Newsroom

The Federal Financial Institutions Examination Council yesterday announced the release of 2013 data collected under the Home Mortgage Disclosure Act, including individual disclosure statements that mortgage lenders must post in home offices.

The data cover mortgage lending transactions at 7,190 financial institutions subject to HMDA reporting. It includes aggregate data for each metropolitan statistical area, nationwide summary statistics on lending patterns and loan/application registers for each institution.

In 2013, mortgage-lending credit unions and banks with more than $42 million in assets and located in MSAs were subject to HMDA reporting on mortgage loan applications, originations and purchases. The data, collected and reported under CFPB's Regulation C, include the type, purpose, and amount of the loan; race, ethnicity, sex, and income of the loan applicant; location of the property; and loan pricing information for some loans.

Regulators use the HMDA data to identify possible discriminatory lending patterns, but FFIEC notes these data alone cannot be used to determine if a lender is complying with fair-lending laws. CFPB has a proposal out now that would increase the data points covered in each year's LAR.

The 2013 data include information on nearly 16.8 million actions, including 14 million home loan applications and 2.8 million loan purchases. Of total applications, 8.7 million resulted in loan originations.

NAFCU has a Regulatory Alert out to members on the CFPB proposal; comments are due to CFPB Oct. 29.