Published: October 2017

Do not exempt mortgage lenders from reporting on underserved communities

Coalition: National Community Reinvestment Coalition

Groups oppose legislation that would exempt certain lenders from reporting on closed-end mortgage loans if the depository institution originated fewer than 1,000 such loans in each of the two preceding years.

Led by the National Community Reinvestment Coalition, advocacy groups opposed legislation that would exempt certain lenders from reporting on closed-end mortgage loans if the depository institution originated fewer than 1,000 such loans in each of the two preceding years. The letter noted: "The stark disparities in access to mortgage credit and the continued struggle for economic recovery in the communities hit hardest by the financial crisis call for a strengthening of our nation’s fair lending laws, specifically HMDA, not a weakening of them. Quite simply, the updated HMDA data will provide critical information about whether similarly situated borrowers and underserved communities are receiving equitable access to mortgage credit, data that we lacked a decade ago when the crisis hit. This is not the time to limit the nation’s ability to adequately assess the reasons for restricted credit access for underserved borrowers. Instead, we must increase efforts to address the causes behind the increased difficulty in accessing safe, affordable credit."

Other Organizations

National groups: Center for Responsible Lending | Consumer Action | Consumer Federation of America Equal Rights Center | Grounded Solutions Network | Housing Choice Partners | Morningstar Urban Development, Incorporated National Community Reinvestment Coalition | National Fair Housing Alliance | National Housing Law Project | National Organization of African Americans in Housing National Urban League | Public Counsel | Rural Community Assistance Corporation | Take Charge America | (Note: See letter for state and local groups.)

More Information

Learn more about the bill here.

Download PDF

Do not exempt mortgage lenders from reporting on underserved communities   (HMDA.HR2954SubstituteAmendment5.pdf)

 

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mortgages


 
 

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