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FFIEC Releases 2013 HMDA Lending Data to Public

mixed-numbers [1]The data on 2013 lending transactions at thousands of U.S. financial institutions was made available starting Monday, the Federal Financial Institutions Examination Council (FFIEC [2]) announced.

The 7,190 financial institutions, including banks, savings associations, credit unions, and mortgage companies, covered by the Home Mortgage Disclosure Act (HMDA [3]) released their mortgage lending transaction data for their 2013 lending activity, which includes applications, originations, denials, purchases and sales of loans, and other application-related actions.

Disclosure statements for each financial institution are also included along with nationwide lending pattern statistics and each metropolitan statistical area's aggregate data. Also included are Loan/Application Registers for each financial institution, modified to protect the privacy of the borrower.

The FFIEC, acting on behalf of its member agencies, prepares and distributes the mortgage lending data. Included in the HMDA data is such information as the loan amount; loan type (a VA loan, an FHA loan, or a conventional loan); the purpose of the loan (a refinancing, a home purchase, or home improvement loan); the property type (single family or multi family); the property location (state, county, or MSA); the characteristics of the applicant (race, ethnicity, income, and gender); and data related to pricing. Other information included in the data is whether a loan subject to the Home Ownership and Protection Act (HOEPA [4]) and whether a loan is secured or unsecured by a first or subordinate lien.

The HMDA provides the most comprehensive data available to the public on activity in the mortgage market. It is often used for (among other purposes) examinations to determine if lenders are in compliance with fair lending and determining how those financial institutions are meeting their local communities' housing needs. The data includes about 16 million actions – 14 million home loan applications and 2.8 million loan purchases. According to the data, about 8.7 million of the applications resulted in loan originations.

The number of institutions reporting data dropped by about three percent from 2013 to 2012. That number has been declining since 2006, when nearly 8,900 institutions reported. The decline is largely a result of the failure of some institutions as well as mergers and acquisitions.