Home Mortgage Disclosure Act

Redfin Report: The Pool of People Taking Out Mortgages In America Is Becoming Less White

Retrieved on: 
Friday, May 3, 2024
Residential Building & Real Estate, Fintech, Construction & Property, Professional Services, Brookings Institution, Bangladesh Technical Education Board, Fertility, Data, HMDA, Home Mortgage Disclosure Act, Death, Ageing, COVID-19, Growth, Real estate

While that’s a far higher share than any other group, it’s down from 64% in 2022 and 70.4% in 2018.

Key Points: 
  • While that’s a far higher share than any other group, it’s down from 64% in 2022 and 70.4% in 2018.
  • Meanwhile, the share of new mortgages taken out by Hispanic buyers increased to 14% in 2023 from 12.6% in 2022 and 11% in 2018.
  • “The pool of homebuyers taking out mortgages is becoming less white because America is becoming more diverse, and many people of color are in their prime homebuying years,” said Redfin Senior Economist Elijah de la Campa.
  • White people took out 1,582,643 mortgages in 2023, down 22.1% from a year earlier and down 31.3% from 2018.

RiskExec® by Asurity® Announces Preliminary Modified LARs for HMDA 2023 Available to Users

Retrieved on: 
Wednesday, March 27, 2024
Consumer, Logic, Software as a service, Geocode, Home Mortgage Disclosure Act, CFPB, Lars, HMDA, Credit union, Real estate

WASHINGTON, March 27, 2024 /PRNewswire/ -- RiskExec, Inc. ("RiskExec") a subsidiary of Asurity Technologies®, LLC ("Asurity"), is pleased to announce the availability of the Preliminary Modified Loan Application Registers (LARs) for Home Mortgage Disclosure Act (HMDA) 2023 submission data.

Key Points: 
  • WASHINGTON, March 27, 2024 /PRNewswire/ -- RiskExec, Inc. ("RiskExec") a subsidiary of Asurity Technologies®, LLC ("Asurity"), is pleased to announce the availability of the Preliminary Modified Loan Application Registers (LARs) for Home Mortgage Disclosure Act (HMDA) 2023 submission data.
  • The Consumer Financial Protection Bureau (CFPB) has recently deposited this data in the public domain, and RiskExec has swiftly downloaded and verified the information.
  • "With the Preliminary Modified LARs now available, RiskExec users can gain valuable insights into originations, lending trends, and top lenders' performance in 2023."
  • RiskExec is conducting in-depth reviews and three-year trending analyses to offer users a more detailed understanding of market dynamics and performance metrics.

Wolters Kluwer launches Small Biz Wiz® for lending data collection requirements

Retrieved on: 
Monday, November 13, 2023
Consulting, Data Management, Banking, Accounting, Technology, Professional Services, Small Business, Data Analytics, Software, Fintech, Finance, Equal Credit Opportunity Act, Risk management, Consumer, Consumer Financial Protection Bureau, Collection, Exercise, Small business, Home Mortgage Disclosure Act, Data collection, Home, Community, Software as a service, Growth, HMDA, CT Corporation, CFPB, Wolters, FCC, CRA, Financial adviser, Wiz

Wolters Kluwer Compliance Solutions has launched Small Biz Wiz® , a system designed to support new requirements in the collection, reporting and analysis of small business lending data.

Key Points: 
  • Wolters Kluwer Compliance Solutions has launched Small Biz Wiz® , a system designed to support new requirements in the collection, reporting and analysis of small business lending data.
  • Small Biz Wiz is a significant addition to Wolters Kluwer’s suite of Wiz technology applications, providing financial institutions a powerful new analytics tool for their small business lending portfolio.
  • The solution is built on Wolters Kluwer’s award-winning CRA Wiz® SaaS and HMDA Wiz® platform, enabling an easy-to-use technology that integrates into a financial institution’s data collection processes.
  • Wolters Kluwer officials describe the data collection requirements as not just an exercise in gathering and reporting on their small business lending activities, but a key part of the 2010 Dodd-Frank Act focused on promoting fair lending practices.

Asian and Pacific Islander-headed households face higher housing payment burdens than any other race

Retrieved on: 
Friday, May 26, 2023
API, HMDA, DTI, Housing, Zillow, Home Mortgage Disclosure Act, Real estate

Pacific Islander-headed households have the lowest homeownership rate among all races across the lowest and highest income levels.

