This report takes the form of a register of mortgage and home improvement loan applications and their disposition during a calendar year.
Purpose: The data are used to analyze whether financial institutions are serving the housing credit needs of their communities, to identify neighborhoods for public and private investments, to identify possible discriminatory lending patterns, and to assist regulatory agencies in enforcing compliance with anti-discrimination statutes.
Congress enacted the Home Mortgage Disclosure Act (HMDA) in 1975; Regulation C implements the act. In 1980, amendments to HMDA directed the Federal Financial Institutions Examination Council (FFIEC) to annually compile aggregate lending data for each Metropolitan Statistical Area (MSA) by various categories of census tracts, grouped according to location, age of housing stock, income level, and racial characteristics. In 1989, the Federal Reserve Board revised Regulation C to incorporate amendments contained in the Financial Institutions Reform, Recovery and Enforcement Act, which expanded the coverage of HMDA to include mortgage lenders not affiliated with depository institutions or holding companies; required reporting of data on the disposition of applications for mortgage and home improvement loans, in addition to data on loan originations and purchases; and required most lenders to identify the race, sex, and income of loan applicants and borrowers. Lenders were also required to classify purchasers for mortgage loans sold and were permitted to explain the basis for their lending decisions. In 1997, the Board revised Regulation C to incorporate amendments contained in the Economic Growth and Regulatory Paperwork Reduction Act of 1996; the main revision was to increase the asset size cutoff for banks. The amendments also simplified the disclosure requirements.
The panel consists of state member banks; mortgage banking subsidiaries of bank holding companies; and state-exempt institutions that take applications for, and originations and purchases of, home mortgage loans, home improvement loans, and refinancings. An institution must report if its assets exceeded $37 million and it has a home or branch office in an MSA on December
31 of the preceding year.
Annual, covering a calendar year.
The FFIEC publishes disclosure statements for each institution and aggregate reports for MSAs, which are made available to the public by the responding institution and at the central depository for that MSA. However, information that might identify individual borrowers or applicants is given confidential treatment.