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Financial Services Law Insights and Observations

FFIEC releases 2020 HMDA data

Federal Issues FFIEC HMDA Mortgages CFPB Bank Regulatory

Federal Issues

On June 17, the Federal Financial Institutions Examinations Council (FFIEC) released the 2020 Home Mortgage Disclosure Act (HMDA) data on mortgage lending transactions at 4,475 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; (ii) the Snapshot National Loan-Level Dataset, which contains the national HMDA datasets as of a fixed date, in the case of 2020 data, May 1, 2021; (iii) the Aggregate and Disclosure Reports, which provides summaries on individual institutions and geographies; (vi) the HMDA Data Browser where users can customize tables and download datasets for further analysis; and (v) the modified Loan/Application Registers for filers of 2020 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 2020 data includes information on 22.7 million home loan applications, 14.5 million of which resulted in loan originations, and 2.8 million purchased loans. Among the observations from the data relative to the prior year: (i) the number of reporting institutions decreased by roughly 19 percent; (ii) closed-end loan applications increased by roughly 63 percent, while open-end line of credit applications decreased by 19 percent; (iii) the total number of originated closed-end loans increased by roughly 67 percent; (iv) refinance originations for 1-4 family properties increased by 150 percent; (v) home purchase lending increased by almost 7 percent; and (vi) non-depository, independent mortgage companies accounted for approximately 60 percent of first-lien owner-occupied home purchase loans (up from approximately 56 percent in 2019).