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Federal R eserve Bank OF DALLAS ROBERT D. M C T E E R , J R . P R E S ID E N T A N D C H IE F E X E C U T I V E O F F I C E R August 17 , 1993 d a lla s ,t e x a s 75222 Notice 93-89 TO: The Chief Executive Officer of each member bank and others concerned in the Eleventh Federal Reserve District SUBJECT Availability of 1992 Data on Mortgage Loan Transactions DETAILS The Federal Financial Institutions Examination Council (FFIEC) has announced that data on 1992 mortgage lending transactions are now available to the public in metropolitan areas throughout the nation. These data, in the form of individual disclosure statements, summarize the mortgage lending activities of more than 9,000 lenders covered by the Home Mortgage Disclosure Act. ATTACHMENT A copy of the FFIEC’s press release is attached. MORE INFORMATION For more information, please contact Gloria Vasquez Brown at (214) 922-5266. For additional copies of this Bank’s notice, please contact the Public Affairs Department 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 Intrastale (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 ^ _________________________________________________________________ 2100 Pennsylvania Avenue, NW, Suite 200 • Washington, DC 20037 Press Release For immediate release The Federal (FFIEC) August 5, 1993 Financial announced today Institutions that data on Examination Council 1992 mortgage transactions are now available to the public areas throughout the nation. These data, lending in metropolitan in the form of individual disclosure statements, summarize the mortgage lending activities of more than 9,000 lenders covered by the Home Mortgage Disclosure Act (HMDA). The FFIEC prepared the HMDA statements on behalf of its member agencies— 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 the U.S. Department of Housing and Urban Development. The mailing of HMDA reports to lending institutions was completed on August 2. to make the reports Beginning this year, lenders are required available, upon request, at their home offices within 3 business days of receiving the reports, within 10 business metropolitan areas. days at certain branch offices in and other In prior years, they could wait 30 calendar days before releasing the statements to the public. 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 The HMDA reports improvement loans. cover both home purchase and home They contain information about loan origina tions, loan purchases, and applications that did not result in a loan. For property in metropolitan areas, they identify the geographic location (generally by census tract). They also give information borrowers: about three characteristics of applicants sex, race or national origin, and annual income. or For 1992, the reports present data on nearly 12 million records, an increase of about 33 per cent from 1991. Much of the increase is attributable to a substantial growth in refinancing activity. The 1992 reports contain a caveat calling attention to the possibility of revisions. The FFIEC has implemented numerous measures, both in the collection and in the disclosure prepara tion, to ensure high data quality. However, given the large volume of data, the number of institutions reporting, time constraints for processing the data, and the some statements may require correction. Institutions have 30 calendar days for reviewing the disclosure statements; the period runs from the day the institu tions receive their statements. During this period they must report to their supervisory agency any significant discrepancies found between the data submitted and the data reflected on the statement. Institutions are expected to make the statements public upon request even if they find errors, unless the super visory agency advises them, in writing, to do otherwise. After making necessary corrections, the FFIEC will aggregate the data for all lenders in each metropolitan area. - 3 - The agency will send a hard copy of the aggregate report, plus the individual statements, to a Central metropolitan area for public inspection. Depository in each This distribution is expected to occur toward the end of October. At that time, the FFIEC also will release tables showing national aggregates of the data. Microfiche of the statements and aggregate reports, along with an index, will be provided to the Central Depositories at a later date. The 1992 HMDA data may be obtained from the FFIEC in various formats later this year. In early November, HMDA loan application data register magnetic tape individual (HMDA-LAR) will be available for the entire country and on PC diskette metropolitan areas. Copies of the on for metropolitan aggregates and of individual reports will be available in hard copy and on microfiche. tions Analysis reports for individual institu (which display the disposition of loan applications by income and race, the distribution of loan applications, census tract summary) will be available in hard copy. orders for all of these and a Advance items may be placed with the FFIEC through the Federal Reserve Board, to be filled when the data are available. name, To obtain an order form, phone or fax a request with address, and telephone and fax numbers to 202/452-2016 (fax: 202/452-6497). -4 - Questions from or about specific reporting institutions should be directed to their supervisory agency to the numbers shown below: Federal Reserve System, HMDA Assistance Line, 202/452-2016 Federal Deposit Insurance Affairs, 202/898-3536 Corporation, Office of Consumer Office of Thrift Supervision, Specialized Programs, 202/906-6000 Comptroller of the Currency, Compliance Management, 202/874-4446 National Credit Union Administration, 202/682-9640 Office of Examination, Department of Housing and Urban Development, Office of Housing, 202/708-5852. # # #
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