Full text of Federal Reserve Bank of New York Circulars : 1992 Mortgage Lending Activity in Metropolitan Statistical Areas

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FEDERAL RESERVE BANK
OF NEW YORK

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N ovem ber 24, 1993

1992 Mortgage Lendiog Activity in Metropolitan Statistical Areas

To the Chief Executive Officer o f each Depository Institution
in the Second Federal Reserve District:

Enclosed is a copy of a statem ent issued by the Fed eral Financial
Institutions Exam ination Council (F F IE C ) announcing the availability of reports
of 1992 mortgage lending activity in m etropolitan statistical areas (M SA s) at a
central depository located in each M SA. The reports, which are available for
public inspection, include individual disclosure statem ents for each lender covered
by the H om e M ortgage Disclosure Act (H M D A ), as well as aggregate data by
M SA. O rder forms for obtaining H M D A data directly from the F F IE C , together
with a description of each item, are included at the end o f the statem ent.
Questions concerning the statem ent or requests for additional
forms should be directed to Elizabeth Rodriquez Jackson, Community A ffairs
Specialist (Tel. No. 212-720-5921).

C h e s t e r B. F e l d b e r g ,

Executive Vice President.

F d r lF n n i lIsiu i n Examination C ouncil
e e a i a c a ntttos

2100 Pennsylvania Avenue, NW, Suite 200 . Washington, DC 20037 . (202)634-6526 • FAX (202)634-6556

Press Release
For immediate release

November 4, 1993

Reports of 1992 mortgage lending activity in
metropolitan statistical areas (MSAs) are available for public
inspection at a central depository in each MSA beginning this
week, the Federal Financial Institutions Examination Council
(FFIEC) announced today.
These reports include individual disclosure statements
for each lender covered by the Home Mortgage Disclosure Act
(HMDA) in 1992 and aggregate data for all lenders in a given MSA.
The individual statements have been available from the reporting
institutions since August.
The HMDA reports of lending activity contain data on
the race, sex, and income level of borrowers and applicants and
data on home loan applications denied or withdrawn; they also
report data for originated and purchased loans.

Preliminary

analysis of data drawn from the national aggregates continues to
show significant differences in loan denial rates among racial
and ethnic groups.
The data for 1992 also show a significant increase in
the number of conventional home purchase loans extended to low-

Board of Governors of the Federal Reserve System, Federal Deposit Insurance Corporation, National Credit Union Administration,
Office of the Comptroller of the Currency, Office of Thrift Supervision

income applicants.

The number of conventional home purchase

loans to high income applicants also increased, but at a more
modest rate.
Tables providing the nationwide aggregates and tables
showing key information for MSAs will be available from the FFIEC
later this week.

On Thursday, November 4, the Federal Reserve

Board and other agencies will present results from analysis of
the national aggregate data in testimony to be delivered before
the U.S. Senate Committee on Banking, Housing, and Urban Affairs.
The 1992 disclosure statements report lending activity
for 9,073 institutions that submitted HMDA data to member
agencies of the FFIEC— the Comptroller of the Currency, the
Federal Deposit Insurance Corporation, the Office of Thrift
Supervision, the National Credit Union Administration, and the
Federal Reserve System— and to the U.S. Department of Housing and
Urban Development.

For the second year, the total volume of

reported loans and applications increased more than 50 percent—
from 7.89 million in 1991 to 12.01 million in 1992.
refinancing activity fueled this increase.

Mortgage

During 1992

applications for refinancing increased by almost 150 percent over
1991 figures, reflecting the decline in mortgage interest rates.
Nearly 78 percent of the applications for home purchase loans
were for conventional mortgage loans, and the remainder were for
loans insured or guaranteed by the Federal Housing Administration
(FHA), the Veterans Administration (VA), or the Farmers Home
Administration (FmHA).

In 1992, lenders approved roughly 72.9 percent of
applications for conventional home purchase loans and 74.1
percent of the applications for government-backed home purchase
loans.

For refinancings, 77.7 percent of the applications were

approved.

The denial rate for conventional home purchase loans

and for refinancings both fell between 1991 and 1992.

The denial

rate dropped to 17.8 percent in 1992 from 18.9 percent in 1991.
For refinancings, the denial rate dropped to 12.4 percent in 1992
from 15.9 percent in 1991.

Denial rates also were slightly lower

in 1992 for applications for government-backed home purchase
loans and for home improvement loans.
HMDA DATA: PUBLIC ACCESS
The FFIEC makes the HMDA data publicly available in a
variety of formats.

Disclosure statements for individual

institutions and aggregate reports for each MSA are provided in
hard copy, microfiche, and computer tape.

