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R O B E R T D. McTEER, JR.

DALLAS, TEXAS
75265-5906

PRESIDENT
AND CHIEF EXECUTIVE OFFICER

A ugust 15, 1997

Notice 97-70

TO:

The Chief Executive Officer of each
financial institution and others concerned
in the Eleventh Federal Reserve District
SUBJECT
Inform ation Regarding 1996
Hom e M ortgage Disclosure Act (HM DA) Data
DETAILS

The Federal Financial Institutions Examination Council (FFIEC) has announced
the availability o f data about 1996 mortgage lending activities at central depositories in
metropolitan areas. The FFIEC also released analyses o f nationwide summary statistics
regarding lending patterns. The data reflect the 1996 lending activity for more than 9,300
institutions covered by the Home M ortgage Disclosure Act (HMDA). The FFIEC makes
HM DA data directly available to the public in various formats, including paper, magnetic
tape, PC diskette, and CD-ROM .
ATTACH M ENTS
The FFIE C ’s notice and order forms describing the various reports and formats
available are attached.
M O RE INFORM ATIO N
For more information, please contact Jim Foster at (214) 922-5280. For
additional copies o f this B ank’s notice, please contact the Public Affairs Departm ent at (214)
922-5254.
Sincerely yours,

For additional copies, bankers and others are encouraged to use one of the following toll-free numbers in contacting the Federal
Reserve Bank of Dallas: Dallas Office (800) 333-4460; El Paso Branch Intrastate (800) 592-1631, Interstate (800) 351-1012;
Houston Branch Intrastate (800) 392-4162, Interstate (800) 221-0363; San Antonio Branch Intrastate (800) 292-5810.

This publication was digitized and made available by the Federal Reserve Bank of Dallas' Historical Library (FedHistory@dal.frb.org)

Federal Financial Institutions Examination Council

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

Press Release
For Use at 4 PM EDT

August 4, 1997

The Federal Financial Institutions Examination Council (FFIEC) today announced the
availability of data about 1996 mortgage lending activity in metropolitan areas and released
analyses of nationwide summary statistics regarding lending patterns.
The data reflect lending activity for more than 9,300 institutions covered by the
Home Mortgage Disclosure Act (HMDA) that reported data to member agencies of the
FFIEC-the Comptroller of the Currency, Federal Deposit Insurance Corporation, Office of
Thrift Supervision, National Credit Union Administration, and Federal Reserve System-and to
the Department of Housing and Urban Development.
The 1996 data include a total of 14.8 million reported loans and applications, an
increase of 32 percent from 1995. They show an overall increase in the number both of
government-backed and o f conventional home purchase loans from 1995, with lending to
lower-income households up somewhat more than lending to higher-income households.
Taken together, government-backed and conventional home purchase lending to all racial and
ethnic groups increased from 1995. Lending to Hispanics increased 13.4 percent; to Native
Americans, 11.4; to Asians, 8.2 percent; to Whites, 8.1 percent; and to Blacks, 3.1 percent.
(See attached fact sheet and related tables.)

Board of Governors of the Federal Reserve Svstem. Federal Deposit Insurance Corporation, National Credit Union Administration,
Office of the Comptroller of the Currency, Office of Thrift Superv ision

-2By comparison, from 1993 to 1996, government-backed and conventional home
purchase loans have risen 55.6 percent for Hispanics, 52.5 percent for Blacks, 26.6 percent
for Native Americans, 15.3 percent for Asians, and 14.0 percent for Whites.
For conventional home purchase loans, taken by themselves, the denial rates continue
to vary among racial and ethnic groups. For conventional home purchase loans, 50.2 percent
o f Native American applicants, 48.8 percent o f Black applicants, 34.4 percent o f Hispanic
applicants, 24.1 percent o f White applicants, and 13.8 percent o f Asian applicants were denied
loans in 1996.
The disclosure statements underlying these and other summary statistics are now
available for public inspection at central depositories throughout the nation. The disclosures
include individual financial institutions' disclosure statements and aggregate data for each
metropolitan statistical area (MSA). (The location o f the central depository for an MSA can be
obtained by calling the FFIEC at 202/634-6526.)
The HMDA reports contain data about loan originations, loan purchases, and
applications that did not result in a loan; and they give information about three characteristics o f
applicants or borrowers: race or national origin, gender, and annual income. For loans relating to
property located in MSAs, as well as some loans relating to property located outside o f MSAs,
the reports identify the geographic location, usually by census tract.
The HMDA data also include information on loans that are sold, showing the type o f
purchaser o f the loan. Among other things, this information is used by the Department o f
Housing and Urban Development in assessing the performance o f Fannie Mae and Freddie Mac
in meeting their legislatively mandated affordable housing goals.
The FFIEC makes HMDA data available in various formats, including paper, magnetic

-3-

tape, PC diskette, and CD-ROM. Tables showing the nationwide aggregates and key
demographic information for MSAs can be obtained in paper form. The raw data for all
individual loans and applications are available on CD-ROM, magnetic tape, and PC diskette. An
order form, with descriptions o f the various reports and formats available, is attached to this
release.
The FFIEC also provides data on mortgage insurance applications. Data from the
nation's eight private mortgage insurance (PMI) companies were compiled under the auspices o f
the Mortgage Insurance Companies o f America, and are available at individual PMI companies,
at the central depositories in each MSA, and from the FFIEC.

Attachments:

Fact Sheet on 1996 Data (with tables)
HMDA Data Order Form

#

#

#

Findings from Analyses of Nationwide Summary Statistics
for 1996 Home Mortgage Disclosure Act Data
Fact Sheet (August 1997)

The following analyses o f nationwide summary statistics are based on data compiled
by the Federal Financial Institutions Examination Council (FFIEC) for institutions covered by
the Home Mortgage Disclosure Act and Regulation C .’

The Data
For 1996, the FFIEC prepared 42,936 disclosure statements for 9,328 lenders, with a
separate statement for each metropolitan area in which the lender has an office (table 1). The
data reflect the lending activity o f 4,829 commercial banks, 960 savings associations, 2,311
credit unions, and 1,228 mortgage companies (267 o f these were affiliates o f depository
institutions and the remainder were independent entities).

