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Request for Comment on Revised Formats for Public Disclosure of Lending Data - District Notice 04-17

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ll★KFederal Reserve Bank of Dallas2200 N. PEARL ST.DALLAS, TX 75201-2272April 8, 2004Notice 04-17TO: The Chief Executive Officer of eachfinancial institution and others concernedin the Eleventh Federal Reserve DistrictSUBJECTRequest for Comment on Revised Formatsfor Public Disclosure of Lending DataDETAILSThe Board of Governors has requested public comment on revised formats for publicdisclosure of mortgage lending data reported pursuant to the Home Mortgage Disclosure Act andRegulation C, in light of revisions to Regulation C requiring lending institutions to report newloan pricing and other loan data. The first year for which the new data will be reported is 2004.Data from institutions are due no later than March 1, 2005, and the data will be reflected in thepublic disclosures scheduled to be released in summer 2005.The Board must receive comments by May 10, 2004. Please address comments toJennifer J. Johnson, Secretary, Board of Governors of the Federal Reserve System, 20th Streetand Constitution Avenue, N.W., Washington, DC 20551. Also, you may mail comments elec-tronically to regs.comments@federalreserve.gov. All comments should refer to Docket No.R-1186.The public can also view and submit comments on proposals by the Board and otherfederal agencies from the www.regulations.gov web site.AT TACHMENTA copy of the Board’s notice as it appears on pages 15470–75, Vol. 69, No. 58 of theFederal Register dated March 25, 2004, is attached. Please ...
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ll★K
Federal Reserve Bank of Dallas
2200 N. PEARL ST.
DALLAS, TX 75201-2272
April 8, 2004
Notice 04-17
TO: The Chief Executive Officer of each
financial institution and others concerned
in the Eleventh Federal Reserve District
SUBJECT
Request for Comment on Revised Formats
for Public Disclosure of Lending Data
DETAILS
The Board of Governors has requested public comment on revised formats for public
disclosure of mortgage lending data reported pursuant to the Home Mortgage Disclosure Act and
Regulation C, in light of revisions to Regulation C requiring lending institutions to report new
loan pricing and other loan data. The first year for which the new data will be reported is 2004.
Data from institutions are due no later than March 1, 2005, and the data will be reflected in the
public disclosures scheduled to be released in summer 2005.
The Board must receive comments by May 10, 2004. Please address comments to
Jennifer J. Johnson, Secretary, Board of Governors of the Federal Reserve System, 20th Street
and Constitution Avenue, N.W., Washington, DC 20551. Also, you may mail comments elec-
tronically to regs.comments@federalreserve.gov. All comments should refer to Docket No.
R-1186.
The public can also view and submit comments on proposals by the Board and other
federal agencies from the www.regulations.gov web site.
AT TACHMENT
A copy of the Board’s notice as it appears on pages 15470–75, Vol. 69, No. 58 of the
Federal Register dated March 25, 2004, is attached. Please note that we are only including the
For additional copies, bankers and others are encouraged to use one of the following toll-free numbers in contacting the Federal
Reserve Bank of Dallas: Dallas Office (800) 333-4460; El Paso Branch Intrastate (800) 592-1631, Interstate (800) 351-1012;
Houston Branch Intrastate (800) 392-4162, Interstate (800) 221-0363; San Antonio Branch Intrastate (800) 292-5810.- 2 -
text of the Board’s notice. The remainder of the document consists of tables. For a copy of the
complete document, which is 91 pages (6.7MB), please access our web site at
www.dallasfed.org/banking/notices/2004/not0417hmda.pdf.
