4790	7.3128	19.7028	7.5386
Borrower age		38.8667	7.7728	38.4254	7.6105	39.7415	8.0136
Grade 7 or higher		0.0438	0.2045	0.0452	0.2078	0.0408	0.1979
Elapsed months		31.4801	15.3799	24.6403	13.7755	45.0408	7.2552
Prepayer (%)		0.6647	0.4721	–	–	–	–
No. of observations		341,280		226,857		114,423
Etc	Loan rate	3.7229	1.4071	3.8589	1.3869	3.4532	1.4081
	Spread	0.3559	0.7939	0.3771	0.8316	0.3138	0.7112
	LTV (%)	54.3513	15.9500	51.1752	15.9706	54.7005	15.9035
Period 5
Monthly averaged spread (%)		0.0084	0.0562	0.0129	0.0631	−0.0067	0.0111
Monthly average Δhouse price (%)		0.2310	0.1932	0.2506	0.1987	0.1656	0.1566
ΔExpected house price (%)		2.0715	2.6334	2.5106	2.5846	0.6042	2.2336
CLTV (%)		47.6207	15.9336	48.6223	15.4418	44.2739	15.4418
DTI (%)		26.2615	15.9331	26.2371	15.8048	26.3434	16.3548
Relative loan amount ratio		1.0000	0.6475	0.9973	0.6494	1.0092	0.6409
Loan maturity (year)		18.0005	7.2993	17.8855	7.2591	18.3846	7.4196
Borrower age		26.2615	15.9331	26.2371	15.8048	26.3434	16.3548
Grade 7 or higher		0.0391	0.1938	0.0367	0.1880	0.0471	0.2119
Elapsed months		26.6231	14.0419	21.8413	12.0246	42.6014	6.4165
Prepayer (%)		0.7697	0.4211	–	–	–	–
No. of observations		71,665		55,158		16,507
Etc.	Loan rate	3.4343	0.5364	3.5001	0.5350	3.2143	0.4792
	Spread	0.2400	0.6369	0.3852	0.6055	−0.2453	0.4794
	LTV (%)	56.3947	15.2453	56.3816	15.2698	56.4383	15.1636

Note(s): The table reports the mean and standard deviations of key variables of prepaid and normal repaid loans. The data of loan and borrower characteristics are obtained from HF and the data of house prices are obtained from REB

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