Applications Received and Loans Made
In 1996 these lenders acted on 13.0 million applications for home purchase loans,
home improvement loans, and refinancings (compared with 9.9 million in 1995), and they
purchased 1.8 million loans (compared with 1.3 million in 1995). The total volume of
reported home loan applications and purchases (14.8 million) increased 32 percent from 1995,
primarily due to a 68 percent increase in the number of refinancing transactions. The increase
in refinancing activity was likely due to the effects of lower interest rates, particularly in the
early part of 1996.

Loan Programs and Changes in Lending Volume by Race and Income
Lending institutions tend to specialize in different types o f home loans (table 2). For
example, among home purchase loan originations, mortgage companies tend to do most o f the
government-backed lending. Commercial banks, on the other hand, do most of the home
improvement lending.

’ The FFIEC also has compiled insurance data submitted by the nation's eight private
mortgage insurance (PMI) companies under the auspices of the Mortgage Insurance Companies
of America. The data relate to application decisions made by the PMI companies during 1996,
and show 1.38 million applications for private mortgage insurance (approximately 1.13 million
for home purchase loans and 240 thousand for refinancings). The disclosure statements are
available from the individual companies, at the MSA central depositories, and from the FFIEC
in the same formats as the HMDA data.

-5Among applicants, some are more likely than others to apply for certain types of
home loans (table 3). For example, low- or moderate-income and middle-income households
are more likely to apply for government-sponsored home loans (26.7 percent, 29.5 percent,
and 24.8 percent, respectively) than are high-income households (12.0 percent). In addition,
Blacks and Hispanics (29.1 percent and 33.2 percent, respectively) are more likely to apply for
government-sponsored loans than are Asians, Native Americans, or Whites (11.9 percent, 12.5
percent, and 15.6 percent, respectively).
Taking government-backed and conventional home purchase lending together, lending
to all racial and ethnic groups increased from 1995 to 1996. Lending to Hispanics increased
13.4 percent; to Native Americans, 11.4; to Asians, 8.2 percent; to Whites, 8.1 percent; and
to Blacks, 3.1 percent (table 4).
Overall, conventional home purchase lending taken by itself was also higher in 1996
compared with 1995 (table 5), though conventional loans to Blacks decreased by 1.5 percent.
Conventional home purchase loans increased by 7.0 percent to Asians, 6.7 percent to Whites,
6.1 percent to Native Americans and 0.5 percent to Hispanics. Conventional home purchase
lending to households in all income categories increased from 1995 levels; lending to low- and
moderate-income households was up somewhat more than lending to higher-income
households.

Approval/Denial Rates
For conventional home purchase loans, the denial rates continue to vary among
applicants by income and racial or ethnic characteristics (table 6). For example, loan
applications filed by Native Americans, Blacks, and Hispanics were more likely to be turned
down than those submined by Whites and Asians. In 1996, 50.2 percent of Native American
applicants, 48.8 percent of Black applicants, 34.4 percent of Hispanic applicants, 24.1 percent
of White applicants, and 13.8 percent o f Asian applicants were denied conventional home
purchase loans. The denial rates for all racial and ethnic groups were higher in 1996 than in
1995, when denial rates were 41.4 percent for Native Americans, 40.5 percent for Blacks,
29.5 percent for Hispanics, 20.6 percent for Whites, and 12.5 percent for Asians.
Differences in the income levels o f the various racial or ethnic groups account for
some of the differences in denial rates among the groups (table 7). Other factors are more
important, however, since White and Asian applicants, in all income groups, had lower rates
o f denial than Native American, Black, or Hispanic applicants. The HMDA data provide
some information on the reasons for denial, with poor credit or no credit history most
frequently cited by lenders as the reason for denial of conventional home purchase loan
applications.

Attachments: Tables 1 through 7

1. Residential lending activity reported by financial institutions covered by HMDA, 1981-96

Number of reporting
institutions

Number of MSA
disclosure reports

Year

Number of loans1
(millions)

1981 ............................

1.28

8,094

10,945

1982 ............................

1.13

8,258

11,357

1983 ............................

1.71

8,050

10,970

1984 ............................

1.86

8,491

11,799

1985 ............................

1.98

8,072

12,567

1986 ............................

2.83

8,898

12,329

1987 ............................

3.42

9,431

13,033

1988 ............................

3.39

9,319

13,919

1989 ............................

3.13

9,203

14,154

1990- ..........................

6.59

9,332

24,041

1991 ............................

7.89

9,358

25,934

1992 ............................

12.01

9,073

28,782

1993 ............................

15.38

9,650

35,069

1994 ............................

12.20

9,858

37,742

1995 ............................

11.23

9,539

36,611

1996 ............................

14.81

9.328

42.936

1
B efore 1990. includes only loans originated by co v ered institutions; beginning in 1990 (first year under the
revised rep o rtin g system ), includes lo ans originated and purchased, applications a p p ro v ed but not accepted by the
applicant, ap p licatio n s denied or w ith d ra w n , and applications closed b ecause inform ation was incomple te.
2.
R e \ lsed from prelim in ary figures p u b lish ed in G len n B. C a n n e r and D olores S. Smith. " H o m e M o rtg ag e
D isclo su re Act: E x p a n d e d D ata on Residential L e n d in g .” F ederal R e s e n e B ulletin , vol. 77 (N o v e m b e r 1991).
p. 861. to reflect c o rrectio n s and the reporting o f additional data.
S O U R C E F F IE C . H o m e M o rtg a g e D isclo su re Act data

2. Home lending, by type and purpose o f loan and by type of lender, 1996
Percent distribution, by number of loans1

Type of lender
Mortgage
company2

Commercial
bank

Savings
association

Credit
union

Home purchase.........

20.9

18.9

1.7

58.4

100

FH A-insured.........

8.3

9.5

.2

82.1

100

VA-guaranteed . . .

