Scheessele Randall M.

HF-007, HMDA Coverage of the Mortgage Market, by Randall M. Scheessele, July 1998.

This paper examines the coverage of HMDA data by taking advantage of loan-level data reported to HUD on mortgages insured by FHA and mortgages purchased by the GSEs. The FHA and GSE data bases provide an accurate standard against which HMDA data on FHA and GSE loans can be measured. The results of this paper provide background for using HMDA data to estimate the market share of loans for FHA and the GSEs by reporting HMDA coverage rates for FHA originations and GSE acquisitions of mortgages for 1993 through 1996. The paper finds that HMDA data under-reports GSE acquisitions mainly because a few large lenders fail to correctly report the sale of a significant number of their loans to the GSEs. Notwithstanding coverage issues, HMDA data continues to be the most comprehensive data base for measuring primary and secondary mortgage market activity.

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Publication Posted Year: 1999

Authors: Scheessele Randall M.

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HF-005, The GSEs' Funding of Affordable Loans: 1996 Update, by Harold L. Bunce and Randall M. Scheessele, July 1998.

This paper examines the borrower and neighborhood characteristics of mortgages purchased by Fannie Mae and Freddie Mac, the two major Government-Sponsored Enterprises (GSEs) in the conventional secondary mortgage market. The GSEs' mortgage purchases are compared to all mortgages originated in the conventional conforming loan market, including originations retained in portfolio by banks and thrift institutions. The analysis is based on Home Mortgage Disclosure Act (HMDA) data on home purchase loans originated in metropolitan areas between 1992 and 1996, thus updating the authors' earlier analysis based on 1995 HMDA data. The paper finds that while the GSEs have improved their affordable lending efforts, they continue to lag the primary market in providing funding for underserved borrowers and their communities. There is room for further increases in purchases of affordable loans by Fannie Mae and, especially, Freddie Mac.

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