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Contents of the HMDA data collection for 2017 [20] and prior: The date of application; The loan type (conventional loan, FHA loan, VA loan or a loan guaranteed by the Farmers Home Administration) The type of property involved (single-family, multifamily) The purpose of the loan (home purchase, home improvement, refinancing)
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Mortgage lenders received 14.3 million home loan applications in 2022, which were reported under the Home Mortgage Disclosure Act (HMDA). Of those, 8.4 million resulted in loan originations ...
Loan origination is the process by which a borrower applies for a new loan, and a lender processes that application. Origination generally includes all the steps from taking a loan application up to disbursal of funds (or declining the application). For mortgages, there is a specific mortgage origination process.
The HMDA requires "most lenders to identify the race, sex, and income of loan applicants and borrowers", [3] so the FFIEC is able to deduce things like "the number of mortgages issued to black and Hispanic borrowers rose sharply", as it did in 1993. [5] In 2006, the State Liaison Committee was added to the Council as a voting member. [6]
Government-backed loans like FHA, VA, and USDA loans, often touted easier to get, actually have higher denial rates than conventional loans. ... (HMDA), however, tell a slightly different story ...
The Community Reinvestment Act (CRA, P.L. 95-128, 91 Stat. 1147, title VIII of the Housing and Community Development Act of 1977, 12 U.S.C. § 2901 et seq.) is a United States federal law designed to encourage commercial banks and savings associations to help meet the needs of borrowers in all segments of their communities, including low- and moderate-income neighborhoods.
Credit score. Minimum score of 640 or higher. Ownership stake. At least 15-20% equity in the home. Debt-to-income ratio. Below 43 percent. Combined loan-to-value ratio