9.4

9.6

2.0

79.1

100

FmHa-insured . . . .

14.2

8.4

.1

77.2

100

Conventional . . . .

24.6

21.8

2.0

51.5

100

..

31.9

16.0

4.1

48.0

100

Home improvement .

62.7

7.0

11.3

19.0

100

Multifamily3 ..............

52.4

39.7

.6

7.3

100

T o t a l............................

31.0

16.2

3.9

48.9

100

Purpose of loan

Home refinancing

1.

Total

In this and subsequent tables components may not sum to totals because of rounding.

2. Includes independent mortgage companies and mortgage companies affiliated with a commercial bank or
savings association.
3.

Dwellings for five or more families

SOURCE. FFIEC. Home Mortgage Disclosure Act data.

Applications for one to four-family home loans reported under HMDA, grouped by purpose of loan and distributed by characteristic of applicant and census tract, 1996
Ilom c p u rchase
(lovernriDent-hacked1
( h a r a t leristic
N u m ber

IVrccnt

M cnm:
Percentage of hom e purch ase
loans for given ch aracteristic

n v in c rciimmimg;

Conventional
N u m b er

Percent

Mem o:
P ercentage of hom e pu rch ase
loans fo r Riven characteristic

N u m b er

P ercent

n o m e im provem eni

N u m b er

Percent

A P P I.IC A N T
Ntu ml/rrhmt identify
Aint rican Indian/Alaskan
Native

5.107

5

12 5

35.626

7

87.5

17.967

16

II 9

132.581

2.7

88 1

96,734

2.7

24,150

1.5

158.862

14 5

29 1

386.805

78

70.9

297,244

8.3

181.665

11.6

.............

141,734

13.2

33 2

289,780

59

66 8

191,018

5.3

133,427

8.5

W h i l e ...........................................

723.690

66.2

15 6

3,909.737

793

84 4

2,862,904

798

1,169,544

74.7

18,058

1.2

Asian/I’acific Islander
Ulatk
Hispanic

Olhcr

....................

14,780

.4

10.322

7

6.885

6

12 5

48,070

10

87.5

53,805

1.5

36.394

33

22 5

125.036

2.5

77.5

70,087

20

28,466

18

1.092.639

1000

18 1

4,927,635

1000

819

3,586,572

100 0

1,565,632

1000

I.e ss th a n 8 0

401.326

418

26 7

1,104.236

31.0

73 3

994,536

293

610,570

362

XO < «
>)

205.039

21 4

29 5

490.525

13 8

70 5

496,362

14 6

254,899

15 1

100 119

142,297

14 8

24 8

430.426

12 1

752

446.152

13.2

220,344

13.1

120 nr more

210,724

22 0

120

1,539,747

432

880

1.453,606

42.9

600,560

35.6

Total

959.386

1000

212

3,564,934

1000

788

3.390.656

10 00

1.686,373

1 0 00

1.css ihan 1(1

363.776

37 5

16 3

1,862,839

518

83.7

1.818.366

49.7

752,526

44 2

10 l'»

223.969

23 1

22 4

777,714

216

77,6

6 % , 220

19 0

316,004

186

’( l-l'i

247,606

25 5

28 0

636.157

17 7

72.0

622.544

17 0

327.076

192

Ml 7')

78.115

8 1

27 9

201,602

5.6

72.1

253,381

69

137.692

8 1

XI) 100

56.H92

59

32 2

119.853

3.3

67.8

267,725

73

169.277

9.9

970.358

100 0

212

3.598,165

1000

788

3,658.236

100 0

1.702.575

1000

Iinnl (wlnte/minnnly)
Tolal
Income (pen enltiyf o f MSA
median)*

CKNSIJS T R A C T
Km m l/ethnic composition
(niinoitlies in p m intil^r of
population 1

l o l a l ....................................

C o n t i il licit

I lo m c purchase
G o v e rn m e n t-b a c k e d 1
1 h aracterislic
N u m ber

P ercent

M emo:
P ercen tage of hom e purchase
loans fnr given characteristic

H om e refinancing
Conventional
N u m b er

P ercent

M em o:
P ercentage o f hom e purchase
loans for given characteristic

H om e im provem ent

N u m b er

P ercent

N um b er

Percent

Ini O’llt 1
179,887

1.ow or moili'nitc
Middle

.........

18 3

264

501,023

13 9

736

619,444

16 9

382,286

22 1

560.903

57 2

23 8

1,798.183

49 9

76.2

1,880.950

513

905,699

523

240,397

24 5

156

1,301,405

36.1

84.4

1.166.120

31 8

442,967

256

981.187

100 0

21 4

3,600,611

1000

786

3.666,514

1000

1,730,952

1000

Central cny

4 Vi, 154

460

24 3

1.423.485

38 8

757

1,465,266

394

782,096

44.4

Non central illy

536,052

54 0

19.3

2.244,134

61.2

807

2,256,574

606

978,297

556

21.2

3,667.619

100 0

78.7

3,721,840

100.0

1,760,393

1000

Upper
Tol.il
/.< < iilinn
>

Tolal

................................

992.206

1000

NOTE. Lenders reported 13,009,405 applications for home loans in 1996, but applicant and geographic information was not reported for all applications. Thus, the distribution
of applications varies in number by characteristic.
1. Loans backed by the Federal Housing Administration, the Department of Veterans Affairs, or the Farmers Home Administration.
2.

MSA median is median family income of the metropolitan statistical area (MSA) in which the property related to the loan is located.

3. Census tracts arc categorized by the median family income for the tract relative to the median family income for the metropolitan statistical area (MSA) in which the tract
is located. Categories are defined as follows: Ijjw or moderate income, median family income for census tract less than 80 percent of median family income for MSA; Middle
income, median family income 80 percent to 119 percent of MSA median; Upper income, median family income 120 percent or more of MSA median.
4.

For census tracts located in MSAs.

SOURCE. FFIEC, Home Mortgage Disclosure Act.

4.