An edited version of

loan application register (LAR) records for the nation are
available on data tape and PC diskette.
also be available on CD ROM.

These data soon will

Other formats include tables

showing nationwide aggregates and tables providing key
information for each MSA, which will be available later this
week.
Other HMDA reports available include a directory that
will list all HMDA reporters within an MSA, and include
information such as their location and asset size, as well as the
number of loans originated and the number of applications
received by state and county.

A three-report package provides

4
analyses of individual institutions* home-lending activity by
MSA, including:
o

disposition of loan applications by income and
race,

distribution of loan originations for home purchase
loans, home improvement loans and refinancings
within an MSA by racial and income characteristics
of the census tract, and

summaries of loan activity by census tract,
including the percentage of minority population,
the number of owner-occupied units, and the denial
rate.

The FFIEC's HMDA data order form is attached.

Attachments

FEDERAL FINANCIAL INSTITUTIONS EXAMINATION COUNCIL
HMDA DATA ORDER FORM
(HARDCOPY ITEMS)

plgg •
FFXXC Control Number;

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Order
Order Shipped by FRB:
NAME/FIRM:

...........

/
Check if Non-Profit
Organization

□

ADDRESS:

TELEPHONE:

Please make checks payable to:
Mail to:

(Note:

FFIEC

Board of Governors of the Federal Reserve System
20th & C St. NW
Attn: Management & Administrative Services, Stop 163
Washington, D.C. 20551
Phone: 202-452-2016
FAX: 202-452-6497
Advance payment required. Completed orders can be shipped using overnight
service at your expense. Please include preferred carrier and your account
number. You will be billed for the shipping costs).
SELECTION LIST
(see attached item descriptions)

Disclosure Statement

(Item #001)

QTY

UNIT
COST

$ 50.00

Indicate HMDA year(s):
(Specify Reporter ID selections in ascending order; use back
of form if additional space is required.)
Indicate Reporter Name:
Reporter
Name:

Reporter/Agency ID and
Zip Code:
/ / / / / / / / / / / - / /
Zip Code:

Reporter
Name:

/ / / / / / / / / / / - / /
Zip Code:

Reporter
Name:

/_/_/_/_/_/

/ / / / / / / / / / / - / /
Zip Code:

/_/_/_/_/_/

/ J J J J J

August 1993

TOTAL

August 1993

FEDERAL FINANCIAL INSTITUTIONS EXAMINATION COUNCIL
HMDA DATA ORDER FORM
(HARDCOPY ITEMS)

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FFIRC Control Number?

]

Three-report package: (Item #008)
• Report on Disposition of Loan Applications by Income and
Race
• Report on Distribution of Loan Applications
e Census Tract Summary

$ 45.00
or
75.00

Indicate HMDA year(s):
Indicate Reporter and MSA:
Reporter
Name:

Reporter/Agency ID and
MSA Number (if known):

J J J J J J J J J -/_/

City:
MSA Name:

MSA Number:

/_/_/_/_/

MSA Name:

MSA Number:

/_/_/_/_/

Reporter
Name:

City:

J J J J J J J J J -/_/

MSA Name

MSA Number:

J J J

MSA Name

MSA Number:

J J J

Reporter
Name:

J J J J J J J J J -U

City:
MSA Name:

MSA Number:

J J J

MSA Name:

MSA Number:

J J J

Note:

For non-profit organizations, the charge for this
package is $45.00 per MSA; the charge is $75.00 per MSA
for all others.

GRAND TOTAL

August 1993

FEDERAL FINANCIAL INSTITUTIONS EXAMINATION COUNCIL
HMDA DATA ORDER FORM
(R E E L /C A R T R ID G E

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IT E M S )

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FFIEC Control Number:

_____ _

order R w i f t t o t h i d l t t

by ’frrs

Order Shipped J y FRB:
a
NAME/FIRM:

/ t
Check if Non-Profit
Organization

□

ADDRESS:

TELEPHONE:
Please make checks payable to:
Mail to:

(Note:

FFIEC

SELECTION LIST
(see attached item descriptions)

QTY

-- Year(s)

Expected Reporter Panel
(Item *103)
Select:
OR

500.00
150.00

-- Year(s)

__ Reel (6250 bpi) in __ EBCDIC

TOTAL

$500.00

Aggregation Report -- Year(s)
(Item *101)
LAR & TS Raw Data
(Item *102)

UNIT
COST

__ ASCII

__ Cartridge

August 1993

FEDERAL FINANCIAL INSTITUTIONS EXAMINATION COUNCIL
HMDA DATA ORDER FORM
(R E E L /C A R T R ID G E

IT E M S )

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M > . ■■K.tSw... S r P m

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.

