The Federal Financial Institutions Examination Council [1] (FFIEC) announced last Friday that data from 4,460 U.S. financial institutions on the state of 2022 mortgage lending activity as reported by the Home Mortgage Disclosure Act [2] (HDMA) is available to view.
The HDMA’s data is believed to be the most comprehensive publicly available information on mortgage activity. This data is used by industry, consumer groups, regulators, and others to assess potential fair lending risks and for other regulatory and informational purposes. The data helps the public assess how financial institutions are serving the housing needs of their local communities and facilitate federal financial regulators’ fair lending, consumer compliance, and Community Reinvestment Act examinations.
The Snapshot National Loan-Level Dataset contains the national HMDA datasets as of May 1, 2023. Key observations from the Snapshot include the following:
- For 2022, the number of reporting institutions increased by about 2.63% from 4,338 in the previous year to 4,460.
- The 2022 data includes information on 14.3 million home loan applications. Among them, 11.5 million were closed-end and 2.5 million were open-end. Another 287,000 records are from financial institutions making use of Economic Growth, Regulatory Relief, and Consumer Protection Act’s partial exemptions and did not indicate whether the records were closed-end or open-end.
- The share of mortgages originated by non-depository, independent mortgage companies has decreased and, in 2022, accounted for 60.2% of first lien, one- to four-family, site-built, owner-occupied home-purchase loans, down from 63.9% in 2021.
- In terms of borrower race and ethnicity, the share of closed-end home purchase loans for first lien, one- to four-family, site-built, owner-occupied properties made to Black or African American borrowers rose from 7.9% in 2021 to 8.1% in 2022, the share made to Hispanic-White borrowers decreased slightly from 9.2% to 9.1%, and those made to Asian borrowers increased from 7.1% to 7.6%.
- In 2022, Black or African American and Hispanic-White applicants experienced denial rates for first lien, one- to four-family, site-built, owner-occupied conventional, closed-end home purchase loans of 16.4% and 11.1% respectively, while the denial rates for Asian and non-Hispanic-White applicants were 9.2% and 5.8% respectively.
In addition to this report, the HDMA offers several other reports to serve a variety of users and industries: The HMDA Dynamic National Loan-Level Dataset [3] is updated on a weekly basis to reflect late submissions and resubmissions. Aggregate and Disclosure Reports [4] provide summary information on individual financial institutions and geographies. The HMDA Data Browser [5] allows users to create custom tables and download datasets that can be further analyzed. In addition, since mid-March 2023, the FFIEC has made available Loan/Application Registers [6] for each HMDA filer of 2022 data, as well as a combined file for all filers, modified to protect borrower privacy.
Additional summary information regarding the 2022 dataset can be found here [7].