MORE INFORMATION
For more information, please contact Eugene Coy, Banking Supervision Department,
(214) 922-6201. For additional copies of this Bank’s notice, contact the Public Affairs Depart-
ment at (214) 922-5254 or access District Notices on our web site at www.dallasfed.org/banking/
notices/index.html.15470 Federal Register/Vol. 69, No. 58/Thursday, March 25, 2004/Proposed Rules
Deaf (TDD) only, contact (202) 263– the annual percentage rate (APR) on the FEDERAL RESERVE SYSTEM
4869. loan and the yield on Treasury
12 CFR Part 203 securities of comparable maturity;
SUPPLEMENTARY INFORMATION:
whether the loan is subject to the Home
[Regulation C; Docket No. R–1186]
I. Background Ownership and Equity Protection Act
(HOEPA); whether manufactured Home Mortgage Disclosure The Home Mortgage Disclosure Act
housing is involved; the type of lien on (HMDA), 12 U.S.C. 2801 et seq., requires
AGENCY: Board of Governors of the the property (first, subordinate, or certain depository and for-profit
Federal Reserve System. none); and certain information about nondepository institutions to collect,
ACTION: Proposed rule; request for requests for preapproval. In addition, report, and publicly disclose data about
comment on revised formats for public the regulation was amended to conform applications for, and originations and
disclosure of lending data. to changes in standards for collection of purchases of, home purchase and
applicant data on race and ethnicity certain other home-secured loans (such
SUMMARY: The Board is soliciting adopted by the Office of Management as refinanced home purchase loans) and and Budget (OMB). The first year for home improvement loans (whether disclosure of mortgage lending data which the new data will be reported is secured or unsecured). The Board’s reported pursuant to the Home Mortgage 2004; data from institutions must be Regulation C, 12 CFR Part 203, Disclosure Act and Regulation C, in submitted to the appropriate federal implements HMDA. The data reported light of revisions to Regulation C financial regulatory agency no later than include the application date; the type, requiring lending institutions to report March 1, 2005, and the data will be purpose, and amount of the loan or new loan pricing and other loan data. reflected in the public disclosures application; the date and type of action The first year for which the new data scheduled to be released in summer taken on the application; the location of will be reported is 2004; data from 2005.the property to which the loan relates; institutions are due no later than March To facilitate public access to the new the race, ethnicity, sex, and income of 1, 2005, and the data will be reflected information that will be reported, in the applicant or borrower; the type of in the public disclosures scheduled to keeping with the purposes of the act, the purchaser if the loan is sold; and the be released in summer 2005. formats for the public HMDA disclosure reasons for denial if the application is
DATES: Comments must be received by statements will be revised. The Board denied.
May 10, 2004. and the other regulatory agencies seek Pursuant to section 304(h) of HMDA,
public comment on the proposed ADDRESSES: Comments should refer to lending institutions subject to the act
formats for the revised disclosure Docket No. R–1186 and may be mailed report data on the HMDA Loan/
statements. The proposed changes to Jennifer J. Johnson, Secretary, Board Application Register (HMDA–LAR) in a
include revisions to some of the existing of Governors of the Federal Reserve loan-by-loan and application-by-
disclosure tables, deletion of one set of System, 20th Street and Constitution application form. The data are then
existing tables, and the addition of new Avenue, NW., Washington, DC 20551. submitted to the federal financial
tables. Please consider submitting your regulatory agencies. Sections 304 and
The proposed revisions to the existing comments through the Board’s Web site 310 of HMDA direct the Federal
tables are primarily to reflect the at www.federalreserve.gov/generalinfo/ Financial Institutions Examination
changes to the race and ethnicity foia/ProposedRegs.cfm, by e-mail to Council (FFIEC) to edit and process the
categories adopted by OMB and the regs.comments@federalreserve.gov, or data and to produce public disclosure
itemization of data on manufactured by fax to the Office of the Secretary at statements, which are sent back to the
housing. One series of tables (Tables 6–202/452–3819 or 202/452–3102. Rules reporting institutions to be made
1 through 6–6) would be deleted proposed by the Board and other federal available to the public upon request. In
because of their perceived lack of utility agencies may also be viewed and addition, the FFIEC sends the
to HMDA data users. The proposed new commented on at www.regulations.gov. institutions’ public disclosure
tables reflect new data on rate spread, All public comments are available statements to central depositories (such
HOEPA status, lien status, preapproval from the Board’s Web site at as public libraries) in each metropolitan
requests, and manufactured housing. www.federalreserve.gov/generalinfo/ statistical area (MSA), along with
Comment is solicited on these proposed foia/ProposedRegs.cfm as submitted, aggregate disclosures covering all
revisions, deletions, and additions. except as necessary for technical reporting institutions in that MSA.
reasons. Accordingly, your comments Under section 304(h) of HMDA, the II. Explanation of Proposed Revised
will not be edited to remove any Board—in cooperation with the Office Disclosure Formats
identifying or contact information. of the Comptroller of the Currency
A. Revisions to Existing Tables and Public comments may also be viewed (OCC), the Office of Thrift Supervision
Series of Tables electronically or in paper in Room MP– (OTS), the Federal Deposit Insurance
500 of the Board’s Martin Building 20th The existing tables for each reporting Corporation (FDIC), the National Credit
and C Streets, NW.) between 9 a.m. and financial institution are Tables 1, 2, 3, Union Administration (NCUA), and the
5 p.m. on weekdays. 4–1 through 4–6, 5–1 through 5–6, 6–1 Department of Housing and Urban
FOR FURTHER INFORMATION CONTACT: through 6–6, 7–1 through 7–6, and 8–1 Development (HUD)—is directed to
Glenn Canner, Senior Adviser, Division through 8–6, and Supplemental Tables develop the format for the public
of Research and Statistics, at (202) 452– 1 and 2. There are also aggregate disclosures.
