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For Immediate Release

Press Release
September 18, 2012

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Federal Financial Institutions Examination Council Announces Availability of 2011
Data on Mortgage Lending
The Federal Financial Institutions Examination Council (FFIEC) today announced the
availability of data on mortgage lending transactions at 7,632 U.S. financial institutions
covered by the Home Mortgage Disclosure Act (HMDA). Covered institutions include banks,
savings associations, credit unions, and mortgage companies. The HMDA data made
available today cover 2011 lending activity — applications, originations, purchases and sales
of loans, denials, and other actions related to applications.
The data being released today include disclosure statements for each financial institution,
aggregate data for each metropolitan statistical area (MSA), nationwide summary statistics
regarding lending patterns, and Loan/Application Registers (LARs) for each financial
institution (LARs are modified to protect borrower privacy). The FFIEC prepares and
distributes this information on behalf of its member agencies.
The HMDA data show the disposition of loan applications and include information on loan
amount; loan type (such as conventional, Federal Housing Administration, or Veterans
Administration); purpose (home purchase, home improvement, or refinancing); property type
(1- to 4-family, multifamily, or manufactured housing); property location (MSA, state, county,
and census tract); applicant characteristics (race, ethnicity, sex, and income); and pricingrelated data. The data also show whether a loan is subject to the Home Ownership and
Equity Protection Act and whether a loan is secured by a first or subordinate lien, or is
unsecured. The data as released by the FFIEC include census tract characteristics (minority
composition and income).
For 2011, the number of reporting institutions of 7,632 fell nearly 4 percent from the number
in 2010, continuing a downward trend since 2006, when HMDA coverage included just over
8,900 lenders. The decline reflects mergers, acquisitions, and the failure of some institutions.
The 2011 data include information on 11.7 million home loan applications (of which nearly 7.1
million resulted in loan originations) and 2.9 million loan purchases, for a total of nearly 14.7
million actions. The data also include information on 186,000 requests for preapprovals
related to a home purchase that did not result in a loan. The total number of originated loans
of all types and purposes reported fell by about 780,000, or 10 percent, from 2010, in part
because of a 13 percent decline in refinancings. Home purchase lending also fell, but by a
more modest 5 percent.
The 2011 HMDA data reflect a continued heavy reliance on loans backed by the Federal
Housing Administration (FHA) insurance that began several years ago with the onset of
problems in the mortgage market. For home purchase lending, the FHA’s share of first-lien
loans showed a continued increase from 7 percent in 2007 to 26 percent in 2008, and then to
37 and 36 percent, respectively, in 2009 and 2010. In 2011, the FHA share fell to 31 percent.
First-lien lending for home purchases backed by Veterans Administration (VA) guarantees