All h o m e p u rc h ase lo an s by racial o r eth n ic g ro u p and in c o m e o f b o rro w e rs o r c e n s u s tracts, 1 9 9 0 - 9 6 1
Number of loans and percentage change
Number of loans
Borrower and
census tract
characteristic

Percentage change

Year
1990

1991

1992

19932

Memo:

Period
I9942

19952

19962

19911992

199219932

199319942

199419952

199519962

Percentage
change
1993-962

12.1

19901991

21.3

17.2

-3 .0

11.4

26.6

B orrow er

Racial or ethnic
group
American Indian

9,151

8,781

9,840

11,936

13,986

13,562

15,111

Asian ...............

78,345

73,804

76,943

91,369

104,981

97,384

105,344

-5.8

4.3

18.7

14.9

-7.2

8.2

15.3

H isp a n ic ...........

100,022

98,529

101,807

157,434

201,456

216,049

245.026

-1.5

3.3

54.6

28.0

7.2

13.4

55.6

mack ................

94,624

95,399

106.581

162,379

218,310

240,268

247,692

.8

11.7

52.4

34.4

10.1

3.1

52.5

W h i te ................

1,733,981

1,751,767

2,022,875

2,577,772

2,804,382

2,718,058

2,937,986

1.0

15.5

27.4

8.8

-3.1

8.1

14.0

Less than 80 . . .

315,623

376.859

436,459

667,446

767,532

738,015

868,950

19.4

15.8

52.9

15.0

-3.8

17.7

30.2

8(V 9 9 ...............

231,405

249,722

290,432

397,365

435,902

425,398

484,434

7.9

16.3

36.8

9.7

-2.4

13.9

21.9

I00-1 I9 4 .........

224,897

241,772

273,802

357,115

385,442

373,993

417,944

7.5

13.2

30.4

7.9

-3 .0

11.8

17.0

120 or more4 ..

931,017

882,727

944,572

1,115,708

1,215,959

1,205,131

1,346,164

-5.2

7.0

18.1

9.0

-.9

11.7

20.7

Income
(percentage
of MSA
median)!

- 10-

4. (c o n tin u e d )

Number of loans
Borrower and
census tract
characteristic

Percentage change

Year

Period

Memo:

19911992

199219932

199319942

199419952

199519962

Percentage
change
1993-962

1990

1991

1992

19932

19942

19952

19962

19901991

Less than 10 . . .

1,057,610

1,104,698

1,054,708

1,363,027

1,444,035

1,399,702

1,618,386

4.5

4.5

29.2

5.9

-3.1

15.6

18.7

10-19 ...............

296,312

299,882

424,011

550,431

609,012

589,511

690,148

1.2

41.4

29.8

10.6

-3 .2

17.1

25.4

20-49 ...............

218,308

210,245

331,570

435,920

496,891

485,225

563,150

-3 .7

57.7

31.5

14.0

-2.3

16.1

29 2

50-79 ...............

67,823

59,997

96,378

127,923

147,902

146,416

163,459

-11.5

60.6

32.7

15.6

-1 .0

11.6

27.8

80-100 .............

44,141

38,252

53,492

70,401

84,272

89,124

95,386

-13.3

39.8

31.6

19.7

5.8

7.0

35.5

Low or moderate

190,749

175,084

225,604

292,362

325,047

342,731

388,933

-8.2

28.9

29.6

11.2

5.4

13.5

33.0

Middle4 ...........

979,829

985,445

996,884

1,302,895

1,428,781

1,386,839

1,592,811

.6

1.2

30.7

9.7

-2 .9

14.9

22.2

Upper4 .............

513,616

552,545

737,671

% 1,832

1,035,989

989,605

1,160,210

7.6

33.5

30.4

7.7

-4.5

17.2

20.6

Census TVact

Racial
composition
(minorities as a
percentage of
population)

Income o f census
tract

1. Includes both conventional and government-backed home purchase loans.
2. Includes loans reported by independent mortgage companies, which were not covered before 1993.
3. MSA median is median family income of the metropolitan statistical area in which the property related to the loan is located.
4. To more closely mirror the category definitions used in the Community Reinvestment Act regulation, middle income is defined as 80 to 119 percent o f MSA median income, and
upper income is defined as 120 percent or more of MSA median income. A category definition change shifts a very small number of loans from the range 100-119 to the range
120 or more and from middle income to upper income census tracts beginning in 1995.
SOURCE. FFIEC, Home Mortgage Disclosure Act, 1990-96.

- 11 -

5.

C o n v e n tio n a l h o m e p u rc h a se lo an s by racial o r cth n ic g ro u p an d in co m e o f b o rro w e rs o r c e n s u s tracts, 1 9 9 0 -9 6

Number ol lo;ms anil percentage change
Number of loans
Hoi tower and
census tract
characteristic

Year
tw o

1991

Percentage change
Period

1992

I9931

1994'

19951

1996'

19901991

19911992

199219931

19931994'

Memo:
199419951

1995I9961

Percentage
change
1993-96'

B orrow er

Racial oi filmic
groii/>
American Indian

7,143

6.395

7,280

8,638

10,691

10,712

11,368

-10.5

13.8

18.7

23.8

.2

6.1

31.6

Asian ...............

70,011

64,789

68,416

78,671

93,319

85,571

91.547

-7.5

5.6

15.0

18.6

-8.3

7.0

16.4

H is p a n ic ...........

69,548

62,237

66,995

91,345

129,695

134,982

135,683

-10.5

7.6

36.3

42.0

4.1

.5

48.5

Black

47,045

44,897

56,516

81,322

125,796

138,034

135,944

-4.6

25.9

43.9

54.7

9.7

-1.5

67.2

1,2 % ,4 7 1

1.312.694

1,582,030

1,971,153

2,281,450

2,205,357

2,354,024

1.3

20.5

24.6

15.7

-3.3

6.7

19.4

Less than 80 . . .

181.505

219,269

278,390

407,059

516.824

494,007

558,162

20.8

27.0

46.2

27.0

-4.4

13.0

37.1

80-99 ...............