2910; or John C. Wood or Kathleen C. The Board recently completed a versions of Tables 1 through 8–6,
Ryan, Counsel, Division of Consumer review of Regulation C (see 67 FR 7222, reflecting the aggregated data of all
and Community Affairs, Board of February 15, 2002, and 67 FR 43217, reporting financial institutions in each
Governors of the Federal Reserve June 27, 2002). Amendments to the MSA. In addition, there are Aggregate
System, Washington, DC 20551, at (202) regulation adopted as a result of the Tables 9 and 10, but no versions of these
452–3667 or (202) 452–2412. For users review require institutions to report new tables for individual financial
of Telecommunications Device for the items, including a rate spread between institutions. In each case, the same
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changes that would be made to the basic each MSA in which the institution has Ethnicity would be shown separately
individual institution tables (1 through offices. Supplemental Table 2 reflects from race, using the categories
8–6) would also be made to the the same information as Table 2, for ‘‘Hispanic or Latino,’’ ‘‘Not Hispanic or
aggregate and supplemental versions. loans on property not located in MSAs Latino,’’ ‘‘Joint (Hispanic or Latino/ Not
For example, Table 1, Aggregate Table 1, where the institution has offices. Hispanic or Latino),’’ and ‘‘Ethnicity
The only changes to Table 2 (and to and Supplemental Table 1 would be Not Available’’ (paralleling ‘‘Race Not
Aggregate Table 2 and Supplemental revised in the same way. Available’’). ‘‘Joint (Hispanic or Latino/
Table 2) would be the same as to Table Not Hispanic or Latino)’’ would apply
1. Table 1 and Supplemental Table 1— 1: The addition of a column G for where one joint applicant is Hispanic or
Disposition of Loan Applications, by manufactured housing loans and the Latino and the other is not, paralleling Location of Property and Type of Loan
change in the heading for columns A, B, the ‘‘Joint’’ category under race which
Existing Table 1 shows action taken C, and D to reflect the fact that data in applies where one applicant is minority
on loan applications (such as loan those columns include manufactured and the other is white.
originated, application approved but not housing loans. In the racial categories in revised
accepted, application denied), detailed Table 3, white is divided into ‘‘White—
3. Table 3—Loans Sold, by by the census tract in which a property Hispanic or Latino’’ and ‘‘White—Not
Characteristics of Borrower and of is located. The table also shows the type Hispanic or Latino,’’ to allow data users
Census Tract in Which Property Is of loan (government-backed 1-to-4 to better focus on data about lending to
Located and by Type of Purchaser family home purchase loans, minorities more generally, and to
Existing Table 3 shows loans sold by conventional 1-to-4 family home provide some continuity with data
the institution, detailed by the race, sex, purchase loans, 1-to-4 family generated under the existing HMDA
and income of the borrower; by the refinancings, 1-to-4 family home disclosures (in that ‘‘White—Not
racial and income characteristics of the improvement loans, multifamily loans, Hispanic or Latino’’ in the proposed
census tract in which the property is and loans on 1-to-4 family non-owner- revised disclosures appears to be
occupied property). located; and by the type of entity that substantially equivalent to ‘‘White’’ in
Institutions are required to report purchased the loan (such as Fannie the existing disclosures). For similar
Mae, commercial bank, or affiliate of the property location (generally MSA, state, reasons, revised Table 3 contains a data
county, and census tract) for loans on institution). Table 3 is produced for line entitled ‘‘Total Minority,’’ which
property located in MSAs in which they each MSA in which the institution has aggregates loan data from all categories
have home or branch offices. Therefore, offices. except ‘‘White—Not Hispanic or Latino’’
The types of purchasers shown in for each reporting institution, Table 1 is and ‘‘Race Not Available.’’
