|Joint Press Release||
Board of Governors of the Federal Reserve System|
Department of Housing and Urban Development
Federal Deposit Insurance Corporation
National Credit Union Administration
Office of the Comptroller of the Currency
Office of Thrift Supervision
|For Immediate Release
||March 31, 2005|
Agencies Announce Answers to Frequently Asked
Questions About New HMDA Data
The federal bank, credit union, and thrift supervisory agencies, along
with the Department of Housing and Urban Development (HUD), today released
a set of "Answers to Frequently Asked Questions" (FAQs) that
address the new home loan price data disclosed this year for the first
time under the Home Mortgage Disclosure Act (HMDA).
The new loan price data are intended to advance enforcement of consumer
protection and anti-discrimination laws and improve mortgage market efficiency.
Loan price data and other HMDA data can be used by the agencies and others
as a screening tool to identify aspects of the higher-priced mortgage
market that warrant a closer look to determine whether there is abuse
or discrimination. Also, lenders, community groups, government agencies,
and others can use the data to identify opportunities for private or public
The FAQs are part of a larger effort by the Federal Reserve Board, Federal Deposit Insurance Corporation, National Credit Union Administration, Office of the Comptroller of the Currency, Office of Thrift Supervision, and Department of Housing and Urban Development to promote the informed use of the 2004 data. The agencies will also engage in educational outreach to state and local agencies, trade associations, and consumer- and community-based organizations.
In September, the Federal Financial Institutions Examination Council will release the annual summary statistical reports for each lender and an aggregate report for each Metropolitan Statistical Area. Concurrently, staff of the Federal Reserve Board will publish an article analyzing the 2004 data in the Federal Reserve Bulletin.
HMDA, which was enacted by Congress in 1975, requires most mortgage lenders located in metropolitan areas to collect data about their housing-related lending activity, report the data annually to the government, and make the data publicly available. Initially, HMDA required reporting of the geographic location of originated and purchased home loans. In 1989, Congress expanded HMDA data to include information about denied home loan applications and the race, sex, and income of applicants and borrowers. In 2002, the Federal Reserve Board amended the HMDA regulations to require lenders to report price data for certain higher-priced home mortgage loans, and other new data.
|Federal Reserve||Susan Stawick||202-452-2955|
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Last update: March 31, 2005