FFIRC Control Humber;
PC Diskettes by USA

Charge
determined
by # of
diskettes
per MSA

(Item #201)

Indicate year(s) ____ , ____
MSA(s) :
Note

____ , ____ , ____ ,

Data will be placed only on 3-1/2 high density
PC diskettes. The number of diskettes generated
per MSA will determine the charge. The breakdown
on charges is: 1-4 diskettes -- $25.00; 5-9
diskettes -- $75.00; and 10 or more diskettes -$150.00.
To determine the amount to send with your order
form, call 202-452-2016 to find out the number of
diskettes required per requested MSA(s).
250.00

Census Data

(Item #104)

Indicate HMDA year(s):
Select:
OR
Note:

Reel (6250 bpi) in

EBCDIC

ASCII

__ Cartridge
1990 census tracts used beginning with 1992 data;
1980 census tracts used with 1990 & 1991 data.

MSA Aggregation and Disclosure Reports on Microfiche
(Item #301)

20.00

Indicate year(s):
MSA (s) :

____

Note: Cost of microfiche is $20.00 per MSA

GRAND TOTAL

August 1993

FEDERAL FINANCIAL INSTITUTIONS EXAMINATION COUNCIL
EMDA DATA ORDER FORM
ITEM DESCRIPTIONS

Aggregation Report: The Aggregation Reports of USAs (340 for 1990, 341 for 1991 and 1992),
sorted by MSA, distributed as either hardcopy or on tape. Printed MSAs range from 30 to 604
pages each, with an average of approximately 60 pages. Tape distribution is used in lieu of
hardcopy as a convenience to those sites that can print the tape locally.
For hardcopy distribution, enter the MSA number for each MSA desired on the report in the
space provided on the form. If additional space is required, use the back of the form. The
charge for hardcopy distribution is $50.00 for each MSA requested.
(Item #002)
For tape distribution, all MSAs will be included on the tape.
Also, a listing will be
provided that shows the relative position and number of pages for each MSA on the tape. Data
will be in EBCDIC and formatted as follows: record length = 166; block size = 24,900; and
record format = fixed block.
Printing these records requires a printer featured for 165
character output. The charge for tape distribution is $500.00.
(Item #101)
Census Information: This is the nationwide census data that is used as input to HMDA
processing. Data is distributed as a hardcopy report or on tape. The hardcopy Census Tract
Listing contains valid census listings and does not have demographic information; whereas the
data on the tape does contain demographic information for each tract. Tape distribution is
available on either reels or cartridges; file descriptions are included with each order. The
charge for hardcopy distribution is $50.00 (Item #003); for tape distribution, the charge is
$250.00 (Item #104).
It is important to note that 1980 census tracts have been used in processing 1990 and 1991
HMDA data; 1990 census tracts for processing beginning with 1992 HMDA data. The census data
distributed will be consistent with the HMDA year specified. For example, if HMDA year 1991
is selected, 1980 census tract data with 1991 MSA definitions will be issued.
Disclosure Statement;
The Disclosure Statement summarizes mortgage and home improvement
lending information from data that is prepared yearly by individual institutions. The
Disclosure Statement is distributed in hardcopy only at a cost of $50.00 for each institution
requested.
(Item #001)
Expected Reporter Panel: The Expected Reporter Panel is the universe of all institutions who
were expected to report under HMDA.
The panel includes the name of the institution, the
reporter ID and agency code, and the MSA number(s) of the metropolitan areas for which they
were expected to report. The panel is captured from the database at the same time that the
final disclosure and aggregate reports are prepared for the Central Depositories, usually in
October. The Expected Reporter Panel is distributed in reel or cartridge only at a cost of
$150.00. A format description is also included with each order.
(Item #103)

August 1993

Loan Application Records (LAB) and Transmittal Sheet (TS) Data:
The LAR & TS data is
collected by a financial institution as a result of applications for, and originations and
purchases of, home-purchase loans (including refinancings) and
home-improvement loams for each calendar year. LARs for 1990 total almost
6.6 million records and 9,332 Transmittal Sheets (TSs); the 1991 LARs data total over 7.9
million records and 9,359 TSs. The following should be noted:
•

Data is not certified as error free.

•

For reasons of privacy, the dates and loan application numbers are
omitted from each record.
To form a unique identifier for a reporter, the Respondent ID and
single character Agency Code must be used.
To form a unique loan
record identifier, the Respondent ID, Agency Code and Loan Sequence
Number must be used. See record layout enclosed with distribution tape
for additional information.

