What does “CMHPI” mean?
The acronym “CMHPI” stands for Conventional Mortgage Home Price Index. The computation of the index is based on mortgages that were purchased or securitized by Freddie Mac or Fannie Mae since January 1975. These mortgages are “conventional” in their financing: they are not insured or guaranteed by any federal government agency such as the Federal Housing Administration or Veterans Administration. Although not specified in the name, the index is based on mortgages for single unit residential houses only; it does not reflect condominiums, multi-family or commercial properties. Finally, the mortgages are “conforming”: at the time of purchase they met Freddie Mac or Fannie Mae underwriting standards, and they did not exceed the allowable loan limit set for the two companies. The conforming loan limit is revised each year based on a Federal Housing Finance Board survey. The 2007 loan limit is $417,000 except for mortgages originated in Alaska, Hawaii, Guam and the US Virgin Islands, where i
