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Financial Services Law Insights and Observations

FFIEC releases 2019 HMDA data

Federal Issues FFIEC HMDA Mortgages

Federal Issues

On June 24, the Federal Financial Institutions Examinations Council (FFIEC) released the 2019 Home Mortgage Disclosure Act (HMDA) data on mortgage lending transactions at 5,508 covered institutions. Available data products include: (i) the HMDA Dynamic National Loan-Level Dataset, which is updated on a weekly basis to reflect late submissions and resubmissions (2019 data is not available at the time of publication); (ii) the Aggregate and Disclosure Reports, which provides summaries on individual institutions and geographies; (iii) the HMDA Data Browser where users can customize tables and download datasets for further analysis; and (iv) modified Loan/Application Registers for filers of 2019 HMDA data.

The data currently includes “a total of 48 data points providing information about the applicants, the property securing the loan or proposed to secure the loan in the case of non-originated applications, the transaction, and identifiers.” The 2019 data include information on 15.1 million home loan applications, 9.3 million of which resulted in loan originations, and 2.3 million purchased loans. Among the observations from the data relative to the prior year: (i) the number of reporting institutions declined by roughly 3 percent; (ii) closed-end loan applications increased by 21 percent, while open-end line of credit applications decreased by 9 percent; (iii) the total number of originated closed-end loans increased by roughly 26 percent; (iv) refinance originations for 1-4 family properties increased by 78 percent; (v) the share of home purchase loans for certain first lien properties to low- and moderate-income borrowers increased slightly from 28.1 percent to 28.6 percent, whereas refinance loans to these borrowers decreased from 30 percent to 23.8 percent; and (vi) nondepository, independent mortgage companies accounted for 56.4 percent of first-lien owner-occupied home purchase loans (down from 57.2 percent in 2018).

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