HMDAVision® Glossary

A-D

Name

Definition

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.

Application Channel - 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”).

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 https://polygonresearch.atlassian.net/wiki/spaces/DOCS/pages/365789266/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.

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 https://polygonresearch.atlassian.net/wiki/spaces/DOCS/pages/365789266/Closing+Costs

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

E-K

. Name

Definition

. Name

Definition

Ethnicity

There are 3 filters that facilitate analysis by ethnicity:

Note: The derived field Ethnicity is available from 2018 onward.

FHA Loan

Federal Housing Administration - FHA loans carry government insurance against foreclosure. Borrowers are charged premiums - upfront premium at closing 175 basis points of the loan amount; and annual premium based on LTV, loan amount. Designed for low-to-moderate income markets. They generally benefit First Time Home Buyers (FTHB), borrowers with cash liquidity and borrowers who do not meet criteria of the conforming market.

FHA Loans are non-conventional loans, and referred to the broader category of Government loans.

FHS/RHS

Also knows as USDA loans. US Department of Agriculture - USDA loans are offered and guaranteed by the Rural Housing Service within the U.S. Department of Agriculture. To support the goal of rural home ownership, these loan programs protect mortgage lenders who make these loans on residential properties located in rural areas by offering them a guarantee should the borrower default. USDA also offers direct lending to qualified borrowers. The LTV's on RHS-guaranteed and direct loans can be up to 100% and repayment terms of up to 38 years are offered. Borrowers must meet income guidelines (the ceiling is usually 115% of the median income for the area in which the property is located) in order to qualify for RHS programs. · In addition, there are a number of affordable housing programs as well as energy efficient mortgage programs that are available today.

FHS/RHS fall into the broader category of Government Loans.

HOEPA Status

HOEPA stands for Home Ownership and Equity Protection Act

HMDAVision flags if a transaction was subject to the provisions of the HOEPA.

HOEPA, enacted as part of the Truth in Lending Act, imposes substantive limitations and additional disclosures on certain types of home mortgage loans with rates or fees above a certain percentage or amount. For more information about HOEPA, see the CFPB's Regulation Z, sections 1026. There is also additional questions regarding HOEPA in the HMDA Price Data Frequently Asked Questions (FAQs) section of the following link: http://www.federalreserve.gov/newsevents/press/bcreg/20060403a.htm

Home Improvement Loan

A home improvement loan is:

  • any dwelling-secured loan to be used, at least in part, for repairing, rehabilitating, remodeling, or improving a dwelling or the real property on which the dwelling is located, and

  • any non-dwelling-secured loan (i) that is to be used, at least in part, for one or more of those purposes and (ii) that is classified as a home improvement loan by the lender. For example, home improvement loan may be in part used for remodeling and in part for paying education expenses.

HMDAVision allows analysis for this type of loan in its Loan Purpose Filter.

 

Home Purchase Loan

A Home Purchase Loan is a Closed-End Mortgage Loan or OpenEnd Line of Credit that is for the purpose of purchasing a Dwelling. Includes:

  • Closed-End Mortgage Loan or Open-End Line of Credit secured by one Dwelling and used to purchase another Dwelling;

  • Combined construction-to-permanent loan that is secured by a Dwelling;

  • Separate permanent loan that replaces a construction-only loan or line of credit to the same borrower if the permanent loan is secured by a Dwelling; and

  • Dwelling-secured subordinate mortgage loan that finances some or all of the home purchaser’s down payment

HPL

Higher-priced mortgage loan is one with an annual percentage rate, or APR, higher than a benchmark rate called the Average Prime Offer Rate. HMDAVision includes a flag for HPL:

Loans were classified as higher-priced if the APR exceeded the APOR for loans of a similar type by at least 1.5 percentage points for first-lien loans or 3.5 percentage points for junior-lien loans.

When analyzing HPL, it is best to analyze it within a specific loan purpose and/or loan type category by filtering the specific loan segment.

Prior to October 2009, loans were classified as higher-priced if the spread between the APR and the rate on a Treasury bond of comparable term exceeded three percentage points for first-lien loans or five percentage points for junior-lien loans, and the rate spread reported under HMDA used the comparison of APR to the rate on a Treasury bond instead of the spread over the APOR.

