Conv. purch. loans to very low-inc. app. to instit. w/ rate info.
Definition:
Very low-income borrowers include households with 50% or less than the HUD area median family income. Conventional refers to a loan not insured by a government program, like FHA or VA.
Full Label:
Number of conventional, first-lien home purchase mortgage originations for owner-occupied 1 to 4 family dwellings and manufactured homes to very low-income borrowers where race is not applicable with interest rate information
Source dataset:
Home Mortgage Disclosure Act (Federal Financial Institutions Examination Council)
Home Mortgage Disclosure Act (Federal Financial Institutions Examination Council)
Description:
The Home Mortgage Disclosure Act (HMDA) requires most lending institutions to report mortgage loan applications, including the outcome of the application, information about the loan and applicant, and location of the property. In 2004 and later years, data is also available about loans with high interest rates, lien status, and property structure type. The data are collected to assist in determining whether financial institutions are meeting the housing credit needs of their communities; to target community development funds to attract private investment to underserved areas; and to identify possible discriminatory lending patterns. In DataPlace, the loan-level data are summarized into indicators such as the distribution of borrowers by income, denial rates by gender, and loans from subprime lenders by race. For more information about HMDA, see the DataPlace guidebook at http://www.dataplace.org/guides.html or visit the FFIEC web site at http://www.ffiec.gov/hmda.
Originator:
Federal Financial Institutions Examination Council
