Residential Mortgage Lending in 2016: Evidence from the Home Mortgage Disclosure Act Data

Federal Reserve Bulletin, Vol. 103, No. 6

27 Pages Posted: 8 Mar 2018

See all articles by Neil Bhutta

Neil Bhutta

Board of Governors of the Federal Reserve System

Steven Laufer

Board of Governors of the Federal Reserve System

Daniel Ringo

Board of Governors of the Federal Reserve System

Date Written: November 1, 2017

Abstract

This article presents findings from the HMDA data through 2016. The number of mortgage originations in 2016 rose 13 percent from 2015. Black and Hispanic white borrowers increased their share of home-purchase loans for the third straight year. The share of mortgages originated by nondepository, independent mortgage companies continued to rise in 2016. For the first time since at least 1995, nondepository, independent mortgage companies accounted for a majority of both refinance and home purchase originations. Finally, we assess HMDA's coverage of the mortgage market. The number of first-lien home-purchase and refinance loans reported in the 2016 HMDA data is approximately 90 percent of the number reported in consumer credit files. HMDA's coverage of junior lien mortgages appears to be much lower.

Keywords: HMDA, mortgage, refinance, home purchase, HMDA coverage, minority lending, nonbank lenders

JEL Classification: G21, G23, G28, R21, R51

Suggested Citation

Bhutta, Neil and Laufer, Steven and Ringo, Daniel, Residential Mortgage Lending in 2016: Evidence from the Home Mortgage Disclosure Act Data (November 1, 2017). Federal Reserve Bulletin, Vol. 103, No. 6, Available at SSRN: https://ssrn.com/abstract=3132404

Neil Bhutta (Contact Author)

Board of Governors of the Federal Reserve System ( email )

20th Street and Constitution Avenue NW
Washington, DC 20551
United States

Steven Laufer

Board of Governors of the Federal Reserve System ( email )

20th Street and Constitution Avenue NW
Washington, DC 20551
United States
202-475-6608 (Phone)
202-728-5889 (Fax)

Daniel Ringo

Board of Governors of the Federal Reserve System ( email )

20th Street and Constitution Avenue NW
Washington, DC 20551
United States

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