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Name

Definition

Action Type

HMDAVision has all 8 Action Types which correspond accurately to the Action Taken fields in the LAR. What this means is that nothing from the original public disclosure file is lost and you can do analysis at every stage of the loan cycle. Below is the list of all action types:

Age of Applicant

Age of Applicant has the same buckets of ages as the public HMDA LAR:

Note: Data for this field is available for 2018 and forward.

Age of Applicant >= 62

HMDAVision also includes a filter for Age of Applicant 62 or older:

Note: Data for this field is available for 2018 and forward.

Applicant Income Range

HMDAVision includes Applicant Income Range and provides easy filtering by range as shown in the snapshot below.

Applicant Income Group

This is the ratio of Applicant Income to the tract Median Family Income, where:

  • Low-income means this ratio is less than 50 percent.

  • Moderate-income is where this ratio is less than 80 percent but higher than 50 percent of estimated current area median family income (AMFI).

  • Middle-income means that this ratio is at least 80 percent and less than 120 percent of AMF

  • Upper-income means that this ratio is at least 120 percent of AMFI.

Applications

Applications is a PRI derived field. We refer to 2 types of applications:

  • Total Applications = All LARs, excluding Purchased Loans

  • Net Applications = Only Approved Not Accepted, Denials, and Originations. This applications definition is most often used in CFPB fair lending analysis.

Application Closed for Incompleteness

An application where the applicant had not satisfied all underwriting or creditworthiness conditions, the lender sent written notice of incompleteness under Regulation B, and the applicant did not respond to the request for additional information within the period of time specified in the notice.

This data point exposes lenders to Reg. B violations that could be found in the lenders processes and to potential penalties for a pattern and practice of regulatory violations.

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Application_Channel_Payable
Application_Channel_Payable
Application _Payable_ChannelApplication Payable ChannelApplication Submission ChannelChannel - Payable

Whether the obligation arising from the covered loan was, or, in the case of an application, would have been, initially payable to the reporting institution (“Initially Payable”).

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Application_Channel_Submission
Application_Channel_Submission
Application Channel - Submission

Whether the applicant or borrower submitted the application directly to the reporting institution (“Submission of Application”).

Assets

HMDAVision includes the disclosed assets of the covered lenders. In the filter pane, you can choose the range of assets that is of interest in your analysis.

Automated Underwriting System (AUS)

HMDAVIsion includes all the fields disclosed as they relate to the Automated Underwriting System used to make the credit decision:

AUS1, AUS 2, AUS3, AUS 4 and AUS 5

Note: Data for this field is available for 2018 and forward.

Average prime offer rate

This is an annual percentage rate that is derived from average interest rates and other loan pricing terms currently offered by a set of creditors to consumers for mortgage loans that have low-risk pricing characteristics. CFPB publishes tables of average prime offer rates by transaction type at least weekly and publishes the methodology it uses to derive these rates. (https://ffiec.cfpb.gov/tools/rate-spread).

Balloon Payment

This is a mortgage that does not amortize fully over the term of the loan, leaving a balance due at maturity. The final payment is called a balloon payment because of its large size. This type of mortgage is more common in commercial real estate than in residential lending. A balloon payment mortgage may have a fixed or a floating interest rate. HMDAVision includes a flag for Balloon Payment for analysis of the market for loans with non-amortizing features.

See also Interest Only Payment, Negative Amortization, and Other Non-Amortizing Features (see glossary entries)

Note: Data for this field is available for 2018 and forward.

Business or Commercial Purpose

HMDAVision includes a flag for whether the loan or the application is primarily for a business or commercial purpose.

This is useful for analysis of investment properties, especially at the level of single-family property segment.

Note: Data for this field is available for 2018 and forward.

Cash-out Refinance (Refinancing Cash-out)

A loan is e cash-out Refinancing under an investor’s guidelines because of the amount of cash received by the borrower at closing.

Channel

See Loan Channel and Lender Channel.

Chattel loans

Manufactured home loans secured by only manufactured homes and not secured by land. See below Glossary entry on Manufactured Homes

Note: Data for this field is available for 2018 and forward.

