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1998 Mortgage Lending Transactions in Metropolitan Statistical Areas
August 21, 2003
|Circular No. 11188|
To the Chief Executive Officers of State Member Banks in the Second Federal Reserve District:
The following is from a press release issued by the Federal Financial Institutions Examination Council (FFIEC):
The Federal Financial Institutions Examination Council (FFIEC) has announced the availability of data on 1998 mortgage lending transactions at individual institutions in metropolitan areas throughout the nation. These data, in the form of disclosure statements, are available from the 7,837 lenders covered by the Home Mortgage Disclosure Act (HMDA).
The FFIEC prepares and distributes the HMDA statements for individual lenders on behalf of its member agencies -- the Federal Deposit Insurance Corporation, Federal Reserve Board, National Credit Union Administration, Office of the Comptroller of the Currency, and Office of Thrift Supervision - and the Department of Housing and Urban Development. Lenders are required to make the disclosure statements available at their home offices within three business days of receiving the statements. In addition, for other metropolitan statistical areas (MSAs) in which they have offices, lenders must either make a copy of the statements available at one branch per MSA or provide copy upon written request.
The disclosure statements cover home purchase and home improvement loans and contain information about loan originations, loan purchases, and applications that did not result in a loan. The 1998 data include a total of 24.7 million reported loans and applications, an increase of about 50 percent from 1997 that primarily reflects a very large increase (112 percent) in refinancing activity in 1998. For most loans relating to property located in MSAs, the statements identify the geographic location, usually by census tract. The statements give information about three characteristics of applicants or borrowers: race or national origin, sex, and annual income.
The FFIEC also prepares aggregate reports that include data for all lenders in a metropolitan area. In August, the FFIEC sent these aggregate reports and individual lenders' disclosure statements to a central depository in each metropolitan area for public inspection. The location of these central depositories can be obtained by calling the FFIEC (202/634-6526) or by visiting the FFIEC's website.
In addition, the FFIEC makes HMDA data directly available to the public in various formats, including magnetic tape, CD-ROM, and at the FFIEC Web site. Some data are available in paper form tables for 1998 showing the nationwide aggregates and key demographic information for metropolitan areas, for instance). An order form can be obtained by calling 202/452-2016 (an automated response system) and selecting menu options 4 and then 1, or by faxing a request for an order form to 202/452-6497. The order form is also available at the FFIEC website. The order form gives descriptions of the various reports, prices, and formats. Advance orders may be placed to be filled when the data become available.
The FFIEC also provides data from the nation's eight private mortgage insurance (PMI) companies. The 1998 PMI data include information on approximately 1.8 million applications for mortgage insurance, about 1.2 million of which were to insure home purchase mortgages, and 0.6 million of which were to insure mortgages to refinance existing obligations. These data will be available at individual PMI companies, at the central depositories in each metropolitan area, and from the FFIEC. The data are available in the same formats as the HMDA data.
Questions about a HMDA report for a specific lender should be directed to the lender's supervisory agency at the number listed below:
Federal Deposit Insurance Corporation - 800/934-3342
Federal Reserve Board, HMDA Assistance Line - 202/452-2016
National Credit Union Administration, Office of Examination - 703/518-6392
Office of the Comptroller of the Currency, Community and Consumer Policy --202/ 874-4446
Office of Thrift Supervision, Reports Division - 972/281-2068
Department of Housing and Urban Development, Office of Housing - 202/755-7530
An additional statement by the FFIEC containing analyses of nationwide statistics regarding lending patterns, together with related tables and HMDA order forms is available.