A
Action Taken Date
The settlement or closing date for originations. HMDAVision has only year, as action take date is not released to the public.
Action Taken Type
The disposition of the loan/application. High Level summary available in HMDAVision LAR Overview Sheet.
Applicant Ethnicity
Ethnicity of the applicant. This is available for originated loans and for loan applications that do not result in an origination. Institutions may, but are not required to, report applicant ethnicity for purchased loans. When the applicant is not a natural person (a business, corporation or partnership, for example) or when the applicant information is unavailable because the loan has been purchased by the lender, the numerical code for "not applicable" is reported.
Applicant Race
Race of the applicant. This is available for originated loans and for loan applications that do not result in an origination. Institutions may, but are not required to, report these data for purchased loans. When the applicant is not a natural person (a business, corporation or partnership, for example) or when the applicant information is unavailable because the loan has been purchased by the lending institution, the numerical code for "not applicable" is reported.
Applicant Sex
Sex of the applicant. This is available for originated loans and for loan applications that do not result in an origination. Institutions may, but are not required to, report these data for purchased loans. When the applicant is not a natural person (a business, corporation or partnership, for example) or when the applicant information is unavailable because the loan has been purchased by the lending institution, the numerical code for "not applicable" is reported.
B
Bank
A financial institution that makes loans and obtains its funds mainly through accepting deposits from the public; includes commercial banks, savings and loan associations, savings banks, and credit unions.
Borrower Income Group
We use the applicant / borrower income and compare it to the median income level for the MSAMD in which the application was made. Both fields come from the HMDA LAR.
C
Census Tract
Census tracts are small, relatively permanent statistical subdivisions of a county or statistically equivalent entity. The primary purpose of census tracts is to provide a stable set of geographic units for the presentation of decennial census data. After the 2010 Census, the Census Bureau released corrections to tract codes and boundaries that were defined in the 2010 Census. These corrections are included in the 2017 FFIEC Census file as a part of the switch to the 2015 ACS as a basis for the file. These corrections are listed in the geography notes section of this document.
Census tracts are identified by a four-digit basic number and a two-digit numeric suffix; for example, 6059.02 and 7099.00. In the FFIEC Census File, the tract is six digits with an implied decimal point (e.g. 605902 and 709900).
Closing Rate
HMDAVision calculated measure to show how many of applications of a certain class close. Useful to compare closing rates among prohibited basis factors such as age, ethnicity and race, to monitor for risk indicators and/or uncover opportunities to serve underserved borrower segments.
Conventional loan
A loan not backed by the government. It can be conforming or non-conforming. HMDAVision shows conventional loans at aggregate level.
F
FFIEC – Federal Financial Institutions Examination Council (also known as the Council)
The Council is a formal interagency body empowered to prescribe uniform principles, standards, and report forms for the federal examination of financial institutions by the Board of Governors of the Federal Reserve System (FRS), , the Federal Deposit Insurance Corporation (FDIC), the National Credit Union Administration(NCUA), the Office of the Comptroller of the Currency (OCC), and the Office of Thrift Supervision*(OTS), and to make recommendations to promote uniformity in the supervision of financial institutions. In 2006, the State Liaison Committee (SLC) was added to the Council as a voting member. The SLC includes representatives from the Conference of State Bank Supervisors (CSBS), the American Council of State Savings Supervisors (ACSSS), and the National Association of State Credit Union Supervisors (NASCUS).
According to the provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (the Dodd-Frank Act) the OTS closed as of July 21, 2011. While most of its functions were transferred to the OCC, certain other authorities of the OTS were transferred to the FDIC and the FRS. Correspondingly, in accordance with the Dodd-Frank Act, the Director of the newly created Consumer Financial Protection Bureau joins the membership of the Council.
G
Government Loans
Action Taken Date
The settlement or closing date for originations. HMDAVision has only year, as action take date is not released to the public.
Action Taken Type
The disposition of the loan/application. High Level summary available in HMDAVision LAR Overview Sheet.