Table 3 would be conformed to the produced for each MSA in which the The section of Table 3 detailing loans
revised categories for type of purchaser institution has offices. In addition, some sold by sex of the borrower—which
used under the amended Regulation C. institutions are required by the appears not to have great utility for most
The changes included combining the regulations implementing the data users—would be deleted. The
commercial bank and savings institution Community Reinvestment Act (12 information can be derived from the
categories; adding credit unions, U.S.C. 2901 et seq.) to report property institution’s HMDA–LAR, which is
mortgage banks, and finance companies location for all loans, no matter where available to the public directly from the
to the life insurance company category; the property is located, and some institution.
adding a new category for private The section of Table 3 showing loans institutions voluntarily choose to do so.
securitization; and nonsubstantive sold by income of the borrower remains In these cases, Supplemental Table 1 is
terminology changes. unchanged. The section showing loans produced to reflect the same
Table 3 would also reflect the changes sold by racial/ethnic composition of information as Table 1 for loans on
in borrower characteristics collected census tracts and by income of census property not located in MSAs where the
under the Regulation C revisions. The tracts also remains unchanged, except institution has offices.
Regulation C revisions conform to The only substantive change to Table for a possible change affecting loans on
standards for collection of data on race 1 (and Aggregate Table 1 and property in the Commonwealth of
and ethnicity adopted by OMB. The Supplemental Table 1) is the addition of Puerto Rico.
OMB standards allow individuals to The existing public disclosure tables a new column G to provide separately
self-identify using more than one racial for MSAs in Puerto Rico contain no data itemized data for loan applications for
category, treat ethnicity and race as in the section on racial/ethnic manufactured housing. Existing Table 1
separate items of information, separate composition of census tracts, because in shows combined data covering both
the decennial censuses up to and ‘‘Asian or Pacific Islander’’ into two manufactured housing loans and 1-to-4
including 1990, this information was categories (‘‘Asian’’ and ‘‘Native family housing loans. The revised table
not collected for areas in Puerto Rico. In Hawaiian or Other Pacific Islander,’’) would continue to include
the 2000 census, information was eliminate the category ‘‘Other,’’ and manufactured housing loans along with
collected on the racial and ethnic make nonsubstantive terminology 1-to-4 family loans in columns A, B, C,
composition of census tracts in Puerto changes. and D, and the heading for these
The racial categories in revised Table Rico, and Table 3 for MSAs in Puerto columns would be changed to reflect
3 follow the new categories adopted in Rico could be revised to show the data. this fact.
revised Regulation C. To reflect loans The census tract data from all MSAs are
2. Table 2 and Supplemental Table 2— where the applicant has marked more rolled up into national aggregates,
Loans Purchased, by Location of than one minority race, a new category which are not part of the public HMDA
Property and Type of Loan entitled ‘‘2 or More Minority Races’’ disclosures sent to central depositories,
Existing Table 2 shows loans would be added. Where the applicant but are available from the FFIEC.
purchased by the institution, detailed by chose white and one minority race Inclusion of the Puerto Rico census tract
census tract and by type of loan, using category (for example, Asian) the loan data now, after excluding them in the
the same loan types as in Table 1. As would be reflected in the data for the past, could make trend analysis at the
with Table 1, Table 2 is produced for minority race (Asian, in this example). national level more difficult.
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The revised format for Table 3 Dwellings, by Race, Ethnicity, Gender The Table 7 series remains
contained in this proposal includes the and Income of Applicant.’’ The data unchanged, except for the addition of a
census tract data for MSAs in Puerto shown would be the same as in the Table 7–7 to reflect manufactured home
Rico. Comment is solicited on whether other tables in the Table 4 series, as loan applications, and the inclusion of
the national aggregate tables should revised, except that the data would data from census tracts in Puerto Rico.
include or exclude the Puerto Rico relate to manufactured home loan The issues for the Table 7 series with
census tract data. applications. Thus, the data in Table 4– regard to the Puerto Rico census tract
7 will be a subset of the data in Tables data are the same as for Table 3; refer
4. Table 4 Series—Disposition of
4–1, 4–2, 4–3, and 4–4. In this respect, to the discussion of Table 3 above.
