FFIEC Releases 2017 HMDA Data
On May 7th the Federal Financial Institutions Examination Council (FFIEC) released the 2017 Home Mortgage Disclosure Act (HMDA) data for 5,852 financial institutions. The FFIEC indicated that, for the first time, the HMDA data will be updated on a continuous basis to reflect late submissions and resubmissions.
The number of reporting financial institutions decreased by about 13 percent from the previous year. The total number of originated loans decreased by 21.5 million; however, home purchase lending increased by more than 4 percent.
With respect to borrower race and ethnicity, the share of home purchase loans for 1 – 4 family properties made to African American borrowers increased to 6.4 percent in 2017 from 6 percent in 2016, the share made to Hispanic-white borrowers remained unchanged at 8.8 percent, and those made to Asian borrowers rose from 5.5 percent in 2016 to 5.8 percent in 2017.
CLA’s financial institution regulatory compliance team assists banks and credit unions nationwide in establishing regulatory compliance programs, conducting compliance testing, and training staff on regulations. Justin Robinson is a member of CLA’s regulatory compliance team and can be reached at justin.robinson@CLAconnect.com.
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