Federal Financial Institution Regulators Announce Availability of 2007 Data on Mortgage Lending
Source: Office of Thrift Supervision, et. al.
The Federal Financial Institutions Examination Council (FFIEC) today announced the availability of 2007 data on mortgage lending transactions throughout the nation at 8,610 financial institutions covered by the Home Mortgage Disclosure Act (HMDA). Covered institutions include, but are not limited to, banks, savings associations, credit unions, and independent mortgage companies. The HMDA data made available today cover lending activity – applications for loans, loan originations and denials, and purchases of loans – from 2007. The data include 21.4 million applications and originations and 4.8 million purchases, for a total of 26.2 million actions reported by all covered institutions in 2007.
The data include disclosure statements for each financial institution, aggregate data for each metropolitan statistical area (MSA), nationwide summary statistics regarding lending patterns, and the Loan Application Register (LAR), modified for borrower privacy, submitted by each institution to its supervisory agency. The FFIEC prepares and distributes these data products on behalf of its member agencies (Board of Governors of the Federal Reserve System, Federal Deposit Insurance Corporation, National Credit Union Administration, Office of the Comptroller of the Currency, and Office of Thrift Supervision) and the Department of Housing and Urban Development.
The HMDA data show disposition of loan applications and include information on loan type, purpose, and amount; property type (1- to 4-family, multifamily, or manufactured housing); property location (MSA, state, county, and census tract); applicant characteristics (race, ethnicity, sex, and income); and census tract characteristics (minority composition and income). The data also reflect information about prices for higher-priced loans; whether a loan is subject to HOEPA (the Home Ownership and Equity Protection Act); and whether a loan is secured by a first or subordinate lien, or is unsecured. (More information about HMDA data reporting requirements is available in the Frequently Asked Questions on the FFIEC website at http://www.ffiec.gov/hmda/faq.htm.)
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