Applications, by Race, Ethnicity,
new Table 4–7 parallels the new Gender and Income of Applicant 8. Table 8 Series—Reasons for Denial of
columns covering manufactured home
Applications, by Race, Ethnicity, The existing tables in the Table 4 loans and applications in Tables 1 and
Gender, and Income of Applicant series show action taken on applications 2.
for various types of loans, detailed by The existing tables in the Table 8
5. Table 5 Series—Disposition of race/national origin of applicants and series cover applications that have been
Applications, by Income, Race and further itemized by sex of applicants, denied, and show the reasons for denial
Ethnicity of Applicant and detailed by income of applicants. detailed by the race, sex, and income of
There is one table for each type of loan, The existing tables in the Table 5 the loan applicant. As in the other
using the same loan types as in Table 1. series show action taken on applications series, there is one table for each type
Thus, Table 4–1 shows disposition of for various types of loans, detailed by of loan, using the same loan types.
applications for government-insured The changes made to the Table 8 race/national origin of applicants and
and government-guaranteed home series mirror those in the 4 and 5 series further itemized by income of
purchase loans on 1-to-4 family in regard to the race/ethnicity categories applicants. There is one table for each
dwellings; Table 4–2 shows disposition and inclusion of ethnicity as a separate type of loan, using the same loan types
of applications for conventional home item of data. A new Table 8–7 shows as in the Table 4 series; the two series reasons for denial of manufactured of tables differ only in how the data are
dwellings; Table 4–3 shows disposition home loan applications. itemized.
of applications for refinancings on 1-to- The changes mirror those made to the
9. Aggregate Table 9—Disposition of 4 family dwellings; Table 4–4 shows Table 4 series. The race/national origin
Loan Applications, by Median Age of disposition of applications for home categories are changed, and ethnicity
Homes in Census Tract in Which improvement loans on 1-to-4 family added in a separate section of data; the
Property Is Located and Type of Loan dwellings; Table 4–5 shows disposition table titles are conformed; and a new
Existing Aggregate Table 9 shows of applications for loans on multifamily Table 5–7 shows data for manufactured
action taken on loan applications, by dwellings; and Table 4–6 shows home loan applications.
disposition of applications for loans on median age of properties within census
6. Table 6 Series—Disposition of 1-to-4 family non-owner-occupied tracts where the subject property is
Applications, by Income and Gender of property. Each of these tables is located and by type of loan. The
Applicant produced for each MSA in which the Aggregate Table 9 for each MSA covers
institution has offices. The existing tables in the Table 6 the aggregated data for all reporting
The changes to the tables in the Table series show action taken on applications institutions in that MSA; no Table 9 is
4 series parallel changes to Table 3 with for various types of loans, detailed by produced for individual financial
regard to the race and ethnicity income of applicants and further institutions.
categories, as described above. Within Proposed changes to Aggregate Table itemized by sex of applicants. Again,
each of these categories, itemized data 9 include adding a column to reflect there is one table for each type of loan.
would also be shown for Male, Female, data on manufactured home loan The Table 6 series parallels the 4 and 5
and Joint (applying where one joint applications and updating the ranges of series; the only difference is in how the
applicant is male and the other is median ages of homes by ten years. A data are itemized.
female). A section with data on ‘‘Total The agencies propose to eliminate the section of data covering median ages
Minority’’ would be calculated the same Table 6 series as redundant. The from 1990 through March 2000 will be
way as in Table 3 and would include agencies believe that the Table 6 series added at the beginning of the table; the
detail on Male, Female, and Joint. is used very infrequently. Information section covering median ages of 1949 or
As in Table 3, the section in the Table on lending patterns by income and sex earlier, at the end of the existing
4 series showing action taken on of loan applicants remains available in Aggregate Table 9, will be deleted; and
applications by income of applicants the 4 and 5 series of tables, as well as the range 1950–1959 in the existing
remains unchanged. The titles of the through the modified HMDA–LAR data table will be changed to 1959 or earlier.
tables also remain unchanged except that are also publicly available. The updated ranges will be used
that ‘‘1-to-4 Family and Manufactured beginning with the disclosures covering
7. Table 7 Series—Disposition of Home Dwellings’’ replaces ‘‘1-to-4 2003 lending data, scheduled to be
Applications, by Characteristics of Family Homes’’ in Tables 4–1, 4–2, 4– published in summer 2004.
Census Tract in Which Property is 3, 4–4, and 4–6, which continue to
Located 10. Aggregate Table 10—Disposition of include manufactured homes along with
Loan Applications, by Principal City The existing tables in the Table 7 1-to-4 family homes. ‘‘Ethnicity’’ is
versus Non-Principal City Property series show action taken on added to the titles on each of the tables,
Location and Type of Loan applications, using the same types of since ethnicity is now treated as a
loans as in the 4, 5, and 6 series, but in Existing Aggregate Table 10 shows separate item of data from race.
A new Table 4–7 would be added, this case detailed by the racial/ethnic action taken on loan applications, by
titled ‘‘Disposition of Applications for composition and median family income property location and by type of loan.