Closing Cost

This is Line D from the Closing Disclosure. It includes origination charges, appraisal fees, credit report, etc. For more detail, refer to Closing Costs

Note: Data for this field is available for 2018 and forward.

Closing rate

HMDAVision calculated measure to show how many of applications of a certain class close. Useful to compare closing rates among prohibited basis factors such as age, ethnicity and race, to monitor for risk indicators and/or uncover opportunities to serve underserved borrower segments. See also Ratios or Rates below in the Glossary.

CLTV

Combined-to-loan-value

This is the ratio of the total amount of debt secured by the property to the value of the property relied upon in making the credit decision as a percentage. There are “NA” values for this field - they indicate that the requirement to report CLTV does not apply to the covered loan or application. There are also “Exempt” values indicating that the reporter is exempt under the EGRRCPA from reporting this data point for the transaction.

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Conforming-Derived
Conforming-Derived
Conforming Derived

Starting in 2018, the CFPB has included a conforming loan limit flag. They create this flag according to an algorithm that compares internal HDMA fields - State, County, Loan Amount, Total Units, and Lien Status - to the annual per-county conforming loan limits published by FHFA.

However, the CFPB flag has suffered from a bug (acknowledged and being corrected by the CFPB). Until we confirm the release of the corrected field, Polygon Research has recreated this field from the underlying data using the CFPB algorithm in the Conforming Derived field. This is true for 2018-200.

It is important to note a limitation of this approach: in its efforts to maintain applicant privacy, the CFPB round the Loan Amount field in the publicly-released data which we use in HMDAVision. When these rounded Loan Amount values are used in determining conforming status, for loan values that are close to the FHFA conforming threshold values, we can’t be certain whether the unrounded value would have fallen below or above the threshold.

For this reason it is important to consider both Conforming Derived - and the conforming information in Loan Type Derived - as estimates.

Construction Method

HDMAVision allows slicing the analysis by including or excluding manufactured homes.

Conventional Loan

A value within Loan Type that represents non-government loans. Conventional loans can be conforming or non-conforming depending on the location of the property to be financed by the loan, the type of property (1, 2, 3 or 4 units), the lien status, and the size of the loan as compared to the conforming limit by the FHFA. HMDAVision shows conventional conforming and conventional non-conforming (Jumbo) loans in Loan Type Derived.

Credit Score Model

HDMAVision provides opportunity for analysis of the credit score model used to make the credit decision with the following filter:

Note: Data for this field is available for 2018 and forward.

DTI

HMDAVision includes DTI (Debt-to-Income). DTI reflects the ratio of an applicant’s or borrower’s total monthly debt to total monthly income relied upon in making the credit decision. DTI is available beginning in 2018. Here is a screenshot of the HMDAVision filter:

Note: Data for this field is available for 2018 and forward.

Denials, Measurements of Denials:

  • Denial Rate

  • Odds of Denial

  • Odds Ratio

  • Denial Rate = a simple descriptive measure that represents the percentage of the total applications that the lender denied

  • Odds of Denial = evaluates whether a bank or a lender denied the loan applications of a protected-class applicant more frequently than applications of a non–protected class applicant; this ratio compares the probability of an applicant's denial to the probability of the applicant's approval.

  • Odds Ratio=incorporates the odds of denial ratios for two classes to measure the likelihood that a protected-class applicant will be denied compared to a non–protected class applicant. For example, an odds ratio equal to 1.5 for minority applicants expresses a 50 percent greater likelihood of denial on average for a minority applicant compared to a non-Hispanic white applicant.

Denial Reasons

HMDAVisions allows for drill-down to all 4 levels of principal reasons for denial

Discount Points

Refer to Closing Costs

Note: Data for this field is available for 2018 and forward.

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Name

Definition

LAR – Loan Application Register

The term LAR refers to the loan application register format that has been prescribed for reporting HMDA data. HMDAVision includes all reported LARs for the last 5 years - approximately 80 million.

LEI

Legal Entity Identifier (LEI) is a unique global identifier for legal entities participating in financial transactions. It is a 20-character, alpha-numeric code, and we use it to track the Lender identity year over year in HMDAVision. We expose it and provide access to it for our users in order to increase transparency, accuracy, and ease of analysis.

