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FOR IMMEDIATE RELEASE
November 26, 2008
Contact: Jason Moon: 517-335-1700
LANSING - The Office of Financial and Insurance Regulation (OFIR) announced today that 2007 data compiled under the Federal Home Mortgage Disclosure Act are available from the Federal Financial Institutions Examination Council (FFIEC). The data covers mortgage lending transactions throughout the nation at 8,610 financial institutions covered by the Home Mortgage Disclosure Act (HMDA). Covered institutions include, but are not limited to, banks, savings associations, credit unions, and independent mortgage companies.
The HMDA data made available cover lending activity – applications for loans, loan originations and denials, and purchases of loans – from 2007. The data include 21.4 million applications and originations and 4.8 million purchases, for a total of 26.2 million actions reported by all covered institutions in 2007. Demographic information for each metropolitan area is also available.
The HMDA was enacted by Congress in 1975 and is implemented by the Federal Reserve Board's Regulation C. This regulation provides the public loan data that can be used to assist:
- in determining whether financial institutions are serving the housing needs of their communities;
- public officials in distributing public-sector investments so as to attract private investment to areas where it is needed;
- and in identifying possible discriminatory lending patterns.
Both summary and institution specific data are available to the public in a variety of media formats from the Federal Financial Institutions Examination Council (FFIEC) and can be accessed at www.ffiec.gov/hmda. An order form and ordering instructions are available at www.ffiec.gov/hmda/orderform.htm to obtain specific information.
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