New information reported under HMDA and its application in fair lending enforcement
AbstractIn 2002 the Federal Reserve Board amended its Regulation C, which implements the Home Mortgage Disclosure Act of 1975, to expand the types of information that lenders covered by the law must disclose to the public about their home-lending activities. The amendments are intended to improve the quality, consistency, and utility of the reported data and to keep the regulation in step with recent developments in home-loan markets. Data reported for 2004 are the first to reflect the changes in the reporting rules. ; This article presents a first look at these greatly expanded data and considers some of their implications for the continuing concerns about fair lending. The analysis highlights some key relationships revealed in an initial review of the types of data that are new for 2004. Some parts of the analysis focus on nationwide statistics, and others examine patterns across groups of lenders, loan products, and various groupings of applicants, borrowers, and neighborhoods. The authors explore, in particular and in some depth, the strengths and limitations of the information on loan pricing. They also describe how the new data are being used to enhance fair lending enforcement activities.
Download InfoIf you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
Bibliographic InfoArticle provided by Board of Governors of the Federal Reserve System (U.S.) in its journal Federal Reserve Bulletin.
Volume (Year): (2005)
Issue (Month): Sum ()
You can help add them by filling out this form.
CitEc Project, subscribe to its RSS feed for this item.
- Robert B. Avery & Kenneth P. Brevoort & Glenn B. Canner, 2007. "Opportunities and Issues in Using HMDA Data," Journal of Real Estate Research, American Real Estate Society, vol. 29(4), pages 351-380.
- Morgan J. Rose, 2011. "Prepayment Penalties: Efficieny and Predation," UMBC Economics Department Working Papers 11-133, UMBC Department of Economics.
- Christopher J. Mayer & Karen Pence, 2008. "Subprime Mortgages: What, Where, and to Whom?," NBER Working Papers 14083, National Bureau of Economic Research, Inc.
- Michael LaCour-Little, 2007. "Economic Factors Affecting Home Mortgage Disclosure Act Reporting," Journal of Real Estate Research, American Real Estate Society, vol. 29(4), pages 479-510.
- Whalen, Gary W., 2008. "The impact of preemption of the Georgia Fair Lending Act by the OCC on national and state banks and the dual banking system," The Quarterly Review of Economics and Finance, Elsevier, vol. 48(4), pages 772-791, November.
- Yan Zhang, 2013. "Fair Lending Analysis of Mortgage Pricing: Does Underwriting Matter?," The Journal of Real Estate Finance and Economics, Springer, vol. 46(1), pages 131-151, January.
- J. Collins, 2011. "Mortgage Mistakes? Demographic Factors Associated with Problematic Loan Application Behaviors," Journal of Family and Economic Issues, Springer, vol. 32(4), pages 586-599, December.
- Laderman, Elizabeth & Reid, Carolina, 2010. "Mortgage lending on Native American reservations: Does a guarantee matter?," Journal of Housing Economics, Elsevier, vol. 19(3), pages 233-242, September.
- Courchane, Marsha & Gailey, Adam & Zorn, Peter, 2008. "Consumer credit literacy: What price perception," Journal of Economics and Business, Elsevier, vol. 60(1-2), pages 125-138.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Kris Vajs).
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If references are entirely missing, you can add them using this form.
If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.
Please note that corrections may take a couple of weeks to filter through the various RePEc services.