Removing Barriers Blog

FFIEC Announces Availability of 2017 Data on Mortgage Lending
Posted May 09, 2018 by CUNA Advocacy

Earlier this week, the Federal Financial Institutions Examination Council (FFIEC) announced the availability of data on mortgage lending transactions at 5,852 U.S. financial institutions covered by the Home Mortgage Disclosure Act (HMDA). Covered institutions include banks, savings associations, credit unions, and mortgage companies. Released this week are loan-level HMDA data that cover 2017 lending activity submitted by financial institutions on or before April 18, 2018.  

The data include

  • Applications, originations, purchases of loans, sales of loans, denials, and other actions related to applications
  • Loan amounts
  • Loan types (conventional, Federal Housing Administration (FHA), Veterans Administration (VA), Rural Housing Service (RHS), or Farm Service Agency (FSA))
  • Purposes (home purchase, home improvement, or refinancing) 
  • Property types (1–4 family, multifamily, or manufactured housing)
  • Owner occupancy
  • Preapprovals (home purchase loans only)
  • Property locations (metropolitan statistical area (MSA), state, county, and census tract)
  • Applicant and co-applicant characteristics (race, ethnicity, sex, and income) 
  • Pricing-related data
  • Type of purchasers
  • Whether a particular loan is subject to the Home Ownership and Equity Protection Act (HOEPA)
  • Whether a particular loan is secured by a first or a subordinate lien, or is unsecured

You can access information via the Bureau's website. Data point: 2017 mortgage market activity and trends

According to the release, "The 2017 HMDA data use the census tract delineations, population, and housing characteristic data from the 2011–2015 American Community Survey (ACS). In addition, the data reflect MSA definitions released by the Office of Management and Budget in 2015 that became effective for HMDA purposes in 2016.  Caution should be used when comparing HMDA data across multiple years for specific geographic areas due to the changes in MSA and census tract boundaries and updates to the population and housing characteristics of census tracts that followed the decennial census and five-year updates based on the ACS data.

The HMDA data are the most comprehensive publicly available information on mortgage market activity. Among other uses, the data help the public assess how financial institutions are serving the housing needs of their local communities and facilitate federal financial regulators’ fair lending and consumer compliance examinations. When these regulators evaluate an institution’s fair lending risk, they analyze HMDA data in conjunction with other information and risk factors, in accordance with the Interagency Fair Lending Examination Procedures available at https://www.ffiec.gov/PDF/fairlend.pdf.

HMDA data alone cannot be used to determine whether a lender is complying with fair lending laws. The data do not include many potential determinants of loan application and pricing decisions, such as the applicant’s credit history and debt-to-income ratio, the loan-to-value ratio, and other considerations. Therefore, when regulators conduct fair lending examinations, including ones involving loan pricing, they analyze additional information before reaching a determination about an institution’s compliance with fair lending laws."