The Federal Financial Institutions Examination Council (FFIEC) published data on 2023 mortgage lending transactions reported by 5,113 financial institutions, as required under the Home Mortgage Disclosure Act (HMDA), including banks, savings associations, credit unions, and mortgage companies.
The data serves as the most comprehensive source of information on mortgage market activity available to the public, according to the council. Businesses, consumer groups, regulators, and others utilize this data to assess potential fair lending risks, as well as for regulatory and informational purposes.
Additionally, the data is intended to help the public assess how financial institutions are serving the housing needs of their communities and facilitate federal financial regulators’ fair lending, consumer compliance, and Community Reinvestment Act examinations.
The “Snapshot National Loan-Level Dataset” contained the national HMDA datasets as of May 1. Key observations from the data included:
- The number of reporting institutions increased by approximately 14.6 percent to 5,113 in 2023 from 4,460 in the previous year.
- The 2023 snapshot included data from 10 million home loan applications, representing a decrease from the 14.3 million reported in 2022. About 7.7 million were closed-end (e.g., a home mortgage loan) and 2.1 million were open-end (e.g., a home equity line of credit). Another 266,000 records are from financial institutions making use of statutory partial exemptions and did not indicate whether they were closed-end or open-end.
- The share of mortgages originated by non-depository, independent mortgage companies accounted for 68.8 percent of first lien, one- to four-family, site-built, owner-occupied home-purchase loans in 2023, up from 60.2 percent in 2022.
- In terms of borrower race and ethnicity, the share of closed-end home purchase loans for first lien, one- to four-family, site-built, owner-occupied properties made to Black or African American borrowers ticked up from 8.1 percent in 2022 to 8.2 percent in 2023. The share of closed-end loans issued to Hispanic-White borrowers increased from 9.1 percent to 9.9 percent, and the share made to Asian borrowers increased slightly from 7.6 percent to 7.7 percent.
- In 2023, Black or African American and Hispanic-White applicants experienced denial rates for first lien, one- to four-family, site-built, owner-occupied conventional, closed-end home purchase loans of 16.6 percent and 12 percent respectively. Denial rates for Asian and non-Hispanic-White applicants were 9 percent and 5.8 percent respectively.
Additionally, the FFIEC published the HMDA Dynamic National Loan-Level Dataset, which is updated on a weekly basis to reflect late submissions and resubmissions, and aggregate and disclosure reports, summarizing information on individual financial institutions and geographies. The FFIEC also offers a HMDA data browser, which allows users to create custom tables, create interactive maps, and download datasets for further assessment.