The Home Mortgage Disclosure Act (HMDA) requires most mortgage lenders located in metropolitan areas to disclose information about home lending. HMDA lending data shows us how levels of home buying are changing over time, how many people are refinancing their homes and taking out home improvement loans, approval and rejection rates for loan applications, the characteristics of borrowers, and the extent to which buyers are relying on high interest (potential subprime) loans.
The federal government releases HMDA data to the public annually. In 2017, lenders reporting HMDA data originated an estimated 92 percent of mortgages in the U.S. (1)
The Clearinghouse provides HMDA summary data at the state, county, and city level in Florida. The Lending/HMDA application provides information about the following data fields.(2)
| Data Field | Definition |
|---|---|
| Property Type | ‘Single Family (1-4 unit)' refers to a 1-4 unit dwelling; 'Manufactured Housing' refers to housing units largely assembled in factories and then transported to sites of use; 'Multifamily' refers to dwellings with more than 4 units. Individual condominium or cooperative units are considered to be Single Family. |
| Home Purchase | Count of loans secured by and made for the purpose of purchasing a dwelling. |
| Home Improvement | Count of loans that are (a) 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 (b) 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 institution. |
| Refinance | Count of dwelling-secured loans that replace and satisfy another dwelling-secured loan to the same borrower. |
| Owner Occupied | Count of loan applications indicating that the loan relates to the borrower's principal residence. |
| Non-Owner Occupied | Count of loan applications indicating that the loan relates to a dwelling other than the borrower's principal residence; sometimes referred to as "investor" loans. |
| Applicant Race | Values may be 'American Indian/Alaska Native,' 'Asian,' 'Black/African-American,' 'White,' 'Native Hawaiian/Other Pacific Islander,' and 'Not Available.' In HMDA, up to two applicants can report up to 5 race categories each; this value refers to the first race category reported by the first applicant only. |
| Loan Originated | Count of loan applications with lender reporting 'Loan originated' as action taken |
| Application Denied | Count of loan applications with lender reporting 'Application denied by financial institution' as action taken |
| Other (in Loan Approval/Denial tables) | Count of loan applications with lender reporting one of the following as action taken: 'Application approved but not accepted,'' 'Application withdrawn by applicant,' or 'File closed for incompleteness.' Does not include loans purchased by a financial institution or preapproval requests. |
| Denial Reasons | Count of loan applications with status 'Application Denied' by the reason for the denial reported by the lender. Values include 'Debt-to-Income Ratio,' 'Employment History,' 'Credit history,' 'Collateral,' 'Insufficient Cash (downpayment, closing costs),' 'Credit Application Incomplete,' 'Mortgage Insurance Denied,' 'Unverifiable Information,' and 'Unavailable.' |
| Loan Amount | Values represent amount of loans in dollars. |
| High-Cost | Count of loans for which lenders must report the spread between the annual percentage rate (APR) on the loan and the rate on Treasury securities of comparable maturity. For first-lean loans, the threshold for reporting is 3 percentage points above the Treasury security; for second-lien loans, the threshold is 5 percentage points above the Treasury security. The High Cost category is intended to flag loans that are likely to be subprime. |
| Non-High-Cost or Unknown | Count of loans for which lenders are not required to report the interest rate spread (see High-Cost, above). |
These are examples of questions that can be answered about home lending in Florida. Sample state-level tables from the application are provided. To view these tables at the city and county level, see the Lending/HMDA application.
This table shows the number of loans originated for the purchase, improvement, and refinancing of three types of properties 1-4 family properties, manufactured housing, and multifamily buildings with more than four units. Not surprisingly, 1-4 family home purchase loans were the most common types of mortgages, with 317,055 loans originated.