also has increased in recent years, although VA-backed lending represents a smaller share
of the market than FHA-backed lending. The VA market share of first-lien home purchase
loans increased from nearly 3 percent in 2007 to about 7 percent in 2009 and 2010. The VA
market share of home purchase lending increased to 8 percent in 2011.
The overall volume of reported conventional, FHA-, and VA-related refinancing activity
diminished slightly from 2010 to 2011. Although both the number of conventional and FHArelated refinancings fell from 2010 to 2011 (decreases of about 12 percent and 37 percent,
respectively), the volume of VA-guaranteed refinancing activity rose significantly, increasing
about 41 percent.
The 2011 HMDA data also include information on loan pricing. The 2011 data reflect the
second full year of data reported under revised loan pricing rules, which determine whether a
loan is classified as "higher priced." Lenders now report on loans with annual percentage
rates (APRs) that are 1.5 percentage points for first lien loans and 3.5 percentage points for
junior lien loans above the average prime offer rates (APORs), estimated using data reported
by Freddie Mac in its Primary Mortgage Market Survey1.
The data on the incidence of higher-priced lending show that a small minority of first lien
loans in 2011 have APRs that exceeded the loan price reporting thresholds. The principal
exception was for conventional first lien loans used to purchase manufactured homes; for
such loans 82 percent exceeded the reporting threshold in 2011. For conventional first lien
loans used to purchase site-built properties, about 3.9 percent of the reported loans
exceeded the reporting threshold (up from 3.3 percent in 2010). The incidence of higherpriced lending for FHA-insured loans on site-built properties (3.8 percent in 2011) is virtually
the same as for conventional loans. The incidence of higher-priced lending for loans backed
by VA guarantees is notably smaller than for either conventional or FHA-insured loans; only
about 0.4 percent of VA-guaranteed loans were higher priced in 2011.
Regarding the disposition of applications for conventional home-purchase loans in 2011,
black and Hispanic white applicants experienced higher denial rates than non-Hispanic white
applicants. The denial rate for Asian applicants was virtually the same as the corresponding
denial rate for non-Hispanic white applicants. These relationships are similar to those found
in earlier years.
The HMDA data can facilitate the fair lending examination and enforcement process and
promote market transparency. When examiners evaluate an institution's fair lending risk, they
analyze HMDA data in conjunction with other information and risk factors, in accordance with
the Interagency Fair Lending Examination Procedures (
Risk factors for pricing discrimination include, but are not limited to, the presence of broad
pricing discretion and consumer complaints.
The HMDA data alone cannot be used to determine whether a lender is complying with fair
lending laws. They do not include many potential determinants of creditworthiness and loan
pricing, such as the borrower's credit history, debt-to-income ratio, and the loan-to-value
ratio. Therefore, when examiners conduct fair lending examinations, including ones involving
loan pricing, they analyze additional information before reaching a determination regarding
institutions’ compliance with fair lending laws.
Financial institution disclosure statements, individual institutions’ LAR data, and MSA and
nationwide aggregate reports are available at Refer to the HMDA
data products at for the item descriptions and
formats. More information about HMDA data reporting requirements is available in the
Frequently Asked Questions on the FFIEC website at
Financial institutions are required to make their disclosure statements available at their home
offices. For other MSAs in which financial institutions have offices, an institution must either
make the disclosure statement available at one branch within each MSA or provide a copy
upon receiving a written request. Questions about a HMDA report for a specific institution
should be directed to the institution's supervisory agency at the number listed below.
Federal Deposit Insurance Corporation — 877-275-3342; hearing impaired — 800-925-4618
Board of Governors of the Federal Reserve System, HMDA Assistance Line — 202-4522016 National Credit Union Administration, Office of Consumer Protection — 703-518-1140
Office of the Comptroller of the Currency, Compliance Policy Division — 202-874-4428
Consumer Financial Protection Bureau — 202-435-7000
Department of Housing and Urban Development, Office of Housing — 202-708-0685
Data on Private Mortgage Insurance
The FFIEC also provides data from the nation’s seven largest private mortgage insurance

companies. The 2011 private mortgage insurance data include information on nearly 409,000
applications for mortgage insurance, comprised of some 257,000 applications to insure home
purchase mortgages, and about 151,000 applications to insure mortgages to refinance
existing obligations. These data also are available today — at individual private mortgage
insurance companies and from the FFIEC ( — in the same
types of reports and formats as the HMDA data.
Media Contacts:

Moira Vahey

(202) 435-9151


Greg Hernandez

(202) 898-6984

Federal Reserve

Susan Stawick

(202) 452-2955


Kenzie Snowden

(703) 518-6334


Bryan Hubbard

(202) 874-5770


Catherine Woody

(202) 728-5733

1Freddie Mac’s weekly Primary Mortgage Market Survey® reports the average contract rates and points for all loans and the margin
for adjustable-rate loans for loans offered to prime borrowers (those who pose the lowest credit risk). The survey currently reports
information for two fixed-rate mortgage products (30-year and 15-year loans) and two ARM products (1-year adjustable rate and 5-year
adjustable rate loans). Refer to
The FFIEC was established in March 1979 to prescribe uniform principles, standards, and report forms and to promote uniformity in
the supervision of financial institutions. The Council has six voting members: a Governor of the Board of Governors of the Federal
Reserve System designated by the Chairman of the Board, the Chairman of the Federal Deposit Insurance Corporation, the Chairman
of the Board of the National Credit Union Administration, the Comptroller of the Currency, the Director of the Consumer Financial
Protection Bureau, and the Chairman of the State Liaison Committee. The Council's activities are supported by interagency task forces
and by an advisory State Liaison Committee, comprised of five representatives of state agencies that supervise financial institutions.

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Last Modified: 04/15/2020 11:10 AM