The Home Mortgage Disclosure Act
The Home Mortgage Disclosure Act (HMDA), enacted in 1975, requires depository institutions and certain for-profit, nondepository institutions to collect, report to federal agencies, and disclose to the public data about:
- originations and purchases of home mortgage loans for home purchase and refinancing;
- originations and purchases of home improvement loans; and
- loan applications that do not result in originations (for example, applications that are denied or withdrawn).
The data collected under HMDA are used to:
- help determine whether institutions are serving the housing needs of their communities;
- help public officials target public investment to attract private investment where it is needed; and
- assist in identifying possible discriminatory lending patterns and enforcing antidiscrimination statutes.
The Board’s Regulation C implements HMDA. The information reported under Regulation C includes, among other items:
- application date;
- loan type, purpose, and amount;
- property location and type;
- race, ethnicity, sex, and annual income of the loan applicant;
- action taken on the loan application (approved, denied, withdrawn, etc.) and date of that action;
- whether the loan is covered by the Home Ownership and Equity Protection Act (HOEPA);
- lien status (first lien, subordinate lien, or unsecured); and
- certain loan price information.
Institutions report HMDA data to their supervisory agencies, which make the data available to the public with certain fields removed to preserve applicants' privacy. On behalf of the supervisory agencies, the Federal Financial Institutions Examination Council (FFIEC) compiles the reported data and prepares an individual disclosure statement for each institution, aggregate reports for all covered institutions in each metropolitan area, and other reports, all of which are available to the public on the FFIEC website.
For more information on HMDA or to access data collected under the Act, visit the FFIEC’s website.