Home Mortgage Disclosure Act
Home Mortgage Disclosure Act Overview
What is HMDA?
The Home Mortgage Disclosure Act (HMDA) was enacted by Congress in 1975 and was implemented by the Federal Reserve Board's Regulation C. On July 21, 2011, the rule-writing authority of Regulation C was transferred to the Consumer Financial Protection Bureau (CFPB). HMDA requires many, but not all, lenders to collect and report information regarding loan applications they receive, loans they originate and loans they purchase from other lenders. Not all loans are included; information is only reported if the loan or application meets specific criteria set forth in Regulation C. This information is recorded on the HMDA Loan / Application Register (LAR) and reported annually to the government.
Which lenders are required to report their data?
Depository and nondepository institutions must meet certain criteria, such as originating a minimum number of loans, before they are required to complete a LAR.
What information is reported?
HMDA requires that for each application or loan, institutions report information about the loan application, the property, and the applicant. For most applicants, this includes reporting the applicant’s race, ethnicity, sex and income.
How is HMDA data used?
HMDA provides the public with loan data that can be used to:
- Determine if financial institutions are serving the housing credit needs of their neighborhoods and communities;
- Help government officials make public sector investments and indicate to private investors the neighborhoods where their efforts may be needed, and
- Help identify possible discriminatory lending patterns and assist regulatory agencies in enforcing compliance with anti-discrimination statutes.
A number of excellent resources are available that offer background, statistics, helpful hints and other details about HMDA.
- Consumer Financial Protection Bureau
- Federal Financial Institutions Examination Council: HMDA Information—the website of the Federal Financial Institutions Examination Council contains background on the history of HMDA, filing information, and access to public data.
How can I get Chase's HMDA data?
The HMDA data about our residential mortgage lending are available online for review. The data show geographic distribution of loans and applications; ethnicity, race, sex, age, and income of applicants and borrowers; and information about loan approvals and denials. These data are available online at the Consumer Financial Protection Bureau’s web site. HMDA data for many other financial institutions are also available at this Web site.