Note: Data for this field is available for 2018 and forward.

Lien Status

For HMDA reporting purposes, lenders report lien status for loans they originate and applications that do not result in originations. Lien status aids in the interpretation of price data. 

A first lien is paid before all other liens. A bank that holds the first mortgage on a property has the first lien.

Lender Credits

Lender credits usually offered to borrowers to offset the customary closing costs associated with a mortgage. However, the tradeoff for borrowers is a higher interest rate. Read more how they appear in HMDAVision here:

Closing Costs

Note: Data for this field is available for 2018 and forward.

Lender Name

HDMAVision allows for search and for analysis by lender name. We also supply the corresponding LEI to make identity of the lender transparent.

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Lender_Channel
Lender_Channel
Lender Channel

This is a PRI derived field showing the dominant pattern for each lender across three values (the ratio of Purchased Loans Mixto Originated Loans, Application Submission Channel and Application Payable Channel).

  1. Retail = An originator who takes and services their own loans.

  2. Wholesale = An originator focused on processing loans submitted to another lender.

  3. Correspondent = A lender whose strategy focuses mostly on purchased loans.

  4. Minicorr = An originator who works with Sponsor-Lender and table funds loans. These loans are bought by their Sponsor-Lender.

  5. Non-Delegated Correspondent = An originator who originates, draws closing documents, and funds loans in their name. These loans are bought by their Sponsor-Lender who performs the underwriting of the loans.

Lender Type

HMDAVision allows segmentation of competitors/peers by type.

Loan Amount Range

HMDAVision supplies the individual loan amounts as well as an easy way to filter by loan amount range.

As a reminder, the values for this field are disclosed as the midpoint. For example, for a reported loan amount of $117,834, the Bureau would disclose $115,000 as the midpoint between values equal to $110,000 and less than $120,000.

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Loan_Channel
Loan_Channel
Loan Channel

This is a PRI derived field at the loan level. HMDAVision provides a field for analyzing the channel by Application Submission and Application Payable. The possible values are:

  1. Retail = Loans that are submitted directly and initially payable to the reporting lender.

  2. Wholesale = Loans that are not submitted directly and/or are not initially payable to the reporting lender.

  3. Exempt = Small lenders are allowed to report Exempt for their loans.

  4. NA=Purchased loans

Please also see Lender Channel.

Note: Data for this field is available for 2018 and forward.

Loan Purpose

HMDAVision allows segmentation and analysis by loan purpose:

Note: Data for this field has been available in a more aggregated fashion. 2018 and forward, this data is more detailed, e.g. introducing Refi Cash-Out and Other purpose.

Other Purpose - A loan or an application that was not for a home purchase loan, a home improvement loan, a refinancing, or a cash-out refinancing. For example - a mortgage loan taken for educational expenses would be reported as Other Purpose.

Loan Term Range

HMDAVision contains data for loan term and delivers a powerful filter to assess loan products by term:

Note: Data for this field is available for 2018 and forward.

Loan-to-value

The loan to value is disclosed as CLTV (Combined Loan To Value) and represents the ratio of the total amount of debt secured by the property to the value of the property relied upon in making the credit decision. It is expressed as percentage. In HMDAVision, you can choose your LTV or range of LTVs for market analysis and product strategy.

Note: Data for this field is available for 2018 and forward.

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Loan-Type
Loan-Type
Loan Type

HMDAVision gives this filter to drive market analysis:

See below for Loan Type Derived

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Loan-Type-Derived
Loan-Type-Derived
Loan Type Derived

A derived field to provide more granular categorization.

See Loan Type Derived

Note: Data for this field is available for 2018 and forward.

LMI (Low-to-Moderate Income)

LMI refers to census tracts that have census-tract median family income that is less than 80 percent of estimated current area median family income (AMFI).

Manufactured Homes

HDMAVision includes a number of fields and values to assist with the analysis of the manufactured home sector. Manufactured homes play an important role in the discussion of affordable housing.