LAR and TS data are distributed on tape only at a cost of $500.00. Reels or cartridges may
be chosen. Record formats and file descriptions are included with each order.
(Item #102)
If reels are ordered, there will be four or five reels containing the LAR data and one reel
containing the TS data. If cartridges are ordered, there will be three or four cartridges
containing the LAR data and one containing the TS data.
(The number of reels/cartridges
containing LAR data will vary according to the year requested because of the volume of data) .
Note that both reels and cartridges containing LAR data will be multi-volume datasets. This
means that to process ALL of the LAR data, each of the reels or cartridges must be read
successively.
MSA bv MSA Report on the Disposition of Applications bv
»nd Income of Bach Applicant:
This report contains one table for each of the MSAs (341 in 1991). It provides the number
and percentage of applications denied by the race and income of the applicants within the
MSA. The report is available in hardcopy only at a cost of $50.00.
(Item #006)
National Aggregate Reports: These tables are a nationwide summation of the individual MSA
Aggregate Reports. They indicate the number and dollar amounts of lending, cross tabulated
by loan, applicant, and geographic characteristics. The reports are available in hardcopy
only at a cost of $50.00.
(Item #005)
MSA M e d i a n
] y
fngome Listing: This Listing shows "MSA Median Family Incomes for 19xx
HMDA Reports" where xx is the HMDA year (i.e., 90, 91, etc.) . If a 1990 Listing is selected,
there will be an adjustment factor of 1.6424 applied to the 1980 Median Family Income column
for each MSA to arrive at the Inflation Adjusted 1980 Median Family Income column. For 1991
and future Listings, the median family income of the MSA is/will be based on estimates
developed by the Department of Housing and Urban Development (HUD) ; these estimates will be
updated annually.
The figure for the MSA is the HUD estimate for the fiscal year that
corresponds to the year for which the loan/application data are reported.
The Listing is distributed free of charge.

(Item #004)

August 1993

PC Diskette s bv MSA;
The PC Diskettes by MSA will contain individual loan application
records coded for the MSA(s) selected on the form. The data contained for each MSA will be
only for institutions that are located in that MSA, i.e., the data reflected in the Aggregate
Report for that MSA. The number of PC diskettes generated per MSA will determine the charge.
The charges are broken down as follows: 1-4 diskettes per MSA is $25.00; 5-9 diskettes per
MSA is $75.00; and 10 or more diskettes per MSA is $150.00. In order to determine the amount
to submit with your order form, call 202-452-2016 for the number of diskettes required for
each requested MSA(s). (Item #201)
Reporter Directory: The Reporter Directory is a hard copy of all HMDA reporters within a
specified MSA, sorted by name of reporter and then by state and county codes. This report:
•

Provides ID number, name of institution,
total assets, and parent ID number.

For each state and county in which an institution has activity,
following are provided:
the
the
the
the
the
the

city and state locations,
the

state and county codes;
number of tracts with loans;
number of loans originated;
number of applications;
ratio of loans to applications; and
number of loans purchased

The Reporter Directory will be available beginning in December 1992.
The charge for non
profit organizations will be $45.00 per requested MSA and $75.00 per MSA for all others.
(Item #007)
Three-Report Package: This package of three reports is available in hardcopy only.
following information is provided for a specified institution/MSA combination:
Report on Disposition of Loan Applications bv Income and Race
e

Compares applications by disposition and by income levels (as a
percentage of the MSA median income--less than 80%, 80-99%, 100-120%,
and more than 120%)

•

Is subdivided by race

Report on Distribution of Loan Applications

Provides a summary of a specific institution's activity by income and racial
characteristics of the census tract within an MSA

•

Covers applications for mortgage and home improvement loans and refinancings

Provides the number of applications received, the number of loams originated,
and the number of 1-4 family owner-occupied units within each category of
census tract characteristics.

August 1993

The

Census Trrrt
•

Provides the number, dollar amounts, and disposition of applications
for a specific institution/MSA by census tracts

•

For each census tract, the following are also provided:
the median housing value
the median age of the housing stock
the median age of the population
the minority population percentage
the number of 1-4 family owner-occupied units
the number of households
the median income
the denial rate

Census tracts that are low- to moderate-income tracts are highlighted

These
reports
for non-profit
organizations
are priced
at
$45.00 per
requested
institution/MSA, and $75.00 per MSA for all others. These reports are ordered as a package,
not separately.
(Item #008)
MSA Aggregation and Disclosure Reports on Microfiche: The MSA Aggregation and individual
lender Disclosure Reports for each MSA can be distributed on microfiche at a cost of $20.00
per MSA.
(Item #301)

August 1993

Full text of Federal Reserve Bank of New York Circulars : 1992 Mortgage Lending Activity in Metropolitan Statistical Areas

FRASER