District Circular Letters
July 27, 1998
HOME MORTGAGE DISCLOSURE ACT:
1997 MORTGAGE LENDING ACTIVITY
To Member Banks, Nonmember Banks,
State Member Banks, and Others Concerned
in the Twelfth Federal Reserve District
Availability of Data on 1997 Mortgage Lending Transactions
The Federal Financial Institutions Examination Council (FFIEC) has announced
the availability of data on 1997 mortgage lending transactions at individual
institutions in metropolitan areas throughout the nation. These data,
in the form of disclosure statements, are available from the 7,925 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 Comptroller of the Currency,
Federal Deposit Insurance Corporation, Office of Thrift Supervision, National
Credit Union Administration, and Federal Reserve System -- 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 a 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 1997 data include a total of l6.4 million
reported loans and applications, an increase of about 11 percent from
1996 that primarily reflects a large increase (19 percent) in refinancing
activity in 1997. 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.
By early August, the FFIEC will send aggregate and individual 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, at (202) 634-6526 or by visiting
the FFIEC's Web site: http://www.ffiec.gov/hmdacf/centdep/default2.cfm.
In addition, the FFIEC makes HMDA data available directly to the public
in various formats, including magnetic tape, PC diskette, and CD-ROM,
and at the FFIEC Web site. Some are available in paper form (tables for
1997 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 option 3, or by faxing a request for
an order form to (202) 452-6497. The order form is also
available at the FFIEC Web site. The form contains 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 1997 PMI data include information on approximately
1.2 million applications for mortgage insurance, about one million of
which were to insure home purchase mortgages, and 0.2 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. By early August, the data
will be available at central depositories and from the FFIEC in the same
types of reports and 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 Reserve System, HMDA Assistance Line -- (202) 452-2016
- Federal Deposit Insurance Corporation -- (800) 934-3342
- Office of Thrift Supervision, Reports Division -- (972) 281-2068
- Comptroller of the Currency, Community and Consumer Policy -- (202)
874-4446
- National Credit Union Administration, Office of Examination -- (703)
518-6392
- Department of Housing and Urban Development, Office of Housing --
(202) 755-7530
For Additional Information
For additional information regarding the 1997 mortgage lending data
or the Home Mortgage Disclosure Act, please contact our Banking Supervision
and Regulation Department, at (415) 974-2967.
FEDERAL RESERVE BANK OF SAN FRANCISCO
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