Key Points: 
  • Pacific Islander-headed households have the lowest homeownership rate among all races across the lowest and highest income levels.
  • Many Asian and Pacific Islander (API) homeowners are heavily concentrated in expensive markets nationwide, so the homes they purchase are typically priced higher than homes overall.
  • Nationally, when comparing across similar income levels, Asian-headed households allocate a higher percentage of their income towards housing payments than all other races except for Pacific Islanders.
  • "High incomes and homeownership gains may overshadow the significant housing affordability challenges still faced by many API households," said Bachaud.

More buyers are purchasing mortgage points as a way to ease monthly costs

Retrieved on: 
Wednesday, April 26, 2023
HMDA, Zillow, Home, Home Mortgage Disclosure Act, Credit, Real estate

SEATTLE, April 26, 2023 /PRNewswire/ -- Interest rates remain high and home buyers are looking for ways to save money, including buying mortgage points. A recent analysis of data from the Home Mortgage Disclosure Act (HMDA) by Zillow Home Loans finds nearly 45% of conventional primary home borrowers opted to purchase mortgage points in 2022 as a way to reduce their monthly payment. The historically low interest rates of 2019–2021 saw far fewer buyers opting for points — 29.6% in 2021, 28.4% in 2020 and 27.3% in 2019.  And borrowers who opted for a cash-out refinance loan (on a conventional loan for a primary home) bought even more points in 2022 — 57.8% of these borrowers purchased points (compared with 48.4% in 2021, 44.2% in 2020 and 41.3 in 2019). 

Key Points: 
  • A recent analysis of data from the Home Mortgage Disclosure Act (HMDA) by Zillow Home Loans finds nearly 45% of conventional primary home borrowers opted to purchase mortgage points in 2022 as a way to reduce their monthly payment.
  • The historically low interest rates of 2019–2021 saw far fewer buyers opting for points — 29.6% in 2021, 28.4% in 2020 and 27.3% in 2019.
  • Mortgage points, also known as discount points, are an option for buyers to pay an upfront fee to buy down the interest rate on a loan.
  • When buyers choose to purchase mortgage discount points, they are essentially pre-paying interest up front in exchange for a lower rate and monthly payment.

Xpanse Goes to Market with OCR Tool, Middleware Platform and DATA Advisory Practice

Retrieved on: 
Thursday, March 30, 2023
San Jose Convention Center, Natural language processing, Maintenance, Classification, W-2, SOC, NLP, DATA, Organization, DASH, OCR, AVM, SOC 2, Machine learning, Artificial intelligence, SLA, Conference, Home Mortgage Disclosure Act, Real estate, Video game, Communications satellite, Operation, Xpanse CGI, Podium, Snowflake

SEATTLE, March 30, 2023 /PRNewswire/ -- Xpanse, a provider of innovative solutions for the financial services and mortgage industries, will debut DASH, a configurable, end-to-end document automation platform, and DATA, a newly launched data advisory practice specializing in the use of Snowflake technology, at the upcoming MBA Technology Solutions Conference & Expo. Additionally, Xpanse will demo Podium, an intelligent order management platform, on the main event stage at 11:45 a.m. on Tuesday, April 4 at the San Jose Convention Center.

Key Points: 
  • Podium is Xpanse's intelligent order management platform that centralizes communications between lenders and service providers.
  • Podium offers "SLA" scorecards that provide actionable insights, offering real-time data on performance without the need for time-consuming manual analysis.
  • DASH is Xpanse's touchless document processing platform that automates document classification and extracts essential data from those files.
  • The Xpanse DATA advisory practice aims at helping companies with their cloud migration journey—helping to develop the best scalable strategy to implement, operationalize, and optimize their data on Snowflake, an elastically scalable cloud data warehouse technology.

More Americans Own Their Homes, but Black-White Homeownership Rate Gap is Biggest in a Decade, NAR Report Finds

Retrieved on: 
Thursday, March 2, 2023
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Asian and Hispanic Americans experienced the biggest homeownership rate gains over the last decade.

