Full text of Federal Reserve Bank of New York Circulars : 1992 Home Mortgage Disclosure Statements

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FEDERAL RESERVE BANK
OF NEW YORK
August 24, 1993

1992 Home Mortgage Disclosure Statements

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

Enclosed is a copy of a statement issued by the Federal Financial Institutions
Examination Council (FFIEC) announcing the availability of data on 1992 mortgage
lending transactions in metropolitan areas throughout the U.S. The data, which are
to be made publicly available by individual depository institutions and at a Central
Depository in each metropolitan area, consist of individual disclosure statements for
each lender covered by the Home Mortgage Disclosure Act. Lending institutions
are required to make their statements available for public inspection, upon request,
at their home offices within 3 business days of receiving the reports, and within 10
business days at certain branch offices in other metropolitan areas.
Questions should be directed to the regulatory agencies listed on page 4 of
the enclosed statement. At this Bank, questions may be directed to the Community
Affairs Unit of our Compliance Examinations Department (Tel. No. 212-720-5912).




Ch ester B. Fe l d b e r g ,
E x e c u tiv e V ic e P r e s id e n t.

Federal Financial Institutions Examination Council

&

_________________________________________________________________________________

2100 Pennsylvania Avenue, NW, Suite 200 • Washington, DC 20037

Press Release
For immediate release

August 5, 1993

The Federal Financial Institutions Examination Council
(FFIEC)

announced

today

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 (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.

Beginning this year, lenders are required

to make the reports available,

upon request,

at their home

offices within 3 business days of receiving the reports,
within

10 business days at certain branch offices

metropolitan areas.

and

in other

In prior years, they could wait 30 calendar

days before releasing the statements to the public.
[Enc. At Cir. No. 10651]
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




-2-

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, and the
time constraints for processing the data, 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

(HMDA-LAR)

will

be

available

on

magnetic tape for the entire country and on PC diskette for
individual

metropolitan

areas.

Copies

of

the

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, and a
census tract summary) will be available in hard copy.

Advance

orders for all of these 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).




-4Questions 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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