135,259

149,544

190,282

248,402

295,734

282,928

315,681

10.6

27.2

30.5

19.1

-4.3

11.6

27.1

100 l l ‘>'

146.535

160,961

l% ,3 l 1

246,294

285,044

268,684

299,878

9.8

22.0

25.5

15.7

-5.7

11.6

21.8

120 or m ore1

798.92X

743,366

819,576

950,597

1,069,305

1,047,465

1.172,762

-7.0

10.3

16.0

12.5

-2.0

12.0

23.4

White ...............

Income
(parentage o f
MSA median)'

- 12-

5. ( c o n tin u a l)

Number of loans
lloi rowei and
census liacl
characlei istic

Percentage change

Memo:

Year

Period

1990

1991

1992

I9931

19941

p m 1

I9961

19901991

19911992

199219931

199319941

199419951

1995I9961

Percentage
change
1993-961

S0I.S6I

839,450

855,219

1,077,879

1,197,432

1,153,291

1,321,350

4.7

1.9

26.0

11.1

-3.7

14.6

22.6

10-19 ...............

213.818

209,697

310,563

386,443

460,110

437,354

510,044

-1.9

48.1

24.4

19.1

-4.9

16.6

32.0

20 4 9 ...............

154,575

142,344

225,275

272,690

337,292

322,8.35

370,646

-7 .9

58.3

21.0

23.7

-4.3

14.8

35.9

50 -79 ...............

51,280

42,189

68,144

81,628

101,817

98,145

105,828

-17.7

61.5

19.8

24.7

-3.6

7.8

29.6

SO- 100

30,589

23,838

36,937

43,263

56,329

56,545

55,981

-22.1

55.0

17.1

30.2

.4

-1.0

29.4

1 ow or moderate

1 V',554

116,545

152,137

185,014

224,434

232,659

255,204

-12.7

30.5

21.6

21.3

3.7

9.7

37.9

Middle * ...........

703,125

695,172

725,069

897,645

1,053,155

1,010,218

1,145,439

1.1

4.3

23.8

17.3

-11

13.4

27.6

Upper'

■115,444

445.501

6 IS,932

783,695

877,527

827,852

966,599

7.2

38.9

266

12.0

-5.7

16.8

23.3

C ensus Tract
Racial
composition
(minorities as a
pcrccnhif’c o f
population)
l.ess than 10

..

...........

Income o f census
lllll I

............

-

1 Includes loans reported hy independent mortgage companies, which were not covered before 1993.
2 MSA median is median family income of ihe metropolitan statistical area in which the property related to the loan is located.
3. To more closely mirror Ihe category definitions used in the Community Reinvestment Act regulation, middle income is defined as 80 to 119percento f MSA median income, and
mi I’litr is defined as 120 percent oi mote of MSA median income. A category definition change shifts a very small numberof loans from the range 100— 19 to the range
1
I 20 or more and from middle income to upper income census tracts beginning in 1995.

ii/'I’ci

SOU RCE

EEIEC, Home Mortgage Disclosure Act, 1990-96.

- 13-

6. Disposition o f conventional home purchase loan applications, by characteristics o f applicant,
1996
Percentage d istrib u tio n by n u m b er o f applications

Applicant characteristic

Type o f disposition
Approved

Denied

American Indian/
Alaskan N a tiv e ..............

43.5

50.2

5.6

.7

100

Asian/Pacific Islander . .

75.0

13.8

9.4

1.8

100

Black ................................

44.1

48.8

6.0

1.1

100

H isp a n ic............................

56.1

34.4

8.0

1.5

100

White ................................

68.8

24.1

6.2

.9

100

Other ................................

61.3

30.0

7.2

1.5

100

Joint (white/minority) . .

60.3

32.3

6.5

.9

100

Less than 8 0 .....................

59.1

34.2

5.7

.9

100

8 0-99 ................................

71.8

20.5

6.6

1.0

100

100-119 ............................

76.3

15.8

6.9

1.0

100

120 or more .....................

81.6

9.8

7.4

1.1

100

Withdrawn

File closed

Total

Race or ethnic group

Income (percentage o f
MSA m edian)]

1. M S A m e d ian is m e dian fam ily in c o m e o f the m e trop o litan statistical area in w hich the p roperty related to the
loan is located
SOURCE

F F IE C . H o m e M o rtg a g e D isclosu re Act data.

- 14-

7. Disposition of conventional home purchase loan applications, by income and race of applicant, 1996
Percent distribution, by number of applications
Applicant income and racial or ethnic
group1

Type o f disposition
File closed

Approved

Denied

W ithdrawn

Total

American Indian/Alaskan N a tiv e ................

48.2

45.6

5.4

.8

100

Asian/Pacific Islander .................................

72.5

17.0

8.8

1.6

100

Black ..............................................................

48.0

44.5

6.1

1.4

100

H isp a n ic ..........................................................

54.9

37.5

6.2

1.4

100

White ..............................................................

62.0

32.1

5.1

.7

100

Other ..............................................................

54.6

39.1

5.1

1.2

100

Joint (white/minority) .................................

44.0

50.9

4.6

.5

100

American Indian/Alaskan N a tiv e ................

59.0

33.3

6.7

1.1

100

Asian/Pacific Islander .................................

78.4

11.7

8.4

1.5

100

Black ..............................................................

57.1

33.6

7.6

1.7

100

H is p a n ic ..........................................................

63.2

27.3

8.0

1.6

100

White ..............................................................

74.7

18.6

5.9

.8

100

Other ..............................................................

65.4

25.7

7.2

1.7

100

Joint (white/minority) .................................

63.0

29.7

6.4

1.0

100

American Indian/Alaskan N a tiv e ...............

64.5

26.6

7.5

1.4

100

Asian/Pacific Islander .................................

78.8

11.4

8.4

1.4

100

Black ..............................................................

61.3

28.9

8.0

1.7

100

H is p a n ic ..........................................................

65.4

24.2

8.7

1.7

100

White ..............................................................

