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The Chicago Area and Illinois Community Lending Fact Book compiles mortgage lending data reported under the Home Mortgage Disclosure Act (HMDA) and Chicago region foreclosure data to offer a unique resource for community organizations, financial institutions, and policymakers. The Fact Book offers users the chance to quickly and clearly see the volume of mortgage lending in their neighborhood, who is making those loans, how many of those loans are high cost loans, and how many loan have gone into foreclosure. These data are unique to the Community Lending Fact Book and available in hardcopy or as a downloadable file.
Users can browse the Fact Book by Chicago neighborhood, suburban region, or Illinois metropolitan area, or order the full Fact Book and the accompanying data online.
About HMDA
The data are used in enforcing fair lending laws and to provide information on gaps in local housing markets and opportunities for investment. HMDA requires most mortgage lenders to annually collect data on the disposition of mortgage loan applications. The data reported under HMDA covers the vast majority of mortgage lending activity, particularly in urban areas. In 2005, over 8,800 lenders nationwide were required to report HMDA data. These lenders are estimated to account for about 80 percent of 2004 mortgage lending activity. In the Chicago six county area in 2005, over 1,000 lenders reported HMDA data. These lenders originated over 504,000 mortgage loans.
HMDA and High Cost Lending
For 2004, the Federal Reserve enacted major changes to the regulations that implements HMDA. These changes were a response to the growing importance of risk-based pricing in the overall mortgage lending market and the continuing concerns around apparent disparities in mortgage pricing between white and minority borrowers. Starting in 2004, lenders were required to report additional data on the pricing of higher cost mortgage loans.
About the Fact Book Foreclosure Data
The 2005 Chicago Area Community Lending Fact Book also includes summary statistics for neighborhood foreclosures. These foreclosure data are for initiated foreclosures on 1-4 unit properties (including condos) and include foreclosures of both conventional and government loans. These data were acquired from the Foreclosure Report of Chicago and compiled by the Woodstock Institute.
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