| Loans Originated by Purpose and Property Type, Summary, 2017 | ||||
|---|---|---|---|---|
| Geography | Loan Purpose | Single Family | Manufactured Housing | Multifamily |
| Florida | Home Improvement | 26351 | 981 | 210 |
| Florida | Home Purchase | 317055 | 6463 | 633 |
| Florida | Refinance | 138851 | 1572 | 399 |
| Notes: Counts refer to the number of loan applications resulting in origination. Sources: Federal Financial Institutions Examination Council, Home Mortgage Disclosure Act Loan Application Register | ||||
Home lending volume began 2005-2006 at peak levels for all three housing types. The number of loans fell sharply during 2007 and 2008. Lending volume was at its lowest during the 2008-2012 period, then began to recover. As of 2017, the number of loans for 1-4 family home and multifamily purchases had reached 2007 levels and loans for manufactured homes reached 2008 levels.
| Home Purchase Loans by Property Type, 2005-2017 | ||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Geography | Property Type | 2005 | 2006 | 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 |
| Florida | 1-4 family | 726986 | 608293 | 313061 | 166466 | 146752 | 141225 | 140719 | 157507 | 186598 | 216473 | 260310 | 296587 | 317055 |
| Florida | Manufactured housing | 14890 | 13816 | 10276 | 6318 | 3256 | 3537 | 2718 | 2687 | 3322 | 3746 | 4719 | 5594 | 6463 |
| Florida | Multifamily | 1147 | 706 | 502 | 259 | 148 | 169 | 210 | 373 | 458 | 532 | 615 | 717 | 633 |
| Notes: Counts refer to the number of loan applications resulting in origination. Sources: Federal Financial Institutions Examination Council, Home Mortgage Disclosure Act Loan Application Register | ||||||||||||||
Most 1-4 family home purchase loans were for amounts from $100,000-199,999 (37 percent of loans) or $200,000-299,999 (22 percent of loans) in 2017. Only 13,575 loans (four percent) were for $500,000 or more. The Lending/HMDA application also provides tables showing home improvement and refinancing loans by dollar amount.
| Loan Amounts by Property Type, Home Purchase, 2017 | ||||
|---|---|---|---|---|
| Geography | Loan Amount | 1-4 Family | Manufactured Housing | Multifamily |
| Florida | less than $50,0000 | 8940 | 1518 | 1 |
| Florida | $50,000 to $74,999 | 8108 | 1599 | 1 |
| Florida | $75,000 to $99,999 | 14135 | 1407 | 1 |
| Florida | $100,000 to $124,999 | 23279 | 996 | 2 |
| Florida | $125,000 to $149,999 | 42143 | 633 | 6 |
| Florida | $150,000 to $174,999 | 20221 | 105 | 4 |
| Florida | $175,000 to $199,999 | 33081 | 102 | 5 |
| Florida | $200,000 to $249,999 | 57727 | 60 | 14 |
| Florida | $250,000 to $299,999 | 40302 | 16 | 19 |
| Florida | $300,000 to $399,999 | 39211 | 15 | 35 |
| Florida | $400,000 to $499,999 | 16333 | 4 | 44 |
| Florida | $500,000 to $599,999 | 4356 | 2 | 27 |
| Florida | $600,000 to $699,999 | 2764 | 1 | 29 |
| Florida | $700,000 to $799,999 | 1641 | 1 | 25 |
| Florida | $800,000 to $899,999 | 1063 | - | 21 |
| Florida | $900,000 to $999,999 | 752 | - | 21 |
| Florida | $1,000,000 to $4,999,999 | 2955 | 2 | 139 |
| Florida | $5,000,000 or more | 44 | 2 | 239 |
| Notes: Counts refer to the number of loan applications resulting in origination. Sources: Federal Financial Institutions Examination Council, Home Mortgage Disclosure Act Loan Application Register | ||||
The most common reasons cited for rejecting home purchase loans in 2017 were excessive debt-to-income ratios, insufficient collateral, inadequate credit history, and incomplete credit applications.