Interest Only Payment

Since 2018, HMDAVision includes flags for Non-Amortizing features such as Interest Only Payment:

Other such flags are Balloon Payment, Negative Amortization, and Other Non-Amortizing Features (see glossary entries).

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

Interest rate range

HMDAVision delivers data on interest rates. To reduce high dimensionality, we provide a filter for interest rate range.

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

 

 

L-O

Name

Definition

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:

https://polygonresearch.atlassian.net/wiki/spaces/DOCS/pages/365789266/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.

 

Lender Channel

This is a PRI derived field showing the dominant pattern for each lender across three values (the ratio of Purchased Loans to 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.

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.

Loan Type

HMDAVision gives this filter to drive market analysis:

See below for Loan Type Derived

Loan Type Derived

A derived field to provide more granular categorization.

See https://polygonresearch.atlassian.net/wiki/spaces/DOCS/pages/412712961/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: https://polygonresearch.atlassian.net/wiki/spaces/DOCS/pages/410091530/Race+and+Ethnicity

Minority Detail

See details on this page: https://polygonresearch.atlassian.net/wiki/spaces/DOCS/pages/410091530/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 https://polygonresearch.atlassian.net/wiki/spaces/DOCS/pages/365789266/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.

P-S

Name

Definition

Name

Definition

Property Value Range

Property Value is disclosed at the midpoint. For example, for a reported property value of $117,834, the Bureau would disclose $115,000 as the midpoint between values equal to $110,000 and less than $120,000.

HMDAVision allows analysis at any property value range (see below a small sample)

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

Pull-Through Rate

Measures the percentage of loans applied for that are closed and funded by the lending institution. It is calculated on the number of loans, not loan volume.

In HMDAVision, you can select the type of loan product to instantly calculate it for Home Purchase and Refi vs HELOC, for example. This instant filtering and recalculation is possible for all filters in HMDAVision, and you can take into consideration all the work that your Loan Officers and Sales employees are doing to help you isolate and measure the impact of these activities.

This KPI is an important measure of efficiency and overall customer service levels.

Pull-Through Rate is a lagging indicator of possible inefficiencies of the mortgage production process. A low pull-through is associated with:

  • Extended cycle times for underwriting, borrower data collection, and closing.

  • A lack of transparency within the lending process - borrower does not know what the status of their loan is at any given point in time.

  • Excessive underwriting touch points.

  • Lack of competitive rates and incentives for potential borrowers.

What does a low pull-through rate indicate?

  • It indicates that your LOs, underwriters, and processors are spending a lot of time on loans that never close.

  • Use it to find inefficiencies and bottlenecks in your mortgage production process.

Purchaser Type

HMDAVision supplies a Purchaser type filter to drill in analysis of how lenders secure liquidity.

See more: https://polygonresearch.com/help/faq#rec122365836

See also Type of Purchaser further down below in Glossary

Race

Similarly to Ethnicity, HMDAVision allows users to do analysis of lending trends by race. There are 3 filters that facilitate analysis by race:

Note: The derived field Race is available from 2018 onward.

Rate Spread

In HMDAVision, you can do on-the-fly analysis of pricing strategies and outcomes by using the Rate Spread Filter:

Rate spread is available all covered loans and applications that are approved but not accepted and that are subject to Regulation Z, excluding assumptions, purchased covered loans, and reverse mortgages. Rate spread is available for HELOCs. Rate spread data points appear as positive or negative numbers depending upon whether it exceeds or falls below the comparable APOR. If institution qualifies for exemption under EGRRCPA, rate spread can have a value of Exempt.

Rates:

  1. Approved Not Accepted Rate

  2. Closing Rate

  3. Denial Rate

  4. Closed Incomplete Rate

  5. Withdrawn Rate

  6. Denied Pre-Approvals

  7. Not Accepted Pre-Approvals

 

 

It measures the number of loans closed and funded divided by the number of applications. In HMDAVision, you can choose your denominator (i.e. number of applications) and your chosen rate recalculates. The two levels are:

  • Net Applications are applications that are fully completed (i.e. excludes Incomplete, Withdrawn, pre-qualification etc). In HMDAVision, this is the sum of Action type (Originated, Denied, Approved Not Accepted). This is the denominator that is most often used in CFPB fair lending analysis.

