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FFIEC Releases Data for 7,062 Mortgage Lenders
Thursday, September 24, 2015 6:35 AM

The Federal Financial Institutions Examination Council has announced the release of 2014 data collected under the Home Mortgage Disclosure Act, including information on lending activity, disclosure statements, aggregate data for metropolitan areas, nationwide statistics, and lending patterns.

According to data released Tuesday on 2014 mortgage lending transactions at 7,062 financial institutions, the total number of originated loans of all types and purposes declined by about 2.7 million, or 31 percent, from 2013 to 2014. Refinance originations declined by 55 percent, whereas home purchase lending increased by about 4 percent. In addition to credit unions, the data cover activity at banks, savings associations, and mortgage companies.

Other highlights of the 2014 data include:

  • The number of reporting institutions declined roughly 2 percent from 2013, continuing a downward trend since 2006 when about 8,900 lenders reported HMDA data;
  • Actions totaled 11.7 million, including 9.9 million home loan applications, of which nearly six million resulted in loan originations. The report also included about 1.8 million loan purchases;
  • From 2013 to 2014, the share of home purchase loans for one- to four-family properties made to black borrowers rose to nearly 4.9 percent, up from 4.4 percent; the share made to Hispanic white borrowers rose to 7.5 percent from 6.9 percent; and those made to Asian borrowers declined slightly to 5.7 percent;
  • The share of one- to four-family home purchase loans made to low- and moderate-income borrowers (those with income of less than 80 percent of area median income) declined from 26 percent in 2013 to 25 percent in 2014. The share of refinance loans to low- and moderate-income borrowers increased to 21 percent from 20 percent;
  • In 2014, the FHA-insured share of first-lien home purchase loans for one to four family, site-built owner-occupied properties was 21 percent, down from 24 percent in 2013 and down from its peak of 42 percent in 2009;
  • In 2014, conventional loans accounted for 81 percent of all first-lien refinance mortgages for one- to four-family, site-built, owner-occupied properties, down from about 84 percent in 2013, while Federal Housing Administration-insured loans accounted for about 9 percent, similar to 2013. The Veterans Administration-guaranteed share of refinance loans increased to 10 percent from 6 percent since 2013; and
  • In 2014, black and Hispanic white applicants experienced higher denial rates for conventional home purchase loans than non-Hispanic white applicants. The denial rate for Asian applicants is more comparable to the denial rate for non-Hispanic white applicants. These relationships are similar to those found in earlier years.

The FFIEC includes representatives from the Federal Reserve Board, FDIC, NCUA, the Office of the Comptroller of the Currency, CFPB, and the State Liaison Committee.