ComplianceTech, McLean, VA, today announces the refresh of the Home Mortgage Disclosure Act (HMDA) data in LendingPatterns™ to include the 2019 data

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ComplianceTech, McLean, VA, today announces the refresh of the Home Mortgage Disclosure Act (HMDA) data in LendingPatterns™ to include the 2019 data as published by the CFPB on April 1, 2020. Using the 2019 HMDA data from every lender in the U.S., LendingPatterns™ can pinpoint fair lending issues related to underwriting, pricing, steering, and redlining.

www.LendingPatterns.com

The HMDA data landscape has changed dramatically over the past few years. Not only is there different reporting for exempt and non-exempt lenders but the data set itself is not as static as it used to be. We will be updating our tool frequently to mirror the dynamic updates and national snapshots.

ComplianceTech, McLean, VA, today announces the refresh of the Home Mortgage Disclosure Act (HMDA) data in LendingPatterns™ to include the 2019 data as published by the CFPB on April 1, 2020. Using the 2019 HMDA data from every lender in the U.S., LendingPatterns™ can pinpoint fair lending issues related to underwriting, pricing, steering, and redlining. Geographical analysis options include, the entire U.S., metro areas, state, county, city, congressional districts, and lender’s CRA assessment areas.

Interesting Facts

  • There were 5,502 reporters who submitted data for 17.5 million records (including purchased loans) in 2019, a drop of 3%.
  • The denial rate dropped slightly to 17% in 2019 from 20% in 2018, a 3% fall.
  • The largest percentage of applications was from white applicants, 61%, followed by Hispanics, 11%, blacks, 7%, and Asians, 5%. Applicants reporting more than 1 race, Native American, and Hawaiian borrowers each accounted for less than 1% of all applications.
  • Blacks, Hispanics, and Asians had higher denial rates compared to whites (15%): 27%, 22%, and 16% respectively. These rates vary by loan type, loan purpose, and term.
  • Refinancings (including rate/term and cash-out) jumped 8.6% to 42.3% in 2019 from 33.7% in 2018.
  • Home mortgages application volume also increased by 2.8%, but because refinancing business boomed, the home purchase share of the overall market dropped to 43% in 2019 from 49% in 2018.
  • Closed loans were primarily made to middle-upper income borrowers (74%) and in middle-upper income census tracts (84%).
  • Closed loans in predominantly white neighborhoods represented 80% of total loans made.

LendingPatterns™ remains the tool of choice for federal and state regulators, lenders, community groups and housing researchers. Its state-of-the-art secure cloud-based platform allows subscribers to access reports with ease while working remotely.

“The HMDA data landscape has changed dramatically over the past few years. Not only is there different reporting for exempt and non-exempt lenders but the data set itself is not as static as it used to be. In the coming months LendingPatterns™ will be refreshed frequently to mirror the dynamic updates and national snapshot(s),” said Maurice Jourdain-Earl, Managing Director of ComplianceTech.

LendingPatterns™ and its companion product Fair Lending Magic™ were designed by leading industry experts with many years of field experience performing loan due diligence, underwriting, and compliance exam readiness consulting. ComplianceTech, founded in 1992 and headquartered in McLean, Virginia, is a leading provider of software and services to make fair and responsible lending easier. ComplianceTech is a valued resource for information, education, and technology for HMDA, fair lending and CRA analysis.

For more information, contact Dana Ginsburg at DanaGinsburg(at)compliancetech(dot)com or call her on 202-618-7079.

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Dana Ginsburg
@compliancetech
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