  • Total Applications are applications that include all apps started, including pre-approvals. This can allow you to take into consideration all the work that your Loan Officers and Sales employees are doing - you can isolate and measure the impact of these activities.

Each of these rates is calculated as follows:

  • Share of Applications for a class = Number of Applications for a class / Total (or Net) Applications for a class

  • Denial Rate for a class = Number of denied applications for a class divided by the total (or net) applications from that class (expressed as %) (e.g. Hispanic Loans Denied / Hispanic Total (or Net) Applications)

  • Closing Rate for a class = Number of closed loans for a class divided by total (or net) number of applications for that class e.g. (Hispanic Loans / Hispanic Total (or Net) Applications) expressed as %

  • And this logic repeats for the rest of the rates listed on the left.

See Applications in the Glossary above.

Share of Loans Originated for a class

= Number of Loans Originated for a Class divided by Total Loans originated (e.g. Hispanic Loans / Total Loans Originated)

Single-Family

In HMDAVision, we include a button called “Single-Family” on the HMDA Overview Sheet (and also as a filter on the HMDA Filters Sheet).

 

By pressing the Single-Family button, the user filters the data universe to mortgages that are:

  • Closed-end

  • Forward

  • First-lien

And are secured by:

  • Site-built

  • 1-4 Family Units

We recommend the following citation:  HMDA LAR data modeled and analyzed via HMDAVision®, and filtered for first lien, closed-end, forward mortgages secured by site-built, 1-4 units (single-family).

Users can adjust or altogether change this definition by applying the filters listed above individually.

Please note that you can change / modify the definition of Single-Family by adding filters. For example, you can add the Occupancy Filter (Principal Residence) to adjust the focus on “first lien, closed-end, forward mortgages secured by owner-occupied, site-built, 1-4 units (single-family).”

A best practice is to keep track of and document the filter choices you make in order to communicate the methodology for your analysis.

Sex

There are 3 filters that facilitate analysis by sex:

Note: The derived field Sex is available from 2018 onward.

Sold or Retained

HMDAVision exposes a powerful filter to drive analysis into the secondary market decisions that lenders make.

The first value, Not Originated or Purchased is assigned when Action Type is not Originated or Purchased Loans.

 

 

T-Z

Name

Definition

Name

Definition

Total Units

HMDAVision models and allows analysis beyond the traditional single-family. You can slice the data by any range of units. See below.

This is especially useful when looking for data and insights to illuminate one of the burning topics of our day - Affordable Housing. Select Total Units 5-24 and 25-49 to understand how this sector is helping the affordable housing challenge.

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

Tract

HMDAVision includes details about mortgage lenders at the tract level. There is data for about 74,000 tracts in HMDAVision. On average, there are about 4,000 people per tract, with min of 1,200 and maximum of 8,000. Tracts fall neatly into counties.

HMDAVision makes extensive use of these because they are fairly permanent over time.

 

Type of Purchaser (see also Purchaser Type)

Type of Purchaser
Some nuances here worth noting:

  • If the lender sells a loan in the same calendar year in which it was originated or purchased, the lender is required to identify the type of purchaser to whom it was sold.

  • If the loan is sold to more than one purchaser, only the entity purchasing the greatest interest is identified.

  • If the lender sells only a portion of the loan, retaining a majority interest, the lender will not report the sale.

  • If the lender did not sell the loan during the same calendar year, or if the application did not result in a loan origination, we get the code "0" (zero).

  • If the lender sold the loan in a succeeding year, the lender need not report the sale in the succeeding year and the lender would not go back to previous years to show it as sold.

See also Purchaser Type in Glossary

VA Loans

Department of Veteran Affairs - VA loans have a portion of the balance guaranteed against foreclosure (25%). Veteran borrowers charged a funding fee for the VA Guarantee and can be financed as part of the loan amount.