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New information reported under HMDA and its application in fair lending enforcement

Author

Listed:
  • Robert B. Avery
  • Glenn B. Canner
  • Robert E. Cook

Abstract

In 2002 the Federal Reserve Board amended its Regulation C, which implements the Home Mortgage Disclosure Act of 1975, to expand the types of information that lenders covered by the law must disclose to the public about their home-lending activities. The amendments are intended to improve the quality, consistency, and utility of the reported data and to keep the regulation in step with recent developments in home-loan markets. Data reported for 2004 are the first to reflect the changes in the reporting rules. ; This article presents a first look at these greatly expanded data and considers some of their implications for the continuing concerns about fair lending. The analysis highlights some key relationships revealed in an initial review of the types of data that are new for 2004. Some parts of the analysis focus on nationwide statistics, and others examine patterns across groups of lenders, loan products, and various groupings of applicants, borrowers, and neighborhoods. The authors explore, in particular and in some depth, the strengths and limitations of the information on loan pricing. They also describe how the new data are being used to enhance fair lending enforcement activities.

Suggested Citation

  • Robert B. Avery & Glenn B. Canner & Robert E. Cook, 2005. "New information reported under HMDA and its application in fair lending enforcement," Federal Reserve Bulletin, Board of Governors of the Federal Reserve System (U.S.), vol. 91(Sum), pages 344-394.
    • Handle: RePEc:fip:fedgrb:y:2005:i:sum:p:344-394:n:v.91no.3
    DOI: 10.17016/bulletin.2005.91-3
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    File URL: http://www.federalreserve.gov/pubs/bulletin/2005/summer05_hmda.pdf
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    Cited by:

    1. Marsha J. Courchane & Stephen L. Ross, 2019. "Evidence and Actions on Mortgage Market Disparities: Research, Fair Lending Enforcement, and Consumer Protection," Housing Policy Debate, Taylor & Francis Journals, vol. 29(5), pages 769-794, September.
    2. Patrick Bayer & Fernando Ferreira & Stephen L. Ross, 2016. "The Vulnerability of Minority Homeowners in the Housing Boom and Bust," American Economic Journal: Economic Policy, American Economic Association, vol. 8(1), pages 1-27, February.
    3. Christopher J. Mayer & Karen Pence, 2008. "Subprime Mortgages: What, Where, and to Whom?," NBER Working Papers 14083, National Bureau of Economic Research, Inc.
    4. Manthos D. Delis & Panagiotis Papadopoulos, 2019. "Mortgage Lending Discrimination Across the U.S.: New Methodology and New Evidence," Journal of Financial Services Research, Springer;Western Finance Association, vol. 56(3), pages 341-368, December.
    5. Michael LaCour-Little, 2007. "Economic Factors Affecting Home Mortgage Disclosure Act Reporting," Journal of Real Estate Research, American Real Estate Society, vol. 29(4), pages 479-510.
    6. J. Collins, 2011. "Mortgage Mistakes? Demographic Factors Associated with Problematic Loan Application Behaviors," Journal of Family and Economic Issues, Springer, vol. 32(4), pages 586-599, December.
    7. Yan Zhang, 2013. "Fair Lending Analysis of Mortgage Pricing: Does Underwriting Matter?," The Journal of Real Estate Finance and Economics, Springer, vol. 46(1), pages 131-151, January.
    8. Patrick Bayer & Fernando Ferreira & Stephen L. Ross, 2014. "Race, Ethnicity and High-Cost Mortgage Lending," NBER Working Papers 20762, National Bureau of Economic Research, Inc.
    9. Morgan Rose, 2012. "Prepayment Penalties: Efficiency and Predation," Journal of Housing Research, Taylor & Francis Journals, vol. 21(2), pages 227-260, January.
    10. Robert B. Avery & Kenneth P. Brevoort & Glenn B. Canner, 2007. "Opportunities and Issues in Using HMDA Data," Journal of Real Estate Research, American Real Estate Society, vol. 29(4), pages 351-380.
    11. Whalen, Gary W., 2008. "The impact of preemption of the Georgia Fair Lending Act by the OCC on national and state banks and the dual banking system," The Quarterly Review of Economics and Finance, Elsevier, vol. 48(4), pages 772-791, November.
    12. Laderman, Elizabeth & Reid, Carolina, 2010. "Mortgage lending on Native American reservations: Does a guarantee matter?," Journal of Housing Economics, Elsevier, vol. 19(3), pages 233-242, September.
    13. Courchane, Marsha & Gailey, Adam & Zorn, Peter, 2008. "Consumer credit literacy: What price perception," Journal of Economics and Business, Elsevier, vol. 60(1-2), pages 125-138.

    More about this item

    Keywords

    Regulation C: Home Mortgage Disclosure; Home Mortgage Disclosure Act;

    JEL classification:

    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
    • G28 - Financial Economics - - Financial Institutions and Services - - - Government Policy and Regulation
    • J15 - Labor and Demographic Economics - - Demographic Economics - - - Economics of Minorities, Races, Indigenous Peoples, and Immigrants; Non-labor Discrimination
    • R31 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Real Estate Markets, Spatial Production Analysis, and Firm Location - - - Housing Supply and Markets

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