The CFPB launched on Wednesday a searchable heat map available online to display trends in mortgage lending data released the same day by the Federal Financial Institutions Examination Council.
The data, which was collected under the Home Mortgage Data Disclosure Act, covers all transactions made by banks, credit unions, mortgage companies and savings associations—particularly related to first-lien, owner-occupied, one- to four-family homes.
Last year, mortgage lenders relied heavily on loans insured by the Federal Housing Administration, which comprised 27 percent of loans last year, or the Department of Veteran Affairs, which made up eight percent of loans.
While FHA and VA-backed loans have had a role in the housing refinance market, most refinancing is done through conventional loans, which accounted for 85 percent of all refinancings in 2012. FHA- and VA-backed refinances accounted for nine percent and six percent, respectively.
The CFPB’s web-based tools allow consumers to explore mortgage loan data at a local level to determine whether lenders are serving the needs of their communities. Public officials can also use the information in decision making and policy to identify discriminatory lending patterns.
Nationwide or isolated data sets are available through the CFPB’s map tool. The map showed that loan volume rose in 2012 in most of the U.S.