Opportunities and Issues in using HMDA Data
Robert B. Avery
Board of Governors of the Federal Reserve System - Financial Studies Section
Kenneth P. Brevoort
Federal Reserve Board - Division of Research & Statistics
Glenn B. Canner
Board of Governors of the Federal Reserve System - Division of Research and Statistics
Journal of Real Estate Research, Vol. 29, No. 4, 2007
Since 1975, the Home Mortgage Disclosure Act (HMDA) has required most mortgage lending institutions to disclose to the public information about the home loans they originate or purchase during a calendar year. In using these data, however, researchers need to be aware of a number of issues and potential problems that characterize HMDA. This article provides a comprehensive enumeration of these issues, focusing on practical problems that can potentially influence choices researchers make in using the data or in interpreting the findings. The article also includes an illustrative example of how the data that is reported in HMDA can be used to gain a better understanding of trends and practices in the home mortgage market.
Keywords: HMDA, Home Morgage Disclosure Act, mortgage lending, home loans
JEL Classification: R11, R14, R21, R31, R38Accepted Paper Series
Date posted: November 15, 2007
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