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Phone Apps Now Collect Race/Sex Data
June 28, 2002
The Federal Reserve Board disclosed final revisions to the Home Mortgage Disclosure Act for the 2003 and 2004 years on June 21, 2002. The complete rule can be found at
Final rule; staff interpretation (169 KB PDF)
Final rule; technical amendment (71 KB PDF)

Data Changes Outlined
June 14, 2002
This outline is a review over what is and what is not being changed in the Home Mortgage Disclosure Act. Points are based on the dates that HMDA changes are effected:

January 1, 2003:

• A test for nondepository institutions expands. Now incuded are institutions having $25 million or more of home purchase volume, including home purchase re-fi loans.
• Switches Y1999 census data to using Y2000 data.
• Required to ask for applicant race, national origin, and sex in telephone applications.

• Must disclose manufactured housing properties, provide APR if the spread is equal to or greater than 3 percentage points for first-lien loans or 5 percentage points for subordinate-lien loans over the Treasury securities index as of the 15th of the previous month.
• All applications and originations, excluding purchased loans, will report lien status.
• Indicate where preapproval was requested for a home purchase.
• Indicate race and ethnicity information.

White Paper: HMDA and Cultural Affinity
June 14, 2002
Lusk Center at USC has published a paper entitled "A Test of Cultural Affinity in Home Mortgage Lending" comparing the lending patterns of minority-owned banks to those of white-owned banks.

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