Applicant Ethnicity
Ethnicity of the applicant. This is available for originated loans and for loan applications that do not result in an origination. Institutions may, but are not required to, report applicant ethnicity for purchased loans. When the applicant is not a natural person (a business, corporation or partnership, for example) or when the applicant information is unavailable because the loan has been purchased by the lender, the numerical code for "not applicable" is reported.
Applicant Race
Race of the applicant. This is available for originated loans and for loan applications that do not result in an origination. Institutions may, but are not required to, report these data for purchased loans. When the applicant is not a natural person (a business, corporation or partnership, for example) or when the applicant information is unavailable because the loan has been purchased by the lending institution, the numerical code for "not applicable" is reported.
Applicant Sex
Sex of the applicant. This is available for originated loans and for loan applications that do not result in an origination. Institutions may, but are not required to, report these data for purchased loans. When the applicant is not a natural person (a business, corporation or partnership, for example) or when the applicant information is unavailable because the loan has been purchased by the lending institution, the numerical code for "not applicable" is reported.
B
Bank
A financial institution that makes loans and obtains its funds mainly through accepting deposits from the public; includes commercial banks, savings and loan associations, savings banks, and credit unions.
Borrower Income Group
We use the applicant / borrower income and compare it to the median income level for the MSAMD in which the application was made. Both fields come from the HMDA LAR.
- Low or Moderate (LMI) - If the applicant/borrower income over the median family income for the location is <= 80%
- Middle - If the applicant/borrower income is greater than or equal to 80% and less than 120% of the median family income.
- High – If the applicant/borrower income is >=120% of the median family income.
C
Census Tract
Census tracts are small, relatively permanent statistical subdivisions of a county or statistically equivalent entity. The primary purpose of census tracts is to provide a stable set of geographic units for the presentation of decennial census data. After the 2010 Census, the Census Bureau released corrections to tract codes and boundaries that were defined in the 2010 Census. These corrections are included in the 2017 FFIEC Census file as a part of the switch to the 2015 ACS as a basis for the file. These corrections are listed in the geography notes section of this document.
Census tracts are identified by a four-digit basic number and a two-digit numeric suffix; for example, 6059.02 and 7099.00. In the FFIEC Census File, the tract is six digits with an implied decimal point (e.g. 605902 and 709900).
Closing Rate
HMDAVision calculated measure to show how many of applications of a certain class close. Useful to compare closing rates among prohibited basis factors such as age, ethnicity and race, to monitor for risk indicators and/or uncover opportunities to serve underserved borrower segments.
Conventional loan
A loan not backed by the government. It can be conforming or non-conforming. HMDAVision shows conventional loans at aggregate level.
F
FFIEC – Federal Financial Institutions Examination Council (also known as the Council)
The Council is a formal interagency body empowered to prescribe uniform principles, standards, and report forms for the federal examination of financial institutions by the Board of Governors of the Federal Reserve System (FRS), , the Federal Deposit Insurance Corporation (FDIC), the National Credit Union Administration(NCUA), the Office of the Comptroller of the Currency (OCC), and the Office of Thrift Supervision*(OTS), and to make recommendations to promote uniformity in the supervision of financial institutions. In 2006, the State Liaison Committee (SLC) was added to the Council as a voting member. The SLC includes representatives from the Conference of State Bank Supervisors (CSBS), the American Council of State Savings Supervisors (ACSSS), and the National Association of State Credit Union Supervisors (NASCUS).
According to the provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (the Dodd-Frank Act) the OTS closed as of July 21, 2011. While most of its functions were transferred to the OCC, certain other authorities of the OTS were transferred to the FDIC and the FRS. Correspondingly, in accordance with the Dodd-Frank Act, the Director of the newly created Consumer Financial Protection Bureau joins the membership of the Council.
G
Government Loans
- HMDAVision provides insight into volumes, production, location, competition, and trends in Government Loans. There are three basic types of government loans
- Federal Housing Administration - FHA loans are insured against foreclosure. Borrowers are charged premiums - upfront premium at closing 175 basis points of the loan amount; and annual premium based on LTV, loan amount. Designed for low-to-moderate income markets.They generally benefit First Time Home Buyers (FTHB), borrowers with cash liquidity and borrowers who do not meet crireria of the conforming market.
