The Federal Financial Institutions Examination Council released its annual Home Mortgage Disclosure Act dataset on Monday for the 2013 calendar year.
The data provide a sweeping view of demographic and financial trends that shaped the mortgage market during 2013. It includes information on applications, origination, purchases and sales of loans and other mortgage activity.
The HMDA data covers nearly 14 million loan applications. Approximately 8.7 million applications resulted in funded mortgages. The total number of originated loans declined by 1.1 million, or 11%, from 2012. Refinance originations were down 23%, while purchase mortgages increased 13%.
According to the HMDA data, the share of government-backed mortgages continued its steady decline in the aftermath of the financial crisis. The share of FHA-insured, first-lien home purchases for family-occupied properties was 24%, down from 31% in 2012, and well below a peak of 42% in 2009. The share of VA-guaranteed loans, however, held steady at approximately 9%.
Lending to low-income and minority groups declined in 2013, according to the FFIEC. The share of home purchase loans made to low- and moderate-income borrowers fell by approximately five percentage points from the previous year, to 26%. Additionally, black and Hispanic applicants experienced higher denial rates for conventional home purchase loans in 2013 than white applicants.
The HMDA data also provide an illustration of a consolidating mortgage industry, as the number of active lenders nationwide decreased by approximately 3%, to 7,190, from the previous year, primarily due to mergers and acquisitions.