| Home Purchase Loan Application Denial Reasons, 2017 | ||||
|---|---|---|---|---|
| Geography | Denial Reason | Applications Count | ||
| Florida | Debt-to-income ratio | 12368 | ||
| Florida | Employment history | 1025 | ||
| Florida | Credit history | 6578 | ||
| Florida | Collateral | 9074 | ||
| Florida | Insufficient cash (downpayment, closing costs) | 1928 | ||
| Florida | Unverifiable information | 1970 | ||
| Florida | Credit application incomplete | 5125 | ||
| Florida | Mortgage insurance denied | 62 | ||
| Florida | Other | 3129 | ||
| Florida | Not avail. | 26149 | ||
| Notes: Shows loan applications resulting in denials only. Sources: Federal Financial Institutions Examination Council, Home Mortgage Disclosure Act Loan Application Register | ||||
High-cost loans made up a much larger share of home purchase loans during the 2005-2007 housing market peak than afterward. The share of home purchase loans that were high cost ranged from 23 to 41 percent during those years. When lending levels fell, the share of high cost loans also fell sharply–to under 10 percent from 2008 to 2013. The share and number of high cost loans has begun to grow in the years after 2013. Note that the definition of a high-cost loan changed beginning with the last quarter of 2009. See table footnote for more details.
| High-Cost, Owner Occupied Home Purchase Loans, 2005-2017 | ||||
|---|---|---|---|---|
| Geography | Year | High-Cost | Non-High Cost or Unknown | High-Cost as % of Total Loans |
| Florida | 2017 | 35867 | 240620 | 13% |
| Florida | 2016 | 30505 | 227235 | 12% |
| Florida | 2015 | 26145 | 195176 | 12% |
| Florida | 2014 | 28378 | 152500 | 16% |
| Florida | 2013 | 13816 | 138512 | 9% |
| Florida | 2012 | 5539 | 122000 | 4% |
| Florida | 2011 | 4481 | 109562 | 4% |
| Florida | 2010 | 4177 | 115111 | 4% |
| Florida | 2009 | 7281 | 115843 | 6% |
| Florida | 2008 | 12724 | 121958 | 9% |
| Florida | 2007 | 57116 | 190079 | 23% |
| Florida | 2006 | 188272 | 268962 | 41% |
| Florida | 2005 | 177194 | 345631 | 34% |
| Notes: Counts refer to the number of loan applications resulting in origination. "High-Cost" loans are those for which lenders must report the spread between the annual percentage rate (APR) on the loan and a benchmark for a typical prime rate loan. The High-Cost category is intended to flag loans that are likely to be subprime. Prior to October 1, 2009, for first lien loans, the threshold for reporting was 3 percentage points above the Treasury security; for junior lien loans, the threshold was 5 percentages points above the Treasury security. Starting October 1, 2009, the threshold was 1.5 percentage points above a survey-based average prime rate offer for first lien loans and 3.5 percentage points for junior lien loans. Sources: Federal Financial Institutions Examination Council, Home Mortgage Disclosure Act Loan Application Register | ||||
Seventy percent of home purchase loan applications by White applicants resulted in loan originations in 2017, compared to 58 percent for American Indian/Alaska Native applicants, 61 percent for African-American applicants, and 66-67 percent for Asian and Native Hawaiian/Pacific Islander applicants. Sixty-six percent of applications by Hispanic/Latino borrowers (of any race) were approved.
Seven percent of home purchase loans originated to Asian borrowers were high cost loans, compared to 13 percent for White borrowers, 14 percent for American Indian/Alaska Native borrowers, 22 percent for African-American borrowers, and 12 percent for Native Hawaiian/Pacific Islander applicants. Twenty percent of loans to Hispanic/Latino borrowers (of any race) were high cost.
Note that these figures do not take borrower income, loan amount, or other household, property, or loan characteristics into account.
