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{OT} New RFS File Expected in Early October

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New RFS File Expected in Early October

A new file was just released (the September 14 vintage) that contained corrected information for multifamily (5+) properties originated in 2000 and 2001 that had ORIGAMT1/NUMUNITS over $200,000. As noted at that time, we discovered about 200 other multifamily cases (i.e., those with origination years other than 2000 or 2001) that had ORIGAMT1/NUMUNITS over $200,000. A list has been sent to Census and they have found numerous cases that need to be corrected. The Census Bureau notes that the vast majority of these problems were caused by the same data input problems as found with the 2000 and 2001 originations -- missing trailing zeroes (decimal slides) or spurious leading digits.

Since these cases have been identified, other possible problems with multifamily cases have been identified (A case may appear in more than one problem category):
· About 700 cases with excessive debt to value ratios, i.e., ORIGAMT1/ORIGVAL1 over 200%
· About 45 cases with low per unit debt, i.e., ORIGAMT1/NUMUNITS less than $500.
· About 52 cases with low per unit values, i.e., ORIGVAL1/NUMUNITS less than $500.
The Census Bureau is now checking the original input data sources for these cases and expects to make corrections.

Once these additional cases are reviewed and corrected, we will issue a new database. It is expected that this will occur in about two weeks, early in October. We will issue an e-mail at that time.

We expect to continue updating the files as users report issues to us and as we uncover possible problems as the final report tables are programmed and reviewed. So users should be sure that they are using the most recent file.