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FFIEC Council Announces Availability of 2012 Data on Mortgage Lending
Thursday, September 19, 2013 6:55 AM

The Federal Financial Institutions Examination Council (FFIEC) yesterday announced the availability of data on mortgage lending transactions at 7,400 U.S. financial institutions covered by the Home Mortgage Disclosure Act (HMDA). Covered institutions include banks, savings associations, credit unions, and mortgage companies. The HMDA data covers 2012 lending activity — applications, originations, purchases and sales of loans, denials, and other actions related to applications.

The data released yesterday also includes disclosure statements for each financial institution, aggregate data for each metropolitan statistical area (MSA), nationwide summary statistics regarding lending patterns, and Loan/Application Registers (LARs) for each financial institution (LARs are modified to protect borrower privacy).

The HMDA data shows the disposition of loan applications and includes information on loan amount; loan type (such as conventional, Federal Housing Administration, or Veterans Administration); purpose (home purchase, home improvement, or refinancing); 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 pricing-related data. The data also show whether a loan is subject to the Home Ownership and Equity Protection Act and whether a loan is secured by a first or subordinate lien, or is unsecured. The data as released by the FFIEC includes census tract characteristics (minority composition and income).

For 2012, the number of reporting institutions of 7,400 fell 3 percent from the number in 2011, continuing a downward trend since 2006 when HMDA coverage included just over 8,900 lenders. The decline reflects mergers, acquisitions, and the failure of some institutions. The 2012 data includes information on 15.3 million home loan applications (of which nearly 9.8 million resulted in loan originations) and 3.2 million loan purchases, for a total of nearly 18.5 million actions. The data also includes information on about 477,000 requests for preapprovals related to a home purchase loan. The total number of originated loans of all types and purposes reported increased by about 2.7 million, or 38 percent, from 2011, in part because of a 54 percent increase in the number of refinancings. Home purchase lending also increased, but by a more modest 13 percent.

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