New information reported under HMDA and its application in fair lending enforcementRobert B. Avery, Glenn B. Canner and Robert E. Cook Federal Reserve Bulletin, 2005, issue Sum, pages 344-394 Abstract: In 2002 the Federal Reserve Board amended its Regulation C, which implements the Home Mortgage Disclosure Act of 1975, to expand the types of information that lenders covered by the law must disclose to the public about their home-lending activities. The amendments are intended to improve the quality, consistency, and utility of the reported data and to keep the regulation in step with recent developments in home-loan markets. Data reported for 2004 are the first to reflect the changes in the reporting rules. ; This article presents a first look at these greatly expanded data and considers some of their implications for the continuing concerns about fair lending. The analysis highlights some key relationships revealed in an initial review of the types of data that are new for 2004. Some parts of the analysis focus on nationwide statistics, and others examine patterns across groups of lenders, loan products, and various groupings of applicants, borrowers, and neighborhoods. The authors explore, in particular and in some depth, the strengths and limitations of the information on loan pricing. They also describe how the new data are being used to enhance fair lending enforcement activities. Keywords: Regulation C: Home Mortgage Disclosure; Home Mortgage Disclosure Act (search for similar items in EconPapers) Downloads: (external link) Related works: Ordering information: This journal article can be ordered from Access Statistics for this article More articles in Federal Reserve Bulletin from Board of Governors of the Federal Reserve System (U.S.) |
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