- Department of Veteran Affairs - VA loans have a portion of the balance guaranteed against foreclosure (25%). Veteran borrowers charged a funding fee for the VA Guarantee and can be financed as part of the loan amount.
- US Department of Agriculture - USDA loans are offered and guaranteed by the Rural Housing Service within the U.S. Department of Agriculture. To support the goal of rural home ownership, these loan programs protect mortgage lenders who make these loans on residential properties located in rural areas by offering them a guarantee should the borrower default. USDA also offers direct lending to qualified borrowers. The LTV's on RHS-guaranteed and direct loans can be up to 100% and repayment terms of up to 38 years are offered. Borrowers must meet income guidelines (the ceiling is usually 115% of the median income for the area in which the property is located) in order to qualify for RHS programs. · In addition, there are a number of affordable housing programs as well as energy efficient mortgage programs that are available today
H
HOEPA – Home Ownership and Equity Protection Act
HMDAVision flags if a transaction was subject to the provisions of the HOEPA. HOEPA, enacted as part of the Truth in Lending Act, imposes substantive limitations and additional disclosures on certain types of home mortgage loans with rates or fees above a certain percentage or amount. For more information about HOEPA, see the CFPB's Regulation Z, sections 1026. There is also additional questions regarding HOEPA in the HMDA Price Data Frequently Asked Questions (FAQs) section of the following link: http://www.federalreserve.gov/newsevents/press/bcreg/20060403a.htm
Home Improvement Loan
A home improvement loan is (a) any dwelling-secured loan to be used, at least in part, for repairing, rehabilitating, remodeling, or improving a dwelling or the real property on which the dwelling is located, and (b) any non-dwelling-secured loan (i) that is to be used, at least in part, for one or more of those purposes and (ii) that is classified as a home improvement loan by the institution.
Home Purchase Loan
A home purchase loan is any loan secured by and made for the purpose of purchasing a dwelling.
L
LAR – Loan Application Register
The term LAR refers to the loan application register format that has been prescribed for reporting HMDA data. Computer-generated reports must conform to the format of the LAR.
Loan Assumption
A loan assumption is a transaction in which a Financial Institution enters into a written agreement accepting a new borrower in place of an existing borrower as the obligor on an existing debt obligation. Loan assumptions are covered transactions under HMDA.
Lien Status
For HMDA reporting purposes, lenders report lien status for loans they originate and applications that do not result in originations. Lien status aids in the interpretation of price data. For more information on lien status, see the HMDA Price Data Frequently Asked Questions (FAQs) section of the following link: http://www.federalreserve.gov/newsevents/press/bcreg/20060403a.html
Loan Purpose
Indicates whether the purpose of the loan or application was for home purchase, home improvement, or refinancing.
Loan Type
Indicates whether the loan granted, applied for, or purchased was conventional, government-guaranteed, or government-insured.
M
Minority Tract
We use the minority population percentage available in the HMDA Loan Application Register (LAR). This is the percentage of minority population to total population for the tract.
MD - Metropolitan Division
A metropolitan division is a subset of an MSA having a single core with a population of 2.5 million or more. For reporting and disclosure purposes of HMDA, an MD is the relevant geography, not the MSA of which it is a division.
MSA – Metropolitan Statistical Area
For purposes of HMDA, the term is interchangeable with "metropolitan area." The underlying concept of an MSA is that of a core area containing a large population nucleus, together with adjacent communities having a high degree of economic and social integration with that core. MSAs are composed of entire counties or county equivalents. Every MSA has at least one urbanized area with a population of 50,000 or more.
MSA/MD – Metropolitan Statistical Area/Metropolitan Division
An area that has at least one urbanized area of 50,000 or more population, plus adjacent territory that has a high degree of social and economic integration with the core as measured by commuting ties. If the specified criteria are met, a metropolitan statistical area containing a single core with a population of 2.5 million or more may be subdivided to form smaller groupings of counties referred to as metropolitan divisions. This is a five-digit code defined by the Office of Management and Budget. Those properties located outside of an MSA/MD are identified in HMDAVision as "NA" for not applicable.
