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Since 1975, the Home Mortgage Disclosure Act (HMDA) has required most mortgage lending institutions with offices in metropolitan areas to disclose to the public information about the geographic location and other characteristics of the home loans they originate or purchase during each calendar year. Disclosure of home-lending activity is intended to help the public determine whether institutions are adequately serving their communities’ housing finance needs, to facilitate enforcement of the nation’s fair lending laws, and to guide publicand privatesector investment activities. Although the act is intended to help achieve important public policy goals, the law itself does not include mandates or restrictions on lending—that is, it does not direct lenders to make loans to particular areas or persons, nor does it direct them to make certain kinds of loans or to refrain from certain loan terms or practices. Taken together, the nearly 8,850 lenders currently covered by the law account for an estimated 80 percent of home lending nationwide. Consequently, HMDA data likely provide a representative picture of most home lending in the United States. The information thus provided is rich, but it is limited: The data reveal a great deal about what the lending patterns are but relatively little about what causes the patterns. Nonetheless, by drawing attention to these patterns, the data promote further analysis and discussion that can deepen understanding of their causes and encourage marketplace efficiency by fostering competition. The Congress has amended HMDA on several occasions to extend the reach of the law to more institutions and to expand the types of information that must be disclosed. The most sweeping legislative amendments occurred in 1989; they required the disclosure of application and loan-level information for home loans, including the disposition of applications and the income, sex, and race or ethnicity of the individuals applying for credit. Analysis of this information has prompted widespread public discussion about the fairness of mortgage lending decisions, as the disclosures revealed wide disparities in the rates of approval of loan applications across racial and ethnic lines. The disclosures triggered debate about the proper interpretation of the data and about the meaningfulness of the disparities in the disposition of loan applications and in lending patterns.1 The disclosures also led many lenders to strengthen their fair lending compliance programs and to expand their outreach to underserved communities. Periodically, the Federal Reserve Board reviews each of the regulations that it promulgates, including Regulation C, which implements HMDA.2 As a result of the Board’s most recent review of Regulation C, a number of important changes were made to the reporting requirements, changes that substantially increase the types and the amount of information made available about home lending (for details, refer to the appendix).3 The Board stated that the revisions were intended to keep the regulation in step with recent developments in mortgage markets and with the revised standards of classification for the collection of information on race and ethnicity as established by the Office of Management and Budget (OMB).4 The 2004 HMDA data, the first to reflect the recent revisions to Regulation C, were released to the public by individual lending institutions in the spring of 2005. In September 2005, the Federal Financial Institutions Examination Council (FFIEC) made publicly available various summary reports (statistical tables) pertaining to each lender and lending activity in each

Higher-Priced Home Lending and the 2005 HMDA Data