78.9

14.0

6.2

.8

100

Other ..............................................................

70.5

21.2

6.7

1.6

100

Joint (white/minoritv) .................................

72.3

20.0

6.7

.9

100

American Indian/Alaskan N a tiv e ...............

73.0

16.6

9.1

1.3

100

Asian/Pacific Islander .................................

78.5

10.6

9.1

1.7

100

Black ..............................................................

68.2

20.4

9.4

1.9

100

H is p a n ic ..........................................................

71.4

16.7

10.1

1.8

100

White ..............................................................

83 7

8.6

6.7

1.0

100

Other ..............................................................

74.8

14.5

9.1

1.7

100

Joint (white/minoritv) .................................

79.8

11.4

7.6

1.2

100

Less than 80

80-99

100-119

120 or more

I . A p p lic a n t in c o m e sh o w n as percen tag e o f the m edian fam ily in c o m e o f the m etropolitan statistical area in
w h ich the property related to the loan is located.
SOURCE

F F IE C . H o m e M o r tg a g e D isclosure Act data.

-15-

FEDERAL FINANCIAL INSTITUTIONS EXAMINATION COUNCIL
HMDA/CRA DATA ORDER FORM
(PAYMENT INFORMATION)

h ie c a w pib b use only

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- 16 -

August 1997

FEDERAL FINANCIAL INSTITUTIONS EXAMINATION COUNCIL
HMDA/CRA DATA ORDER FORM
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SELECTION LIST
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Disclosure Statement (Item #001)
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, MICA

Indicate HMDA year(s):
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Indicate Reporter Name:

Reporter
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Reporter/Agency ID and
Zip Code:

///////////-//
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Name:

//////

///////////-//
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//////

Aggregation Report (Item #002)
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, MICA

Indicate HMDA year(s):
For MSAs:

,

Note: Cost of hardcopy report by MSA is $50 per year/MS A.
Census Tract Listing (Item #003)
Indicate HMDA year(s):
Note: 1990 revised MSA definitions used beginning with 1994 HMDA data;
1990 census tracts used beginning with 1992 HMDA data.
1996 census data include all census tracts and BNAs in the nation. Years
prior to 1996 include only census tracts within MSAs.

- 17 -

August 1997

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

R

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QTY

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TOTAL

MSA Median Family Income Listing (Item #004)
NC
Indicate HMDA year(s):
Note: 1996 and years thereafter include non-metro area median family incomes
by state.

|

Counties Located in Non-M etro Areas Listing (Item #004a)
NC
Note: For the 1996 HMDA reporting year only. Includes county FIPS codes.
National Aggregate Reports (Item #005)
$ 5 0 .0 0
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$

$5 0 .0 0

$

$ 4 5 .0 0
or
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Indicate HMDA year(s):
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Indicate HMDA year(s):
Reporter Directory (Item #007)
Indicate HMDA year(s):
Indicate MSA Name and Number:
MSA Name:

MSA Number:

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MSA Name:

MSA Number:

/ / / / /

MSA Name:

MSA Number:

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Note: For non-profit organizations, the charge for the directory is $45.00 per
MSA; the charge is $75.00 per MSA for all others.

- 18 -

August 1997

FEDERAL FINANCIAL INSTITUTIONS EXAMINATION COUNCIL
HMDA/CRA DATA ORDER FORM
(HARDCOPY ITEMS)
.^PF IE C AND FRB U S E ONLY
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SELECTION LIST
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descriptions)

Three-report Package (Item #008):
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• Census Tract Summary

QTY

UNIT
COST

TOTAL

$ 4 5 .0 0
or
$ 75.00

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

Reporter
Name:

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

/JJJJJJJJJJ-'J

City: ______
MSA Name:

MSA Number: /_/_/_/_/

MSA Name:

MSA Number: I J J J J

Reporter
Name:

IJ J J J J J J J J J -IJ

City: ______
MSA Name:

MSA Number: I J J J J

MSA Name:

MSA Number: I J J J J

Reporter
Name:

/_/_/_/_/_/_/_/_/_/_/-/_/

City: ______
MSA Name:

MSA Number: I J J J J

MSA Name:

MSA Number: I I I I I

Note: For non-profit organizations, the charge for this package is $45.00 per
______ institution/MSA; the charge is $75.00 per institution/MSA for all others.
GRAND
TOTAL

- 19-

August 1997

FEDERAL FINANCIAL INSTITUTIONS EXAMINATION COUNCIL
HMDA/CRA DATA ORDER FORM
(ELECTRONIC ITEMS)

"

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...

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descriptions)

Data Type (see page 8): FFIEC

QTY

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COST

TOTAL

, MICA
«

Aggregation Report (Item #101)
Indicate HMDA year(s)

$500.00
(reel or cartridge)

LAR & TS Raw Data (Item #102)
Indicate HMDA year(s)

$500.00
(reel or cartridge)
OR $50.00
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Expected Reporter Panel (Item #103)
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$150.00
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Select:
_ Reel (6250 bpi) in _ EBCDIC OR _ ASCII
O R __Cartridge
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*Not available for years prior to 1992
Charge
determined by # of
diskettes per MSA

PC Diskettes by MSA (Item #201)
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, MICA

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MSA(s):

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I

Note: Data are placed only on 3-1/2 high density PC diskettes. The number
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breakdown on charges is as follows:
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I

Call 202-452-2016 to determine the amount to send with your order form. Follow
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Catalog to obtain the appropriate document number.

-

20

-

August 1997

FEDERAL FINANCIAL INSTITUTIONS EXAMINATION COUNCIL
HMDA/CRA DATA ORDER FORM
(ELECTRONIC ITEMS)

SELECTION LIST
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descriptions)

QTY

UNIT
COST

TOTAL

$250.00

Census Data (Item #104)
Indicate HMDA year(s): ______ , ______ , ______ , ______
Select:
_ Reel (6250 bpi) in _ EBCDIC O R _ ASCII
O R __Cartridge
Note: 1990 MSA redefinitions used beginning with 1994 HMDA data;
1990 census tracts used beginning with 1992 data;
1980 census tracts used with 1990 & 1991 data.
1996 census data combine HMDA and CRA information; therefore, file
specifications are significantly different than prior years. The 1996 tape
and years thereafter include census tracts and BNAs inside and outside of
MSAs. Years prior to 1996 include only census tracts within MSAs.