Home Purchase, Home Improvement, or of the census tract in which the property The property location itemization
Refinancing Loans, Manufactured Home is located. consists of only two categories: Central
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city in the given MSA, and any other the Treasury yield. The table would also or more, for subordinate-lien loans)
location in that MSA outside the central show, for loans on which the institution percentage points over the comparable
city. No Table 10 is produced for reported rate spread data, the mean and Treasury yield. However, there are some
individual financial institutions. median percentage points above the differences between the two columns.
Changes that would be made to Treasury yield. First, the Treasury yield for HOEPA
Aggregate Table 10 include adding a The data in Table 11–1 would be trigger purposes is the yield in the
column for data on manufactured home itemized by the race, ethnicity, income, calendar month before the month in
loan applications and substituting and sex of the borrower, and by the which the lender receives the loan
‘‘principal city’’ for ‘‘central city,’’ to racial/ethnic composition and the application; the Treasury yield for
reflect terminology adopted by OMB. income of the census tract in which the HMDA rate spread purposes is the yield
property is located. The categories used in the month before the date on which
B. New Tables and Series of Tables
for the borrower and census tract the interest rate on the loan is locked.
A number of new tables would be characteristics will be identical to those Therefore, while the two yields may
produced to reflect new data items that used in the other tables, as revised. often be identical, they may not be in
are being collected under revised Table 11–2 will show rate spread data some cases. Second, a loan can be
Regulation C on loan pricing (the rate on the same types of loans as Table 11– classified as a HOEPA loan even though
spread), HOEPA status, lien status, and 1, secured by subordinate liens. Tables it does not meet the APR trigger, if it
preapproval requests. The new tables 11–3 and 11–4 are parallel to Tables 11– meets the trigger for HOEPA coverage
would also reflect manufactured home 1 and 11–2, except that Table 11–3 based on the loan’s points and fees.
lending in more detail than is given in covers first-lien refinancings and Table
2. Table 12—Disposition of the revised existing tables. 11–4 covers subordinate-lien
Applications and Pricing Information refinancings. Tables 11–5 and 11–6, 1. Table 11 Series—Pricing Information for Conventional Manufactured Home likewise, reflect data on first-lien home for Conventional Loans on 1-to-4 Family Purchase Loans, First Lien, Owner-improvement loans and subordinate-Owner-Occupied Dwellings Occupied Dwellings, by Borrower or lien home improvement loans,
Census Tract Characteristics Under revised Regulation C, respectively. There is no table showing
institutions must report the rate spread rate spread data for unsecured home New Table 12 would focus on
between the APR on the loan and the improvement loans; under revised manufactured home lending and would
yield on Treasury securities of Regulation C, institutions are not show two types of information:
comparable maturity for loans subject to required to report the rate spread for Information on action taken on
the Truth in Lending Act (TILA), since unsecured home improvement loans. applications, and rate spread
these loans will have an APR for use in Tables 11–3 through 11–6 each information for originated loans. The
calculating the rate spread. Loans on 1- include an additional column showing table would be limited to conventional
to-4 family owner-occupied homes are the number of HOEPA loans made by first-lien home purchase loans on
generally subject to TILA, and the institution in the particular MSA. owner-occupied dwellings for three
accordingly the new Table 11 series (Under TILA, home purchase loans on reasons. First, it is expected that the
would focus on this category of loans. 1-to-4 family owner-occupied dwellings great majority of manufactured home
(Loans for owner-occupied are excluded from HOEPA coverage; loan applications fall into this category.
manufactured homes are also subject to thus, there is no comparable HOEPA Second, loans on non-owner-occupied
TILA, and are covered in Table 12, as column in Tables 11–1 or 11–2.) properties are generally not subject to
discussed below.) The tables would The ranges selected in the table TILA and thus will not have an APR
focus on conventional loans, because formats for rate spread data are intended available for calculating rate spread.
concern about possible loan pricing to focus on the most useful data. The And third, with regard to the focus on
problems has centered on conventional, highest range would be 8 percentage conventional lending, the concern about
rather than government-backed, lending. points or more over the comparable loan pricing has focused on this area
Loan pricing data on government- Treasury yield for first-lien loans, and rather than on government-backed
backed lending are available to the 10 percentage points for subordinate- lending, as in the case of loans on 1-to-
public on institutions’ HMDA–LARs. lien loans. It is expected that, for most 4 family dwellings discussed above.
