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Open-end second-lien home improvement market concentrated in coastal cities
Prior to 2018, HMDA reporting for lines of credit was optional. It turns out that in 2018 $21.1 billion in credit was extended in transactions within the following parameters: Conventional Second lien Home improvement Owner occupied as a principal or second residence Open-end lines of credit A big question is where these transactions are concentrated.…
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How the CUNA Fair Lending Workshop Can Help Your Business
Mortgage lending and compliance is a field that is constantly shifting, with new legislation requiring credit unions to change their practices and systems appearing regularly. Fortunately, the Credit Union National Association understands these changes and hosts annual workshops to educate compliance officers and creditors. Here is everything you need to know about the upcoming 2019…
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Six HMDA Analyses You Never Thought Possible
I made a list of six intriguing analyses that can be done with the public 2018 HMDA data. Possibilities are almost endless. Affordability Analysis You can find where the borrowers are who can afford homes above a particular threshold (e.g., $1 million) using debt-to-income ratios, combined loan-to-value (CLTV) ratios, annual incomes, and appraised value. For…
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Consumer Financial Protection Bureau Proposes Changes to HMDA Rules
WASHINGTON, D.C. – The Consumer Financial Protection Bureau (Bureau) today issued a Notice of Proposed Rulemaking (NPRM), which proposes to raise the coverage thresholds for collecting and reporting data about closed-end mortgage loans and open-end lines of credit under the Home Mortgage Disclosure Act (HMDA) rules. For more details click this link.