N
Neighborhood Income Group
HOEPA – Home Ownership and Equity Protection Act
HMDAVision flags if a transaction was subject to the provisions of the HOEPA. HOEPA, enacted as part of the Truth in Lending Act, imposes substantive limitations and additional disclosures on certain types of home mortgage loans with rates or fees above a certain percentage or amount. For more information about HOEPA, see the CFPB's Regulation Z, sections 1026. There is also additional questions regarding HOEPA in the HMDA Price Data Frequently Asked Questions (FAQs) section of the following link: http://www.federalreserve.gov/newsevents/press/bcreg/20060403a.htm
Home Improvement Loan
A home improvement loan is (a) any dwelling-secured loan to be used, at least in part, for repairing, rehabilitating, remodeling, or improving a dwelling or the real property on which the dwelling is located, and (b) any non-dwelling-secured loan (i) that is to be used, at least in part, for one or more of those purposes and (ii) that is classified as a home improvement loan by the institution.
Home Purchase Loan
A home purchase loan is any loan secured by and made for the purpose of purchasing a dwelling.
L
LAR – Loan Application Register
The term LAR refers to the loan application register format that has been prescribed for reporting HMDA data. Computer-generated reports must conform to the format of the LAR.
Loan Assumption
A loan assumption is a transaction in which a Financial Institution enters into a written agreement accepting a new borrower in place of an existing borrower as the obligor on an existing debt obligation. Loan assumptions are covered transactions under HMDA.
Lien Status
For HMDA reporting purposes, lenders report lien status for loans they originate and applications that do not result in originations. Lien status aids in the interpretation of price data. For more information on lien status, see the HMDA Price Data Frequently Asked Questions (FAQs) section of the following link: http://www.federalreserve.gov/newsevents/press/bcreg/20060403a.html
Loan Purpose
Indicates whether the purpose of the loan or application was for home purchase, home improvement, or refinancing.
Loan Type
Indicates whether the loan granted, applied for, or purchased was conventional, government-guaranteed, or government-insured.
M
Minority Tract
We use the minority population percentage available in the HMDA Loan Application Register (LAR). This is the percentage of minority population to total population for the tract.
- When "Minority population %" is > 50%, the tract is defined as "Minority Tract".
- When the minority population % is <50%, the tract is defined as "Non-minority tract".
MD - Metropolitan Division
A metropolitan division is a subset of an MSA having a single core with a population of 2.5 million or more. For reporting and disclosure purposes of HMDA, an MD is the relevant geography, not the MSA of which it is a division.
MSA – Metropolitan Statistical Area
For purposes of HMDA, the term is interchangeable with "metropolitan area." The underlying concept of an MSA is that of a core area containing a large population nucleus, together with adjacent communities having a high degree of economic and social integration with that core. MSAs are composed of entire counties or county equivalents. Every MSA has at least one urbanized area with a population of 50,000 or more.
MSA/MD – Metropolitan Statistical Area/Metropolitan Division
An area that has at least one urbanized area of 50,000 or more population, plus adjacent territory that has a high degree of social and economic integration with the core as measured by commuting ties. If the specified criteria are met, a metropolitan statistical area containing a single core with a population of 2.5 million or more may be subdivided to form smaller groupings of counties referred to as metropolitan divisions. This is a five-digit code defined by the Office of Management and Budget. Those properties located outside of an MSA/MD are identified in HMDAVision as "NA" for not applicable.
N
Neighborhood Income Group
- Low or Moderate – If the ratio of the median family income at the tract level over the MSAMD level is <80%
- Middle – if the ratio is >=80% and <120%
- High – if the ratio is >=120%
O
Occupancy
Indicates whether the property to which the loan application relates will be the owner's principal dwelling. For multifamily dwellings (housing five or more families), and any dwellings located outside MSA/MDs, or in MSA/MDs where an institution does not have home or branch offices, an institution may either enter the code for not applicable or the code for the actual occupancy status.