$ 5 0 .0 0

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G
Indicate HMDA year(s): ______ , ______
Select:
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- 21 -

August 1997

FEDERAL FINANCIAL INSTITUTIONS EXAMINATION COUNCIL
HMDA/CRA DATA ORDER FORM

1
1
I

{ELECTRONIC ITEMS)
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FFIEC Control Nttmben

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8

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UNIT
COST

TOTAL 6

$150.00

QTY

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, MICA

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GRAND TOTAL

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TOTAL

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$

Indicate year(s):
*

This guide was developed to assist those who prepare the HMDA report. See
the "Item Descriptions" for more information.

GRAND TOTAL

-22 -

$

August 1997

I

FEDERAL FINANCIAL INSTITUTIONS EXAMINATION COUNCIL
HMDA/CRA DATA ORDER FORM - ITEM DESCRIPTIONS
•

•
•

Unless otherwise specified, reports using HMDA data are available beginning with 1990. HMDA data generally become
available by August of the year following the reporting year, and data through calendar year 19% are now available. Reports
using census data and the HUD Median Family Income Listings become available earlier in the year. Please refer to the HMDA
Assistance Line at (202) 452-2016 or email at HMDAHELP@FRB.GOV for the latest release of these reports.
There is a separate additional charge for each year, MSA, and/or institution requested
Charges for duplicate requests apply.

Aggregation Report: The Aggregation Reports of MSAs (340 for 1990; 341 for 1991, 1992 and 1993; and 329 for 1994), sorted
by MSA, are distributed as either hardcopy or on tape. Printed reports of MSAs range from 30 to 604 pages each, and average
about 60 pages. This report aggregates the mortgage and home improvement lending information for those institutions within an
MSA. It is in the same format as the disclosure statements; however, individual institutions cannot be identified.

The FFIEC has entered into an agreement with the Mortgage Insurance Companies of America (MICA) to compile data
on mongage insurance applications for the nation's eight private mortgage insurance companies. These data are available
beginning with data for the fourth quarter of calendar year 1993 and for calendar years 1994 through 19%. The FFIEC
makes the data available in formats similar to those for the HMDA data. The following items are available for MICA
data: Disclosure Statements (Item #001), Aggregation Reports (Item #002), the National Aggregate Report (Item #005),
MSA by MSA Report on the Disposition of Applications by Race and Income of Each Applicant (Item #006), LAR & TS
Raw Data (Item #102), Expected Reporter Panel (Item #103), PC Diskettes by MSA (Item #201), MSA Aggregate
Repons and Disclosure Statements on Microfiche (Item #301), and MSA Aggregate Reports and Disclosure Statements
on CD-ROM (Item #302). Because 1993 MICA data cover only the fourth quarter, the charge for the LAR & TS Raw
Data (Item #102) is $125. Subsequent years' data are collected annually, and therefore, charges do not differ from the
FFIEC data. Items other than the LAR & TS Raw Data do not have a reduced price for the 1993 reporting year. When
ordering items, be sure to specify the data type. The FFIEC data include those institutions required to report HMDA
under Regulation C, and the MICA data include those eight mortgage insurers reporting HMDA data as agreed upon with
the FFIEC.

Tape distribution is used in lieu of hardcopy as a convenience to those sites that can print the tape locally. This is a printimage
tape; therefore, the data cannot be manipulated.
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 are included on the tape. Also, a listing is provided that shows the relative position and number
of pages for each MSA on the tape. Data are 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 166 character output. The charge
for
tape distribution is $500.00. (Item #101)
The hardcopy Aggregate item is also available for MICA data. These data are not available prior to 1993 (see above).
A Guide to HMDA Reporting: Getting it R ight: The guide was developed to assist those who prepare the HMDA report for their
institutions, and also contains an executive summary for management officials that explains the responsibilities of institutions that
are subject to HMDA. The guide is a comprehensive edition that provides a summary of responsibilities and requirements,
directions for assembling the necessary tools, and step-by-step instructions for reporting HMDA data. It includes information about
obtaimng data from the Bureau of the Census, and contains a listing of MSA, state, and county codes. Appendices include

- 23 -

August 1997

Regulation C: the Instructions for Completion of the HMDA-LAR; Form and Instructions for Data Collection on Race or National
Origin and Sex; and the Staff Commentary on Regulation C. (Item #010)
Census (Geography O nly): This is the nationwide census data that can be used to verify HMDA/CRA property location
information. For 1995, the data contain valid MS A/State/County/Tract for HMDA reporting. For 19%, the data contain the valid
MSA/State/County/Tract-BNA combinations for HMDA/CRA reporting. These combinations include those State/County/TractsBNAs outside of MSAs that can be verified for correctness. The data do not include demographic data. Census data are distributed
on diskeue (for 1995 and 19%) and magnetic tape (cartridges or reels, for 19% only) at a cost of $50. Record formats and file
descriptions are included with each order. (Item #105)
Census Inform ation: This is the nationwide census data used as input to HMDA and CRA processing. Beginning with 19%, this
information combines HMDA and CRA data elements into one source. Data are distributed as a hardcopy (paper) report or on
tape. The hardcopy Census Tract Listing contains valid census listings and does not have demographic information. The 19%
listing and years thereafter includes all census tracts and BN As inside and outside of MSA boundaries. Data on the tape do 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).
The charge for tape distribution is $250.00 (Item #104).
The 1980 census tracts were used in processing 1990 and 1991 HMDA data; 1990 census tracts were used for processing data for
1992 and subsequent years; 1990 MSA redefinitions were used beginning with 1994 HMDA data. The census data distributed is
consistent with the HMDA year specified. For example, if HMDA year 1991 is selected, 1980 census tract data with 1991 MSA
definitions are issued.
Counties Located in Non-M etro Areas Listing; The listing shows all county codes in non-metro areas by state. The
available for the 1996 HMDA reporting year and is distributed free of charge. (Item #004a)

listing is only

Disclosure S tatem en t: The Disclosure Statement summarizes mortgage and home improvement lending information from data that
are prepared yearly by individual institutions. The Disclosure Statement is distributed in hardcopy at a cost of $50.00 for each
institution requested. (Item #001)
The Disclosure Statements are also available for MICA data. These data are not available prior to 1993 (see page 8).
Expected R ep o rter P an el: 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) o f 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. 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)
The Expected Reporter Panel is also available for MICA data. These data are not available prior to 1994 (see page 8).

