HMDA Data Enhancements

Enacted by Congress in 1975, the Home Mortgage Disclosure Act (HMDA) requires banks, savings and loan associations and other financial institutions to publicly report detailed data on their home lending activity. Over the years, community organizations and concerned citizens have used HMDA data as a tool to determine which banks are lending in their community. We now need more information on loan terms and conditions to determine if financial institutions are making safe and sound loans in communities.

NCRC is pleased that Congress enhanced HMDA data as part of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010. We will continue advocating for speedy implementation of these requirements by the Federal Reserve Board and Bureau of Consumer Financial Protection. The new requirements are:

• Price information on all HMDA loans expressed as APR or price spread; not limiting this price information to high cost loans
• Credit score information
• Points and fees
• Property value
• Type of loan (adjustable-rate mortgages or fixed-rate)
• Type of loan (fully amortizing or negative amortization)
• A database on foreclosures and delinquencies