Second homes or vacation homes, as well as rental properties, are usually thouse that are not identified in the data as owner-occupied as a principal dwelling.
P
Property Type
Indicates whether the loan or application was for a one-to-four-family dwelling (other than manufactured housing), manufactured housing, or multifamily dwelling.
In HMDAVision, loans on individual condominium or cooperative units, are coded as one-to-four-family dwelling.
R
Ratios In HMDAVision:
Reasons for Denial
These fields identify why an application was denied. Recording reasons for denial is optional, except for institutions supervised by the Office of Thrift Supervision (OTS)* or the Office of the Comptroller of the Currency (OCC), so we see sometimes, a large portion of "None".
* Requirement of reporting reasons for denial for OTS only applies for years 2010 and prior.
Refinancing
Refinancing is any dwelling-secured loan that replaces and satisfies another dwelling-secured loan to the same borrower. The purpose of the loan being refinanced is not relevant to determining whether the new loan is a refinancing for HMDA purposes. We cannot see the borrower's intended use of any additional cash borrowed relevant to determining whether the loan is a refinancing, though the borrower's intended use of the funds could make the transaction a home improvement loan or a home purchase loan.
S
Sold or Retained
Some nuances here worth noting:
T
Type of Purchaser
Some nuances here worth noting:
Occupancy
Indicates whether the property to which the loan application relates will be the owner's principal dwelling. For multifamily dwellings (housing five or more families), and any dwellings located outside MSA/MDs, or in MSA/MDs where an institution does not have home or branch offices, an institution may either enter the code for not applicable or the code for the actual occupancy status.
Second homes or vacation homes, as well as rental properties, are usually thouse that are not identified in the data as owner-occupied as a principal dwelling.
P
Property Type
Indicates whether the loan or application was for a one-to-four-family dwelling (other than manufactured housing), manufactured housing, or multifamily dwelling.
In HMDAVision, loans on individual condominium or cooperative units, are coded as one-to-four-family dwelling.
R
Ratios In HMDAVision:
- Share of Total Applications for a class = Number of Applications for a class / Total Applications
- Denial Rate for a class = Number of denied applications for a class divided by the total number of applications from that class (expressed as %) (e.g. Hispanic Loans Denied / Hispanic Applications)
- Closing Ratio for a class = Number of closed loans for a class divided by total number of applications for that class e.g. (Hispanic Loans / Hispanic Applications) expressed as %
- Share of Loans Originated for a class = Number of Loans Originated for a Class divided by Total Loans originated (e.g. Hispanic Loans / Total Loans Originated)
Reasons for Denial
These fields identify why an application was denied. Recording reasons for denial is optional, except for institutions supervised by the Office of Thrift Supervision (OTS)* or the Office of the Comptroller of the Currency (OCC), so we see sometimes, a large portion of "None".
* Requirement of reporting reasons for denial for OTS only applies for years 2010 and prior.
Refinancing
Refinancing is any dwelling-secured loan that replaces and satisfies another dwelling-secured loan to the same borrower. The purpose of the loan being refinanced is not relevant to determining whether the new loan is a refinancing for HMDA purposes. We cannot see the borrower's intended use of any additional cash borrowed relevant to determining whether the loan is a refinancing, though the borrower's intended use of the funds could make the transaction a home improvement loan or a home purchase loan.
S
Sold or Retained
Some nuances here worth noting:
T
Type of Purchaser
Some nuances here worth noting:
- If the lender sells a loan in the same calendar year in which it was originated or purchased, the lender is required to identify the type of purchaser to whom it was sold.
- If the loan is sold to more than one purchaser, only the entity purchasing the greatest interest is identified.
- If the lender sells only a portion of the loan, retaining a majority interest, the lender will not report the sale.
- If the lender did not sell the loan during the same calendar year, or if the application did not result in a loan origination, we get the code "0" (zero).
- If the lender sold the loan in a succeeding year, the lender need not report the sale in the succeeding year and the lender would not go back to previous years to show it as sold.