The number of financial institutions reporting mortgage lending transactions increased from 4,460 in 2022 to 5,113 in 2023, or 14.6%, according to Mortgage Disclosure Act data published today by the Federal Financial Institutions Examinations Council. The institutions included banks, savings associations, credit unions and mortgage companies. However, the share of mortgages originated by nondepository, independent mortgage companies accounted for 68.8% of first lien, one- to four-family, site-built, owner-occupied home-purchase loans in 2023, up from 60.2% in 2022.
The 2023 data included information on 10 million home loan applications, a decrease from the 14.3 million reported in 2022, according to the FFIEC. Among them, 7.7 million were closed-end—that is, a home mortgage loan—and 2.1 million were open-end—a home equity line of credit.
In terms of borrower race and ethnicity, the share of closed-end home purchase loans made to Black or African American borrowers rose slightly from 8.1% in 2022 to 8.2% in 2023. The share made to Hispanic-White borrowers increased from 9.1% to 9.9%, and the share made to Asian borrowers increased slightly from 7.6% to 7.7%.
