WASHINGTON, D.C. (July 11, 2024) – The Federal Financial Institutions Examination Council (FFIEC) today published data on 2023 mortgage lending transactions reported under the Home Mortgage Disclosure Act (HMDA) by 5,113 U.S. financial institutions, including banks, savings associations, credit unions, and mortgage companies.
The HMDA data are the most comprehensive source of publicly available information on mortgage market activity. The data are used by industry, consumer groups, regulators, and others to assess potential fair lending risks and for other regulatory and informational purposes. The data also help the public assess how financial institutions are serving the housing needs of their local communities and facilitate federal financial regulators’ fair lending, consumer compliance, and Community Reinvestment Act examinations.
The Snapshot National Loan-Level Dataset released today contains the national HMDA datasets as of May 1, 2024. Key observations from the Snapshot include:
For 2023, the number of reporting institutions increased by about 14.6 percent from 4,460 in the previous year to 5,113.
The 2023 data include information on 10 million home loan applications, a decrease from the 14.3 million reported in 2022. Among them were 7.7 million closed-end loans (e.g., a home mortgage loan) and 2.1 million open-end loans (e.g., a home equity line of credit). Another 266,000 records are from financial institutions making use of statutory partial exemptions and did not indicate whether they were closed-end or open-end.
The share of mortgages originated by non-depository independent mortgage companies accounted for 68.8 percent of first lien one- to four-family site-built owner-occupied home-purchase loans in 2023, up from 60.2 percent in 2022.
In terms of borrower race and ethnicity:
- The share of closed-end home purchase loans for first lien one- to four-family site-built owner-occupied properties made to Black or African American borrowers rose slightly from 8.1 percent in 2022 to 8.2 percent in 2023.
- The share made to Hispanic-White borrowers increased from 9.1 percent to 9.9 percent.
- The share made to Asian borrowers increased slightly from7 .6 percent to7 .7percent.
In addition:
- Black or African American applicants experienced denial rates for first lien one-to-four family site-built owner-occupied conventional closed-end home purchase loans at16 .6percent .
-Hispanic - White applicants experienced denial rates at12 .0percent .
-Denial rates for Asian applicants were9 .0percent .
-Denial rates for non-Hispanic White applicants were5 .8percent .
The FFIEC also published several other annual data products today intended to serve various data users:
-The HMDA Dynamic National Loan-Level Dataset is updated weekly to reflect late submissions and resubmissions;
-AggregateandDisclosure Reports provide summary information on individual financial institutionsand geographies ;
-The HMDAD Data Browser allows users toc create custom tables ,create interactive maps ,a nd download datasets that can be further analyzed.
Additionally,since mid-March20s24 ,the FFEIC has made available Modified Loan /Application Registers ffor23data ;these registers provide loan-level dataforindividualfinancialinstitutions while protecting applicantand borrower privacy.The combined file forall filersisalsoavailable.
MoreinformationaboutHMDAdatareportingrequirementscanbefoundhere .
MediaContacts
Agency Contact Phone CFPB Michael Robinson20s24359327 FDIC LaJuan Williams - Young20s28983876 FRB Laura Benedict20s24522955 NCUA Joseph Adamoli7035186330 OCC Anne Edgecomb20s26496870 SLC Laura Fisher20s23604918
The NCUA is an independent federal agency created by Congress tor egulate,charter,and supervise federal credit unions.It operatesandmanages th eNationalCreditUnionShareInsuranceFund whichinsures deposits formore than135million accountholdersinfederalcreditunions as well asmoststate-charteredcreditunions.NCUA alsoprotectconsumersandeducatethepubliconconsumerprotectionandfinancia lliteracyissues.
MediaInquiries JoeAdamoli JAdamoli@ncua.gov7035186572
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