WASHINGTON, D.C. – RealEstateRama – The Federal Financial Institutions Examination Council (FFIEC) today announced the availability of data on 2021 mortgage lending transactions reported under the Home Mortgage Disclosure Act (HMDA) by 4,338 U.S. financial institutions. Covered institutions include banks, savings associations, credit unions, and mortgage companies.
The HMDA data are the most comprehensive publicly available information on mortgage market activity. The data are used by industry, consumer groups, regulators, and others to assess potential fair lending risks and for other purposes. The data help the public assess how financial institutions are serving the housing needs of their local communities and facilitate federal financial regulators’ fair lending, consumer compliance, and Community Reinvestment Act examinations.
The Snapshot National Loan-Level Dataset (Snapshot) released today contains the national HMDA datasets as of May 1, 2022. Key observations from the Snapshot include the following:
- For 2021, the number of reporting institutions declined by about 3.1 percent from 4,475 in the previous year to 4,338.
- The 2021 data include information on 23.3 million home loan applications. Among them, 21.1 million were closed-end and 1.8 million were open-end. Another 350,000 records are from financial institutions making use of Economic Growth, Regulatory Relief, and Consumer Protection Act’s partial exemptions and did not indicate whether the records were closed-end or open-end.
- The share of mortgages originated by non-depository, independent mortgage companies has increased and, in 2021, accounted for 63.9 percent of first lien, one- to four-family, site-built, owner-occupied home-purchase loans, up from 60.7 percent in 2020.
- In terms of borrower race and ethnicity, the share of closed-end home purchase loans for first lien, one- to four-family, site-built, owner-occupied properties made to Black or African American borrowers rose from 7.3 percent in 2020 to 7.9 percent in 2021, the share made to Hispanic-White borrowers increased slightly from 9.1 percent to 9.2 percent, and those made to Asian borrowers increased from 5.5 percent to 7.1 percent.
- In 2021, Black or African American and Hispanic-White applicants experienced denial rates for first lien, one- to four-family, site-built, owner-occupied conventional, closed-end home purchase loans of 15.7 percent and 9.8 percent respectively, while the denial rates for Asian and non-Hispanic-White applicants were 7.5 percent and 5.6 percent respectively.
The FFIEC also released today several other data products to serve a variety of data users. The HMDA Dynamic National Loan-Level Dataset is updated on a weekly basis to reflect late submissions and resubmissions. Aggregate and Disclosure Reports provide summary information on individual financial institutions and geographies. The HMDA Data Browser allows users to create custom tables and download datasets that can be further analyzed. In addition, beginning in late March 2022, the FFIEC made available Loan/Application Registers for each HMDA filer of 2021 data, modified to protect borrower privacy. Additional observations regarding the 2021 data may be found here.
More information about HMDA data reporting requirements is also available at https://ffiec.cfpb.gov/.