Key Points: 
  • Asian and Hispanic Americans experienced the biggest homeownership rate gains over the last decade.
  • The report found there were about 9.2 million more homeowners in 2021 than a decade prior, but homeownership rates varied significantly by race.
  • Conversely, Asian Americans (5 percentage points) and Hispanic Americans (4 percentage points) experienced the biggest homeownership rate gains over the last decade.
  • Among all home buyers, White Americans made up the largest share (88%), followed by Hispanic Americans (8%), Black Americans (3%), Asian Americans (2%) and other (3%).

Homes owned by Black families appreciated the fastest during the pandemic

Retrieved on: 
Monday, February 27, 2023
Growth, Woman, Center for Economic Studies (U.S. Census Bureau), Home Mortgage Disclosure Act, Housing, Americans, African Americans, Home, United States Census Bureau, Fast food, Video game, Real estate, Zillow, Black

SEATTLE, Feb. 27, 2023 /PRNewswire/ -- Homes owned by Black families appreciated more than any others since the start of the pandemic, with the typical Black homeowner gaining nearly $84,000 in equity. Black Americans also made slight gains in homeownership rates, despite disproportionate job and income loss.

Key Points: 
  • Among Black homeowners, Black women saw the largest recent increase in homeownership rates.
  • SEATTLE, Feb. 27, 2023 /PRNewswire/ -- Homes owned by Black families appreciated more than any others since the start of the pandemic, with the typical Black homeowner gaining nearly $84,000 in equity.
  • "Due to years of redlining and other forms of systemic discrimination, housing disparities between Black and white families persist.
  • Black women ages 45–54 and 75 and older saw the largest increase among Black homeowners during the pandemic, with 2.9 percentage points of growth.

In an exclusive analysis of federal data, FairPlay reveals the fairest mortgage lenders and fairest cities in the U.S.

Retrieved on: 
Wednesday, December 28, 2022
Metropolitan statistical area, American Dream, Female, Home Mortgage Disclosure Act, Home, LOS, Federal, FairPlay, AIR, City, Research, HMDA, Real estate, Native

LOS ANGELES, Dec. 28, 2022 /PRNewswire/ -- For the second consecutive year, FairPlay is releasing research evaluating publicly available data to identify the fairest cities and fairest lenders in the United States. The data analyzes loan records from 2021 for four protected groups including Black, Native American, Hispanic, and female borrowers. To determine fairness, FairPlay data scientists calculated the Adverse Impact Ratio (AIR) for each of the four protected classes across the top 20 Metropolitan Statistical Areas and the country's largest lenders. The analysis shows that mortgage fairness increased for the protected classes in 2021, but regional inequalities persist, particularly for Black and Native American borrowers. 

Key Points: 
  • The data analyzes loan records from 2021 for four protected groups including Black, Native American, Hispanic, and female borrowers.
  • To determine fairness, FairPlay data scientists calculated the Adverse Impact Ratio (AIR) for each of the four protected classes across the top 20 Metropolitan Statistical Areas and the country's largest lenders.
  • The analysis shows that mortgage fairness increased for the protected classes in 2021, but regional inequalities persist, particularly for Black and Native American borrowers.
  • FairPlay , the world's first Fairness-as-a-Service™ solution, conducted a comprehensive study of more than 23 million mortgage applications from 2021.

Prairie Village, Kansas, was Zillow's most popular city in 2022

Retrieved on: 
Wednesday, December 21, 2022
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SEATTLE, Dec. 21, 2022 /PRNewswire/ -- Prairie Village, Kansas, was Zillow®'s most popular market of 2022, showcasing rising interest in the Midwest and headlining a dramatic shift from 2021's predominantly West Coast leaders. 

Key Points: 
  • SEATTLE, Dec. 21, 2022 /PRNewswire/ -- Prairie Village, Kansas, was Zillow®'s most popular market of 2022 , showcasing rising interest in the Midwest and headlining a dramatic shift from 2021's predominantly West Coast leaders.
  • Grand Rapids, Michigan, won out for most popular large city, while top vacation, seaside and small towns were found in the Northeast.
  • Most popular on Zillow overall: Prairie Village, Kansas
    An upscale suburban community just minutes from downtown Kansas City, Prairie Village was pushed to the top of Zillow's popularity rankings with site-leading page views of for-sale listings per day.
  • This Boston suburb features miles of coastline and easily accessible public parks, helping to make it Zillow's most popular seaside town1 in 2022.