Mortgage market conditions and borrower outcomes: evidence from the 2012 HMDA data and matched HMDA–credit record data

This article describes mortgage lending activity in 2012 based on newly available data reported under the Home Mortgage Disclosure Act of 1975 (HMDA). In addition, we present the results of a first look at a new data set composed of HMDA records matched to borrowers' credit records. The matched data provide an opportunity to explore aspects of home lending that the HMDA data alone cannot address. In particular, we are able to compare borrowers’ credit characteristics (for example, credit scores) at loan origination, and subsequent payment performance, by various HMDA attributes such as income, minority status, and type of lender.