| Home Purchase Loan Applications Approved/Denied by Race, 2017 | ||||
|---|---|---|---|---|
| Geography | Applicant Race | Loan Originated | Application Denied | Other |
| Florida | American Indian or Alaska Native | 1258 | 441 | 456 |
| Florida | Asian | 9960 | 1929 | 3057 |
| Florida | Black or African American | 25508 | 8540 | 7935 |
| Florida | Native Hawaiian or Other Pacific Islander | 1066 | 248 | 298 |
| Florida | White | 253385 | 46563 | 64044 |
| Florida | Information not provided by applicant in mail, Internet, or telephone application | 28908 | 9311 | 10783 |
| Florida | Not applicable | 4066 | 376 | 770 |
| Notes: "Other" includes applications that were approved but not accepted, applications withdrawn by the applicant, and files closed for incompleteness. Excludes loans that were purchased by a financial institution and pre-approval requests. Sources: Federal Financial Institutions Examination Council, Home Mortgage Disclosure Act Loan Application Register | ||||
| Home Purchase Loan Applications Approved/Denied by Hispanic/Latino Ethnicity, 2017 | ||||
|---|---|---|---|---|
| Geography | Applicant Ethnicity | Loan Originated | Application Denied | Other |
| Florida | Hispanic or Latino | 61986 | 15169 | 16630 |
| Florida | Not Hispanic or Latino | 230989 | 42118 | 58764 |
| Florida | Information not provided by applicant in mail, Internet, or telephone application | 27035 | 9724 | 11138 |
| Florida | Not applicable | 4141 | 397 | 811 |
| Notes: "Other" includes applications that were approved but not accepted, applications withdrawn by the applicant, and files closed for incompleteness. Excludes loans that were purchased by a financial institution and pre-approval requests. Sources: Federal Financial Institutions Examination Council, Home Mortgage Disclosure Act Loan Application Register | ||||
| High-Cost, Owner-Occupied Home Purchase Loans by Race, 2017 | ||||
|---|---|---|---|---|
| Geography | Race | High-Cost | Non-High Cost or Unknown | |
| Florida | American Indian or Alaska Native | 158 | 985 | |
| Florida | Asian | 515 | 7326 | |
| Florida | Black or African American | 5253 | 18680 | |
| Florida | Native Hawaiian or Other Pacific Islander | 118 | 840 | |
| Florida | White | 27503 | 191114 | |
| Florida | Information not provided by applicant in mail, Internet, or telephone application | 2317 | 21592 | |
| Florida | Not applicable | 3 | 83 | |
| Notes: Counts refer to the number of loan applications resulting in origination. "High-Cost" loans are those for which lenders must report the spread between the annual percentage rate (APR) on the loan and a benchmark for a typical prime rate loan. The High-Cost category is intended to flag loans that are likely to be subprime. Prior to October 1, 2009, for first lien loans, the threshold for reporting was 3 percentage points above the Treasury security; for junior lien loans, the threshold was 5 percentages points above the Treasury security. Starting October 1, 2009, the threshold was 1.5 percentage points above a survey-based average prime rate offer for first lien loans and 3.5 percentage points for junior lien loans. Sources: Federal Financial Institutions Examination Council, Home Mortgage Disclosure Act Loan Application Register | ||||
| High-Cost, Owner Occupied Home Purchase Loans by Hispanic/Latino Ethnicity, 2017 | ||||
|---|---|---|---|---|
| Geography | Ethnicity | High-Cost | Non-High Cost or Unknown | |
| Florida | Hispanic or Latino | 11230 | 44809 | |
| Florida | Not Hispanic or Latino | 22051 | 175976 | |
| Florida | Information not provided by applicant in mail, Internet, or telephone application | 2571 | 19702 | |
| Florida | Not applicable | 15 | 133 | |
| Notes: Counts refer to the number of loan applications resulting in origination. "High-Cost" loans are those for which lenders must report the spread between the annual percentage rate (APR) on the loan and a benchmark for a typical prime rate loan. The High-Cost category is intended to flag loans that are likely to be subprime. Prior to October 1, 2009, for first lien loans, the threshold for reporting was 3 percentage points above the Treasury security; for junior lien loans, the threshold was 5 percentages points above the Treasury security. Starting October 1, 2009, the threshold was 1.5 percentage points above a survey-based average prime rate offer for first lien loans and 3.5 percentage points for junior lien loans. Sources: Federal Financial Institutions Examination Council, Home Mortgage Disclosure Act Loan Application Register | ||||
Don't see what you’re looking for on the Lending/HMDA application? Interested in information from previous years, or in neighborhood-level data? The Shimberg Center has archived HMDA data back to 2005. For custom data requests, phone the Center at (352) 273-1192 or
email fhdc-comments@shimberg.ufl.edu.
Last updated June 2019
