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Home Mortgage Disclosure Act (HMDA) Data

Home Mortgage Disclosure Act (HMDA) Data. Raphael W. Bostic University of Southern California Housing Statistics User Group West meeting at the University of California at Berkeley September 25, 2003. Outline. HMDA background Data details Uses of the data Strengths and weaknesses.

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Home Mortgage Disclosure Act (HMDA) Data

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  1. Home Mortgage Disclosure Act (HMDA) Data Raphael W. Bostic University of Southern California Housing Statistics User Group West meeting at the University of California at Berkeley September 25, 2003

  2. Outline • HMDA background • Data details • Uses of the data • Strengths and weaknesses

  3. HMDA background • Passed in 1975 • Objective to increase the amount of data on lending in the public domain • Subsequent revisions • 1989: Application-level reporting required • 1993: Reporting requirement expanded • 2003: Data elements added

  4. Data Details – Who Reports • Depository institutions • Extend at least 1 home loan in a calendar year • Have an office in an MSA • Have assets of $31 million or more (inflation-adjusted) • Other mortgage lending institutions • Extend at least 100 home loans in a year • At least $10 million in assets (until this year) • 5 or more applications in at least 1 MSA

  5. Data Details – What is Reported • Report includes information for: • All applications received during the calendar year • All loan purchases made during the calendar year

  6. Data Details – Data Elements • Application data • Loan characteristics • Lender • Size – Dollar amount • Type – Conventional, FHA, VA • Purpose – Purchase, refinance, home improvement, multi-family • Sale status – If sold, who purchased the loan (Fannie Mae, Freddie Mac, etc.) • Pricing – Rate spread, whether a HOEPA loan • Lien status – First, subordinate, unsecured

  7. Data Details – Data Elements • Application data • Applicant characteristics • Race or ethnicity • Gender • Income • Loan disposition • Approved, denied, withdrawn

  8. Data Details – Data Elements • Property characteristics • MSA, State, County, Census tract • Whether a manufactured home • Geographic data • Associated Census file • Median income, population (by race), etc.

  9. Some Uses of the HMDA Data • Fair lending enforcement • Discrimination and redlining • Neighborhood impact and development • Banking activity • Level of credit-granting activity • Character of bank, market

  10. Strengths • Complete inventory for respondents • Highly disaggregated data • Relatively high frequency data

  11. Weaknesses • Incomplete characterization of lending decision-making process • 1990-92 period not comparable to 1993-present • No performance information • Until now, no pricing information

  12. Data Point of Contact • Federal Financial Institutions Examination Council • www.ffiec.gov • Full dataset: $50 per year for CD-ROM

  13. Questions?

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