The Table 11 series comprises Tables lenders, the number of loans falling into For both the action taken section and
11–1 through 11–6. Table 11–1 covers this category would be few or none. the rate spread section, Table 12
conventional first-lien home purchase Therefore, ranges beyond 8 or 10 itemizes the data by the race, ethnicity,
loans on 1-to-4 family owner-occupied percentage points above the Treasury income, and sex of the applicant, and by
dwellings. It would show, for a given yield would appear to have little utility. the racial/ethnic composition and
reporting institution in each of the In addition, data users will be able to income of the census tract where the
institution’s MSAs, the number of such derive data on ranges at higher rates property is located. The categories used
loans for which the institution did not from the publicly available HMDA–LAR for the borrower and the census tract
report rate spread data because the data. characteristics are identical to those
difference between the APR on the loan One of the triggers for HOEPA used in the revised existing tables and
and the yield on the applicable Treasury coverage is an APR 8 or more percentage in the new Table 11 series.
security was below the three percentage points over the comparable Treasury Table 12’s section on action taken
point reporting threshold for first-lien yield for first-lien loans, and 10 or more bears some similarity to new Tables 4–
loans. It would also show the number of percentage points over the comparable 7, 5–7, and 7–7, which also display
such loans for which the institution Treasury yield for subordinate-lien action taken data relating to
reported rate spread data. The table loans. Thus, for the tables with a manufactured home lending, but there
would then show the number of loans column showing the number of HOEPA are significant differences. Tables 4–7,
falling into various ranges of percentage loans, there could be some similarity 5–7, and 7–7 show activity on all
points above the applicable Treasury between the data in that column and the manufactured home lending (home
yield, such as 3–3.99, 4–4.99, and so on data in the column showing number of purchase, home improvement, and
up to 8 percentage points or more above loans with an APR of 8 or more (or 10 refinancings; both conventional and
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government-backed; both owner- refinancing, and home improvement); reports data, and another version
occupied and non-owner-occupied; and (2) lien status (first-lien, subordinate- showing the institution’s total activity
both first-lien and subordinate-lien), lien, and unsecured); (3) loan type nationwide.
In some respects, Summary Table B while Table 12 is limited to (conventional, FHA (Federal Housing
would display data comparable to that conventional first-lien home purchase Administration), VA (Veterans
shown in the Table 11 series and in loans on owner-occupied manufactured Administration), and FSA/RHS (Farm
Table 12. For example, Table 11–1 homes. Service Agency or Rural Housing
The rate spread section of Table 12 is shows rate spread data for conventional Service)); and (4) action taken. The
similar to the Table 11 series, except first-lien home purchase loans on tables would not show itemization by
that the columns showing the numbers owner-occupied 1-to-4 family dwellings; applicant or census tract characteristics;
of loans with rate spreads falling into tables in the 4, 5, and 7 series serve that the first column in Summary Table B
various ranges are omitted. Thus, the purpose. Rather, these summary tables shows the same type of data. Table 11–
rate spread data in Table 12 include would detail at a glance the types of 2 relates to subordinate-lien loans, as
does the second column in Summary columns for the number of loans with lending in which an institution is
no reported pricing data, the number of Table B. There are differences, however. engaged.
loans with such data reported, and the The summary tables would be First, the tables in the Table 11 series do
mean and median percentage points produced in two versions for each not show the total number of loans for
over the applicable Treasury yield for reporting institution. One version would the institution, but instead provide
those loans with pricing data reported. reflect activity for each MSA for which itemizations by borrower and census
The agencies believe that this the institution reports data and the other tract characteristics. Summary Table B
information would be sufficient for would show the institution’s total provides total loan numbers (in various
analysis, because it appears that on activity nationwide. Both versions categories of pricing information, such
average rates in manufactured housing would itemize data by type of action as no pricing reported, pricing reported,
taken (such as loans originated, and so on), both at the MSA level and lending may be higher than in other
mortgage lending, such that most loans applications approved but not accepted, in total activity nationwide. In addition,
would have rate spreads significantly in and applications denied). In addition, the nationwide version of Summary
excess of the thresholds. Again, as in both versions would show the number Table B would include loans for which
other cases, the more detailed of preapproval requests that resulted in no property location was reported (for
information can be derived from the loan originations and the number of example, because the property is located
publicly available HMDA–LAR data. loans sold by the institution. outside the MSAs in which the
Only the nationwide version would Comment is solicited, however, on institution has offices), while the Table
show preapproval requests denied and whether Table 12 should be modified to 11 series does not include such loans.
