HMDA Facts: Who Reported What?
There are some interesting facts about the 2004 HMDA submission that put a bit of perspective on the reporting process. For example, 60% of the reporting institutions reported information on fewer than 250 loan applications. These reports constituted 1.7% of the reported data. Of the reporting banks, 63% had assets of less than $250. Clearly, many of the reporters carry the full burden of compliance but make the smallest of dents in the total information reported. On the large reporter end of things, 25 of the larger reporters accounted for 42% of all applications.
During 2004, the refinance business was still strong. Of the 28.1 million applications reported, 9.8 million were for purchases while 16.1 million were for refinancing. The remainder were for home improvements and multi-family dwellings.
Copyright © 2005 Compliance Action. Originally appeared in Compliance Action, Vol. 10, No. 12, 10/05
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