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This summary from a Better Buildings Residential Network peer exchange call focused on how loan performance data is tracked and analyzed, and what the data shows.
This summary from a Better Buildings Residential Network peer exchange call focused on gathering and communicating loan performance data.
This paper analyzes Bank of America's $55 million initiative to provide low-cost funding and grant support to advance energy efficiency investment in low- to moderate-income communities. The funding supported community development financial institutions (CDFIs) in developing and enhancing efficiency programs for residential, commercial, and multifamily buildings. We report on loan performance, energy savings, and the degree to which the savings offset the cost of the energy efficiency investment.
This study examines actual loan performance data obtained from CoreLogic, the lending industry’s leading source of such data. To assess whether residential energy efficiency is associated with lower default and prepayment risks, a national sample of about 71,000 ENERGY STAR and non-ENERGY STAR-rated single-family home mortgages was carefully constructed, accounting for loan, household, and neighborhood characteristics. The study finds that default risks are on average 32 percent lower in energy-efficient homes, controlling for other loan determinants.
This case study highlights Clean Energy Works Oregon's (now Enhabit) low interest, on-bill financing and alternative underwriting practices which have achieved a low rejection rate while also maintaining a low loan default rate.