CFPB Annual Report of 2021 Mortgage Market Activity Reveals an End to the Refinancing Boom and an Increase in Home Purchase Loans – Consumer Financial Protection Bureau
Asian, Black, and Hispanic white shares of residence buy loans elevated
WASHINGTON, D.C. — Immediately, the Shopper Monetary Safety Bureau (CFPB) launched its annual report on residential mortgage lending exercise and traits for 2021. The report’s knowledge are submitted by hundreds of the nation’s lending establishments beneath the Dwelling Mortgage Disclosure Act (HMDA). The report exhibits a shift from refinance loans in 2020 to residence buy loans in 2021, with a larger share of residence buy loans going to Asian, Black, and Hispanic white debtors relative to the share of residence buy loans for non-Hispanic white debtors. The highest 25 closed-end lenders by mortgage quantity held almost half of the market share of residential mortgage lending – a development that has risen annually since 2018.
The Dwelling Mortgage Disclosure Act requires monetary establishments to gather and report mortgage loan-level data on functions and originations. The information inform determinations as as to if monetary establishments are serving the housing wants of their native communities. Moreover, the information facilitate the distribution of funds to native communities to assist appeal to non-public funding, in addition to to assist determine doable discriminatory lending patterns and to implement antidiscrimination statutes.
Key findings from this 12 months’s evaluation embrace:
That is the fourth 12 months that HMDA knowledge displays adjustments carried out by the 2015 HMDA rule. The 2015 HMDA rule up to date establishment and transaction report standards, and revised the information factors that lined establishments should report.
Learn at present’s report, Information Level: 2021 Mortgage Market Exercise and Developments .
Shoppers can submit complaints about mortgage or refinance points, or about different monetary services or products, by visiting the CFPB’s web site or by calling (855) 411-CFPB (2372).
The Shopper Monetary Safety Bureau (CFPB) is a twenty first century company that helps client finance markets work by making guidelines more practical, by persistently and pretty implementing these guidelines, and by empowering customers to take extra management over their financial lives. For extra data, go to www.consumerfinance.gov.
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Originally posted 2022-11-30 19:03:00.