Loan Application Records (LAR> and T ransm ittal Sheet fTS) D ata: The LAR & TS data are collected by a financial institution
as a result of applications for, and originations and purchases of, home-purchase loans (including refinancings) and homeimprovement loans 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 1992 LARs data total approximately 12.0 million records and
9,072 TSs; the 1993 LARs data total approximately 15.0 million records and 9,650 TSs; the 1994 LARs data total approximately
12.0 million records and 9,858 TSs; the 1995 LARs data total over 11.0 million records and 9,539 TSs; and the 19% LARs data
total over 14.0 million records and 9,238 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.

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The LAR and TS data are distributed on tape at a cost o f $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 are multiple reels containing the LAR data and one reel containing the TS data. If cartridges are
ordered, there are several cartridges containing the LAR data and one containing the TS data. (The number of reels/cartridges
containing LAR data vary according to the year requested because of the volume of data.) Note that both reels and cartridges
containing LAR data are multi-volume datasets. This means that to process ALL of the LAR data, each of the reels or cartridges
must be read successively.
The LAR and TS data are also distributed on CD-ROM at a cost of $50.00. The HMDA Raw Data Software System moved
from a DOS based to a Windows based application as o f 1995. The user has the ability to do the following:
•
•
•

Download the data contained on the compact discs
to a file.
Search by MSA, State, County, or Respondent ID
and save to a file.
Import the file created from a download or search into a software package or
mainframe application. It is important to consider
the space limitations
of each application prior to loading the data into that application.

These LAR and TS files are also available for MICA data beginning with the fourth quarter of 1993. The 1993MICA
available at a cost of $125 and are only available on reel or cartridge (see page 8).

data are

MSA Aggregate Reports and Disclosure Statements on M icrofiche/CD-RO M : The MSA Aggregate Reports and individual
lender Disclosure Statements for each MSA are available on microfiche at a cost of $20.00 per MSA (Item #301) or on CD-ROM
at a cost of $150.00 for the entire nation. (Item #302)
The CD-ROM allows the user to search by MSA, an institution's individual disclosure statement, or a specific table on the MSA
aggregation report. Printing these records requires a printer featured for 166 character output.
The MSA Aggregate Repons and Disclosure Statements on Microfiche/CD-ROM are also available for MICA data. These data are
not available prior to 1994 (see page 8).
MSA bv MSA R eport on the Disposition of Applications bv Race and Income of Each A pplicant: This report contains one
table for each of the MSAs (341 in 1992). 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)
These reports are also available for MICA data. These data are not available prior to 1994 (see page 8).
MSA M edian Family Income L isting: The listing shows ’MSA Median Family Incomes for 19xx HMDA Reports" where xx is
the HMDA year (i.e., 1990, 1991, etc.). If a 1990 Listing is selected, there is 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 subsequent listings, the median family income of the MSA is based on estimates developed annually by the Department of
Housing and Urban Development (HUD). 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. For 1996 and years thereafter, the listing includes median family incomes for
non-metro areas by state. This information is calculated by taking the median family incomes of all census tracts and BN As by
state outside of the MSA boundaries. The Listing is distributed free of charge. (Item #004)
National A ggregate R e p o rts: These reports 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)
The National Aggregate Reports are also available for MICA data. These data are not available prior to 1993 (see page 8).
PC Diskettes bv M SA : The PC Diskettes by MSA contain individual loan application records coded for the MSA(s) selected on
the form. The data contained for each MSA are only for institutions that are located in that M SA -that is, the data reflected in the
Aggregate Report for that MSA. These data cover the institution's loan activity only in the MSA ordered. There are also seven
fields added to each loan application that identify the population, minority population, and other census information. The number of
PC diskettes generated per MSA determine the charge. The charges are broken down as follows: 1-4 diskettes per MSA is $25;

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5-9 diskettes per MSA is S75; and 10 or more diskettes per MSA is $150. 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)
The PC Diskettes by MSA are also available for MICA data. These data are not available prior to 1994 (see page 8).
Reporter Directory: The Reporter Directory is a hardcopy of all HMDA reporters within a specified MSA, sorted by name of
reporter and then by state and county codes. This report provides the following information:
•
•

ID number, name of institution, city and state locations, total assets, and parentID number.
For each state and county in which an institution has activity
the state and county codes;
the number of tracts with loans;
the number of loans originated;
the number of applications;
the ratio of loans to applications; and
the number of loans purchased

The charge for non-profit organizations is S45 per requested MSA and $75 per MSA for all others. (Item #007)
T hree-R eport Package: This package of three reports is available in hardcopy only. The following information is provided for a
specified institution/MSA combination:
Report on Disposition of Loan Applications bv Income and Race
•
•

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

R eport on D istribution 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 loans originated, and the number of 1-4 family
owner-occupied units within each category of census tract characteristics.

Census T ract Sum m ary
•
•

•

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 owner-occupied units
the number of households
the median income (adjusted)
the denial rate
Census tracts that are low- to moderate-income tracts are highlighted

The charge fornon-profit organizations are priced at $45 per requested institution/MSA, and $75 per institution/MSA for all others.
These repons are ordered as a package, not separately. (Item
#008)

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Federal Reserve Bank of St. Louis, One Federal Reserve Bank Plaza, St. Louis, MO 63102