The Federal Financial Institutions Examination Council today released the 2022 Home Mortgage Disclosure Act data on mortgage lending transactions at 4,460 financial institutions, up from 4,338 institutions the previous year. The data encompasses 14.3 million home loan applications. Among them, 11.5 million were closed-end loans and 2.5 million were open-end loans such as home equity lines of credit. There were also 287,000 records that did not indicate loan type.
The share of mortgages originated by non-depository, independent mortgage companies decreased in 2022, accounting for 60.2% of home-purchase loans compared to 63.9% in 2021, according to the report.
The share of closed-end home purchase loans made to Black borrowers rose from 7.9% in 2021 to 8.1% in 2022, the report said. The share made to Hispanic-White borrowers decreased slightly from 9.2% to 9.1%, and those made to Asian borrowers increased from 7.1% to 7.6%. Black and Hispanic-White applicants experienced denial rates of 16.4% and 11.1% respectively, while the denial rates for Asian and non-Hispanic-White applicants were 9.2% and 5.8% respectively.
