Higher-Priced Home Lending and the 2005 HMDA Data

Abstract

This article reviews the 2005 HMDA data, which have just been released to the public. The 2004 article covered a wide range of topics, including ways in which the expanded data might be used to aid fair lending enforcement, but this article is more limited: The focus here is primarily on the loan-pricing aspects of the data, including those that permit an assessment of the effects of the changing interest rate situation in 2004 and 2005 on the disclosure of higher-priced lending. To identify the effects on lending patterns of changing interest rates, the analysis presented here uses adjusted sets of the 2004 and 2005 HMDA data in an attempt to distinguish the loans that exceeded the pricing thresholds solely because of a changed interest rate situation from other higher-priced loans. This section of the analysis relies on monthly surveys of loan terms and pricing conducted by Freddie Mac and the Federal Housing Finance Board to help gauge the effects of changing interest rates over the period.

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