Regulation and Compliance

FFIEC Releases 2018 HMDA Data

Sep 04, 2019
Do you agree with me that today’s housing supply has narrowed, and mortgage demand is uncertain

The Federal Financial Institutions Examination Council (FFIEC) has published data on 2018 mortgage lending transactions at 5,683 financial institutions covered by the Home Mortgage Disclosure Act (HMDA).
 
The Federal Financial Institutions Examination Council (FFIEC) has published data on 2018 mortgage lending transactions at 5,683 financial institutions covered by the Home Mortgage Disclosure Act (HMDA)The institutions in the FFIEC data include banks, savings associations, credit unions and mortgage companies, and their data covers lending activity submitted on or before Aug. 7.
 
The information covers 48 data points regarding the applicants, the property securing the loan or proposed to secure the loan in the case of non-originated applications, the transaction, and identifiers. The FFIEC noted that some of the HMDA data points are being made available for the first time.
 
The number of reporting institutions in the 2018 data report is down by about 2.9 percent from 2017’s 5,683. The data covers 12.9 million home loan applications, of which 10.3 million were closed-end and 2.3 million were open-end; the nature of another 378,000 applications was unclear. The total number of originated loans decreased by about 924,000 between 2017 and 2018, or by 2.6 percent. Refinance originations decreased by 23.1 percent from 2.5 million, and home purchase lending increased by 0.3 percent from 4.3 million.
 
In terms of borrower racial demographics, the share of home purchase loans for owner-occupied properties made to African-American borrowers rose from 6.4 percent in 2017 to 6.7 percent in 2018, while the share made to Hispanic-White borrowers inched up from 8.8 percent to 8.9 percent and those made to Asian-American borrowers rose from 5.8 percent to 5.9 percent. African-American and Hispanic-White applicants experienced higher denial rates than non-Hispanic-White and Asian-American applicants.
 
“Caution should be used when comparing HMDA data across multiple years due to changes in HMDA definitions, values, and thresholds,” said the FFIEC in a statement. “Also, caution is required for certain geographic areas due to the changes in MSA and census tract boundaries and updates to the population and housing characteristics of census tracts, especially those that follow the decennial census and five-year updates based on the ACS data.”
 
About the author
Phil Hall
Link copied
Published
Sep 04, 2019
Get the NMP Daily
Analysis and Data
Mortgage Rates Surpass 7% For First Time This Year

Freddie Mac reported the 30-year fixed-rate mortgage averaged 7.10%.

Freddie Mac today released its Primary Mortgage Market Survey, revealing the 30-year fixed-rate mortgage (FRM) averaged 7.10%, breaching the 7% threshold for the first time this year. “The 30-year fixed-rate mortgage surpassed 7% for the first time this year, jumping from...

Continue reading
Analysis and Data
Existing Home Sales Decline By 4.3% In March

Northeast the only region to see an uptick in sales over prior month, per a new report from the National Association of Realtors

Fewer people bought homes this March than the month before and during March 2023, a new report from the National Association of Realtors (NAR) reveals. Total existing-home sales receded 4.3% from February to a seasonally adjusted annual rate of 4.19 million in March. Year...

Continue reading
Renew your NMLS License — for free.

Enjoy access to a free NMLS renewal class when you attend an in-person event.

Find an event
More from
Regulation and Compliance
In Wake Of NAR Settlement, Dual Licensing Carries RESPA, Steering Risks

With the NAR settlement pending approval, lenders hot to hire buyers' agents ought to closely consider all the risks.

Regulation and Compliance
Apr 11, 2024
A California CRA Law Undercuts Itself

Who pays when compliance costs increase? Borrowers.

Regulation and Compliance
Apr 11, 2024
CFPB Weighs Title Insurance Changes

The agency considers a proposal that would prevent home lenders from passing on title insurance costs to home buyers.

Regulation and Compliance
Apr 10, 2024
Fannie Mae Weeds Out "Prohibited or Subjective" Appraisal Language

The overall occurrence rate for these violations has gone down, Fannie Mae reports.

Regulation and Compliance
Apr 10, 2024
Arizona Bans NTRAPS, Following Other States

ALTA on a war path to ban the "predatory practice of filing unfair real estate fee agreements in property records."

Regulation and Compliance
Apr 04, 2024
Kentucky Legislature Passes Bill Banning NTRAPS

The new law prohibits the recording of NTRAPS in property records, creates penalties if NTRAPS are recorded, and provides for the removal of NTRAPS currently in place.

Regulation and Compliance
Apr 03, 2024