OFIR Announces Home Mortgage Disclosure Act Data Now Available
LANSING, MI - January 25, 2010 - (RealEstateRama) — The Office of Financial and Insurance Regulation (OFIR) announced today that 2008 data compiled under the Federal Home Mortgage Disclosure Act are available from the Federal Financial Institutions Examination Council (FFIEC). The data covers mortgage lending transactions throughout the nation at 8,388 financial institutions covered by the Home Mortgage Disclosure Act (HMDA). Covered institutions include, but are not limited to, banks, savings associations, credit unions, and independent mortgage companies.
The HMDA data made available cover 2008 lending activity–applications for loans, loan originations, loan denials, and purchases of loans. The data include 14.2 million applications and originations and 2.9 million purchases, for a total of 17.1 million actions.
The HMDA was enacted by Congress in 1975 and is implemented by the Federal Reserve Board’s Regulation C. This regulation provides the public loan data that can be used to assist:
in determining whether financial institutions are serving the housing needs of their communities;
public officials in distributing public-sector investments so as to attract private investment to areas where it is needed;
and in identifying possible discriminatory lending patterns.
Both summary and institution specific data are available to the public in a variety of media formats from the Federal Financial Institutions Examination Council (FFIEC) and can be accessed at www.ffiec.gov/hmda. An order form and ordering instructions are available at www.ffiec.gov/hmda/orderform.htm to obtain specific information.
Contact:
Jason Moon 517-335-1700
http://twitter.com/miofir
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