Manufactured Home Land Property Interest

This filter allows analysis of manufactured homes by land interest. For example, if the dwelling related to the property is a manufactured home and not a multifamily dwelling, then we can receive information whether the borrower/applicant (i) owns the land on which the manufactured home is or will be located or, in the case of an application, did or would have owned the land on which it would have been located, through a direct or indirect ownership interest; or (ii) leases or, in the case of an application, would have leased the land through a paid or unpaid leasehold.

Manufactured Home Secured Property Type

These indicate whether the covered loan or application is, or would have been, secured by a manufactured home and land, or by a manufactured home only.

Manufactured home loans secured by only manufactured homes and not secured by land are also commonly known as chattel loans. Chattel loans are often different from mortgages for manufactured homes (i.e. loans secured by manufactured homes and land) in many ways.

Note: Data for this field is available for 2018 and forward.

Minority

See details on this page: Race and Ethnicity

Minority Detail

See details on this page: Race and Ethnicity

Maj Minority Tract

Majority Minority tract (Minority tract) is a tract where the majority of the population (50% or more) is a racial or ethnic minority*. The visualizations in HMDAVision other than pivot charts exclude null values, which are values where Minority Status of the tract cannot be ascertained.

*See also Minority definition above.

Maj Black Tract

Majority Black tract (Minority tract) is a tract where the majority of the population (50% or more) is Black or African American*. The visualizations in HMDAVision other than pivot charts exclude null values, which are values where Minority Status of the tract cannot be ascertained.

*See also Minority definition above.

Maj Hispanic Tract

Majority Hispanic tract (Minority tract) is a tract where the majority of the population (50% or more) is a Hispanic or Latino population*. The visualizations in HMDAVision other than pivot charts exclude null values, which are values where Minority Status of the tract cannot be ascertained.

*See also Minority definition above.

Multifamily Affordable Units

For multifamily loans, reporters are required to report the number of individual dwelling units in multifamily dwelling properties securing the covered loans. HMDAVision allows for analysis with the Multifamily Affordable Units Range Filter (located in the Property Filters)

These are referred to as “affordable units.”

Note: Data for this field is available for 2018 and forward.

Negative Amortization

HMDAVision allows analysis of non-amortizing features:

See also Balloon Payment, Interest Only Payment, and Other Non-Amortizing Features.

Note: Data for this field is available for 2018 and forward.

Neighborhood Income Group

The categories for the neighborhood-income group are based on the ratio of census-tract median family income to area median family income.

  • Low-income census tracts have census-tract median family income that is less than 50 percent.

  • Moderate-income census tracts have census-tract median family income that is less than 80 percent but higher than 50 percent of estimated current area median family income (AMFI).

  • Middle-income census tracts have census-tract median family income that is at least 80 percent and less than 120 percent of AMF

  • Upper-income census tracts have census-tract median family income that is at least 120 percent of AMFI.

Occupancy

Indicates whether the property to which the loan application relates will be the owner's principal dwelling. For multifamily dwellings (housing five or more families), and any dwellings located outside MSA/MDs, or in MSA/MDs where an institution does not have home or branch offices, we often see NA.

Second homes or vacation homes, as well as rental properties, are usually those that are not identified in the data as owner-occupied as a principal dwelling.

Note: Data for this field is available for 2018 and forward.

Odds of Denial

Odds of Denial evaluates whether a bank or a lender denied the loan applications of a protected-class applicant more frequently than applications of a non–protected class applicant; this ratio compares the probability of an applicant's denial to the probability of the applicant's approval.

Odds of HPL

Odds of HPL is the ratio of HPL loans to non-HPL loans expressed on a range of 0-100.

Origination charges

See Closing Costs

HELOCs (open-end lines of credit), reverse mortgages, and loans or lines of credit made primarily for a business purpose will not have Origination Charges (due to the fact these types of loans are not subject to TRID and are not required to disclose these data under Reg C, where HDMAVision is pulling the data from).

Note: Data for this field is available for 2018 and forward.

Other Purpose Loan

Found in the Loan Purpose Filter. This is a Loan, or an Application, that is not for, a Home Purchase Loan, a Home Improvement Loan, a Refinancing, or a cash-out Refinancing. For example, paying educational expenses, not specifying the purpose on the application, etc.

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