FFIEC Analysis Examines The Mortgage Market

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The Federal Financial Institutions Examination Council (FFIEC) last week released data for 2004 related to mortgage lending transactions at 8,853 financial institutions covered by the Home Mortgage Disclosure Act (HMDA) in metropolitan statistical areas throughout the nation.

The HMDA data includes disclosure statements for each financial institution, aggregate data for each metropolitan statistical area (MSA), nationwide summary statistics regarding lending patterns, and the Loan Application Register (LAR) submitted by each institution to its supervisory agency on March 1, modified for borrower privacy.

The FFIEC prepares and distributes these data products on behalf of its member agencies, including NCUA.

Collected for the first time is information relating to loan pricing, whether a loan or application relates to manufactured housing, and whether a loan is secured by a first or subordinate lien, or is unsecured. "The pricing data are intended to advance enforcement of consumer protection and anti-discrimination laws and to improve mortgage market efficiency," the FFIEC said.

Loan price data and other HMDA data can be used by the agencies and others as a screening tool to identify aspects of the higher-priced mortgage market that warrant a closer look to determine whether there is abuse or discrimination.

For more info: www.ffiec.gov.

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