preapproval requests approved but not display more detailed rate spread data. Thus, a data user could use Summary
Also, the rate spread section of Table accepted. Data on preapproval requests Table B to determine at a glance the
12 is limited to home purchase loans, denied and preapproval requests overall level of an institution’s loan
while the Table 11 series also has tables approved but not accepted cannot be pricing, detailed by loan type.
shown in the MSA version, because to While Summary Table B and Table 12 covering refinancings and home
improvement loans. As noted above, be included in these tables a loan must both focus partly or wholly on
however, the majority of manufactured have a property location, and property manufactured housing lending data,
home loan applications may fall within location is not reported on a there are differences. First, Summary
the home purchase category. In preapproval request unless the request Table B shows total numbers of loans
addition, Summary Table B, discussed goes beyond the preapproval stage, for for an institution (in various categories
below, provides some information on example, where it results in a loan of pricing information) both at the MSA
rate spreads for refinancings and home origination. level and nationwide, but does not
improvement loans on manufactured include an itemization by borrower or
4. Summary Table B—Loan Pricing
housing. census tract characteristics; Table 12
Information for Conventional Loans by includes the itemization but not the
3. Summary Table A Series— Incidence and Level totals. In addition, Table 12 provides
Disposition of Applications and Loan Summary Table B would show rate data only on first-lien home purchase
Sales by Loan Type spread and HOEPA status information loans on manufactured housing, while
The Summary Table A series would for an institution as a whole, itemized Summary Table B also provides data on
provide an overview of actions taken by in a manner similar to the Summary subordinate-lien home purchase loans,
an institution on loan applications with Table A series (by home purchase, first- and subordinate-lien refinancings,
a detailed itemization by type of loan. refinancing, and home improvement; and first- and subordinate-lien home
Summary Table A–1 would show action and by first-lien and subordinate-lien improvement loans. Finally, Summary
taken on applications for loans on 1-to- status). Summary Table B would be Table B shows data on HOEPA status for
4 family dwellings; Summary Table A– limited to conventional loans because first- and subordinate-lien refinancings
2 would show the same data for concerns about loan pricing have and for first- and subordinate-lien home
applications on manufactured home focused primarily on this area. improvement loans. No data for HOEPA
loans; and Summary Table A–3 would Summary Table B would not contain status are shown for home purchase
show the same data for applications data on multifamily housing loans or on loans in either Table 12 or Summary
relating to multifamily housing, except unsecured home improvement loans, Table B, because home purchase loans
that it would not contain data on because rate spread and HOEPA status are excluded from HOEPA coverage
preapproval requests; lending on data are not available for such loans. under TILA.
Like the A series, Summary Table B multifamily housing would likely not
III. Issues on Which Comment Is would be produced in two versions for generally involve preapproval requests
Solicited each reporting institution, one version as defined in Regulation C.
The tables would itemize lending by reflecting the activity of that institution As discussed above, the Board
(1) loan purpose (home purchase, for each MSA for which the institution proposes to revise the existing public
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disclosure tables; to eliminate the Table List of Subjects in 12 CFR Part 203 them be adopted in a modified form?
6 series; and to add several new tables Are any additional new tables needed?
Banks, Banking, Federal Reserve and series of tables. The Board solicits The revised and new tables do not, of System, Mortgages, Reporting and
comment on any issues relating to the course, display mortgage lending recordkeeping requirements.
proposed revisions, deletions, and information derived from the new data
Text of Proposed Revisions additions. In particular, should any of elements being reported in as great a
the existing tables, in addition to the level of detail as would be possible.
For the reasons set forth in the Table 6 series, be deleted (and if so, Commenters are requested to bear in preamble, the Board proposes to adopt
why)? Should the Table 6 series be mind, however, that modified HMDA– revised formats for public disclosure of
retained? Should any of the proposed LAR application-by-application and mortgage lending data under the Home
revisions to the existing tables not be loan-by-loan data for all reporting Mortgage Disclosure Act, as set forth in
made, or should they be made in a institutions are available to the public
the attachment to this document.
different manner (for example, to upon request, and that data users thus
By order of the Board of Governors of the display more, less, or different detail)? have the ability to prepare analyses of
Federal Reserve System, March 16, 2004. Should additional revisions to the mortgage lending patterns, relating both
Jennifer J. Johnson, existing tables be made? With regard to to actions taken on applications and to
Secretary of the Board.the proposed new tables, are any of pricing of originated loans, in any way
them unnecessary, or should any of they choose. BILLING CODE 6210–01–P
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