The FFIEC has announced the availability of 2023 HMDA data which includes data from over 10 million applications. There are also a number of tools available to help you understand the data and different trends among various financial institutions and geographies.
The FFIEC notes that, in 2023, Black or African American and Hispanic-White applicants had denial rates on conventional home purchase loans of almost 17% and 12%, while Asian and Non-Hispanic White applicants had denial rates of 9% and just shy of 6%. It’s also interesting to note that non-depository, independent mortgage companies originated over 68% of owner-occupied, first lien purchase loans that were secured by 1-4 family, site-built properties.
The Snapshot National Loan Level Dataset includes 2023 HMDA data, as of May 1, 2024 and the Dynamic National Loan-Level Dataset will be updated weekly for late submissions and resubmissions. Disclosure Reports can be used to summarize lending activity for individual financial institutions, as a whole or by different geographies. The HMDA Data Browser allows you to filter and compare data. Quarterly graphs are also available that reflect various trends of those institutions that report on a quarterly basis.
We cannot stress enough that if you are a HMDA reporter, it’s vitally important that you understand your data, what it says about your institution and are prepared to discuss and/or defend it!
Published
2024/07/17