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Home Mortgage Disclosure Act Report



Published in Economy & Finance , Business
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  • This report analyzes the rate of conventional and federal mortgage lending in the Charleston-North Charleston-Summerville MSA. This report compares aggregate loan information and reviews 20 lending institutions in the MSA.This report is not about calling specific lending institutions to task; it is to take a look at where the industry is as a whole and what may be done to improve results for home ownership in our community
  • There were 22,728 total applications in 2007 and only 2662 of those were black applications13941 total applicationsin 2008 and only 1512 black applications And 11653 total applicationsin 2009 and only 1361 black applications


  • 1. 2011 HMDA REPORT
    Creating opportunities for home ownership
  • 2. About the HMDA Report
    The U.S. Home Mortgage Disclosure Act (HMDA), passed in 1975, requires financial institutions to maintain and disclose data about home purchases, pre-approvals, refinance and home improvement applications involving 1-to-4 unit and multi-family dwellings. The information from this data:
    • Helps public officials distribute public sector investments
    • 3. Discover if financial institutions are service the housing needs of the community, and;
    • 4. Identify where there are discriminatory lending practices.
  • About the HMDA Report
    The Charleston Trident Urban League, through this 2011 HMDA report, seeks to understand where the Charleston community is in terms of mortgage lending across the board.
  • 5. The Housing Market In Crisis
    There was a 53% decrease in overall mortgage activity from 2007-2009 in the Charleston MSA.
  • 6. Home Mortgage Originationsin the Charleston MSA
    Over a three year period, home loan originations for blacks were, on average, 9% of the total loans originated.
    Other minority applicants were, on average, 5% of the total loans originated.
  • 7. Denial Ratios
    Applications Received
    Applications Denied
  • 8. Reasons for Denial of ApplicationsBased on Race
    Black applicants are more likely to be denied a loan because of credit history.
  • 9. Reasons for Denial of Applications Based on Income
  • 10. Average Denial Ratios For Blacks vs Whites In The Charleston MSA, 2007-2009
    Out of 20 financial institutions, 9 were at or below the average denial ratio each year.
  • 11. Creating more opportunities in home ownership for blacks and other minorities.
  • 12. Minority Homeownership In Crisis
    The same holds true for households in the Charleston MSA. 40% of blacks own their own home compared to 79.7% of whites.
    Nationally, less than half of black households own their own home compared to three-quarters of whites.
  • 13. Recommendation #1: Increase Financial Management Education
    Expansion of financial management education courses including:
    • Credit counseling
    • 14. First time homebuyers classes
    • 15. Debt management
    Courses should be required for ALL income levels.
    Credit History is the primary reason for denial of loan applications for both blacks AND whites.
  • 16. Recommendation #2: Increased Public Awareness Campaign
  • 17. Recommendation #2: Increased Public Awareness Campaign
    Financial institutions of all sizes need to increase outreach and public awareness of mortgage options available.
    15-30% of banks during the 2007-2009 period did not receive ANY black applications.
  • 18. Discussion
    2011 HMDA REPORT