To All Depository Institutions and Others Concerned in the Second Federal Reserve District:
In a press release, the Federal Financial Institutions Examination Council (FFIEC) announced the availability of data for the year 2003 regarding mortgage lending transactions at 8,121 financial institutions covered by the Home Mortgage Disclosure Act (HMDA) in metropolitan statistical areas throughout the nation. The data includes disclosure statements for each financial institution, aggregate data for each metropolitan statistical area, and nationwide summary statistics regarding lending patterns.
The FFIEC prepares and distributes the individual disclosure statements and the aggregate reports 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.
The HMDA data cover home purchase and home improvement loans and contain information about loan originations, loan purchases, and applications that did not result in a loan. In 2002, the Federal Reserve Board revised Regulation C, which implements HMDA, to require lenders to collect and report additional data on home loans, including loan pricing information, lien status, and whether a loan or application related to a manufactured home. Lenders must begin collecting these additional data in 2004 for submission by March 1, 2005 and publication in late summer or early fall 2005.
Additionally, the FFIEC provides data from the nation’s seven private mortgage insurance (PMI) companies.
The location of the central depository for a metropolitan statistical area can be obtained by calling the FFIEC at 703-516-5588. The disclosure statements to institutions and central depositories are distributed only in electronic form. The FFIEC makes HMDA data directly available to the public in CD-ROM format and at the FFIEC website.
Legal and Compliance Risk Department