Jan 5, 2018

HMDA Data - what it includes

What are HMDA data?
HMDA data cover home purchase and home improvement loans and refinancings, and contain information about loan originations, loan purchases, and denied, incomplete or withdrawn applications. With some exceptions, for each transaction the lender reports data about:
the loan (or application), such as the type and amount of the loan made (or applied for) and, in limited circumstances, its price;
the disposition of the application, such as whether it was denied or resulted in an origination of a loan;
the property to which the loan relates, such as its type (single-family vs. multi-family) and location (including the census tract), and
the applicant’s ethnicity, race, sex, and income.

In 2003, HMDA data included a total of 42 million reported loans and applications. More information about HMDA data can be found at http://www.ffiec.gov/hmda. 

Data collected on HMDA
The data includes:
•    the mortgage loan number;
•    the date the mortgage application was received;
•    the type and purpose of the mortgage;
•    whether the application resulted in a pre-approval, denial or origination;
•    the property type of the property securing the mortgage;
•    the owner-occupancy status of the real estate securing the mortgage;
•    the mortgage amount;
•    the action taken by the lender on the application;
•    an identification of the MSA and census tract in which the property is located;
•    the ethnicity, race and sex of the mortgage applicant;
•    the gross annual income of the mortgage applicant;
•    the type of investor that will purchase the mortgage;
•    the spread between the annual percentage rate (APR) and the annual prime offer rate; and
•    whether the mortgage is subject to the Home Ownership and Equity Protection Act (HOEPA). 
 Additional HMDA data which will be collected in 2018 includes:
•    the borrower or applicant’s age;
•    the borrower or applicant’s credit score;
•    automated underwriting information;
•    a unique loan identifier;
•    property value;
•    the lending channel, e.g., retail or broker;
•    points and fees paid;
•    borrower-paid origination charges;
•    discount points;
•    lender credits;
•    the term of any prepayment period;
•    interest rate;
•    the presence of terms resulting in potential negative amortization; and
•    the mortgage term. 

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