76190 Federal Register / Vol. 69, No. 243 / Monday, December 20, 2004 / Notices 

FEDERAL RESERVE SYSTEM

[Regulation C; Docket No. R–1186] 

Home Mortgage Disclosure

AGENCY: Board of Governors of the 

Federal Reserve System.

ACTION: Publication of revised formats 

for public disclosure of lending data. 

SUMMARY: The Board is publishing 

revised formats for public disclosure of 

mortgage lending data reported 

pursuant to the Home Mortgage 

Disclosure Act and Regulation C, in 

light of revisions to Regulation C 

requiring lending institutions to report 

new loan pricing and other loan data. 

These revisions to the formats for public 

disclosures do not affect requirements 

applicable to financial institutions 

subject to Regulation C; the new 

requirements applicable to financial 

institutions have already taken effect 

(on January 1, 2004). The first year for 

which the new data will be reported is 

2004; data from institutions are due no 

later than March 1, 2005, and the data 

will be reflected in the public 

disclosures scheduled to be released in 

the summer or fall of 2005.

DATES: The new disclosure formats set 

forth in this notice are expected to be 

used for the first time in summer or fall 

2005.

FOR FURTHER INFORMATION CONTACT:

Glenn Canner, Senior Adviser, Division 

of Research and Statistics, at (202) 452–

2910; or John C. Wood or Kathleen C. 

Ryan, Counsel, Division of Consumer 

and Community Affairs, Board of 

Governors of the Federal Reserve 

System, Washington, DC 20551, at (202) 

452–3667 or (202) 452–2412. For users 

of Telecommunications Device for the 

Deaf (TDD) only, contact (202) 263–

4869.

SUPPLEMENTARY INFORMATION: 

I. Background 

The Home Mortgage Disclosure Act 

(HMDA), 12 U.S.C. 2801 et seq., requires 

certain depository and for-profit 

nondepository institutions to collect, 

report, and publicly disclose data about 

applications for, and originations and 

purchases of, home mortgage and home 

improvement loans. The Board’s 

Regulation C, 12 CFR part 203, 

implements HMDA. The data reported 

include the application date; the type, 

purpose, and amount of the loan or 

application; the date and type of action 

taken on the application; the location of 

the property to which the loan relates; 

the race, ethnicity, sex, and income of 

the applicant or borrower; the type of 

purchaser if the loan is sold; and the 

reasons for denial if the application is 

denied. 

Pursuant to section 304(h) of HMDA, 

lending institutions subject to the act 

report data on the HMDA Loan/

Application Register (HMDA–LAR) in a 

loan-by-loan and application-byapplication form. The data are then 

submitted to the federal financial 

regulatory agencies. Sections 304 and 

310 of HMDA direct the Federal 

Financial Institutions Examination 

Council (FFIEC) to edit and process the 

data and to produce public disclosure 

statements, which are sent back to the 

reporting institutions to be made 

available to the public upon request. In 

addition, the FFIEC sends the 

institutions’ public disclosure 

statements to central depositories (such 

as public libraries) in each metropolitan 

statistical area (MSA), along with 

aggregate disclosures covering all 

reporting institutions in that MSA. 

Under section 304(h) of HMDA, the 

Board—in cooperation with the Office 

of the Comptroller of the Currency 

(OCC), the Office of Thrift Supervision 

(OTS), the Federal Deposit Insurance 

Corporation (FDIC), the National Credit 

Union Administration (NCUA), and the 

Department of Housing and Urban 

Development (HUD)—is directed to 

develop the format for the public 

disclosures. 

The Board recently completed a 

review of Regulation C (see 67 FR 7222, 

February 15, 2002, and 67 FR 43217, 

June 27, 2002). Amendments to the 

regulation adopted as a result of the 

review require institutions to report new 

items, including a rate spread between 

the annual percentage rate (APR) on the 

loan and the yield on Treasury 

securities of comparable maturity; 

whether the loan is subject to the Home 

Ownership and Equity Protection Act 

(HOEPA); whether manufactured 

housing is involved; the type of lien on 

the property (first, subordinate, or 

none); and certain information about 

requests for preapproval. In addition, 

the regulation was amended to conform 

to changes in standards for collection of 

applicant data on race and ethnicity 

adopted by the Office of Management 

and Budget (OMB). The first year for 

which the new data will be reported is 

2004; data from institutions must be 

submitted to the appropriate federal 

financial regulatory agency no later than 

March 1, 2005, and the data will be 

reflected in the public disclosures 

scheduled to be released in summer or 

fall 2005. 

To facilitate public access to the new 

information that will be reported, in 

keeping with the purposes of the act, the 

formats for the public HMDA disclosure 

statements are being revised. The Board 

and the other regulatory agencies 

requested public comment on proposed 

formats for the revised disclosure 

statements (69 FR 15469, March 25, 

2004). The proposed changes included 

revisions to some of the existing 

disclosure tables, deletion of one set of 

existing tables, and the addition of new 

tables. Approximately 30 comments 

were received. In response to the 

comments, some changes to the 

proposed disclosure table formats have 

been made; the Board is now publishing 

the table formats in final form. 

The revisions to the existing tables are 

primarily to reflect the changes to the 

race and ethnicity categories adopted by 

OMB and the itemization of data on 

manufactured housing. One series of 

tables (Tables 6–1 through 6–6) will be 

deleted. The new tables reflect new data 

on rate spread, HOEPA status, lien 

status, preapproval requests, and 

manufactured housing. 

II. Explanation of Revised Disclosure 

Formats 

A. Revisions to Existing Tables and 

Series of Tables 

The existing tables for each reporting 

financial institution are Tables 1, 2, 3, 

4–1 through 4–6, 5–1 through 5–6, 6–1 

through 6–6, 7–1 through 7–6, and 8–1 

through 8–6, and Supplemental Tables 

1 and 2. There are also aggregate 

versions of Tables 1 through 8–6, 

reflecting the aggregated data of all 

reporting financial institutions in each 

MSA. In addition, there are Aggregate 

Tables 9 and 10, but no versions of these 

tables for individual financial 

institutions. In each case, the same 

changes that are being made to the basic 

individual institution tables (1 through 

8–6) are also being made to the 

aggregate and supplemental versions. 

For example, Table 1, Aggregate Table 1, 

and Supplemental Table 1 are revised in 

the same way. 

1. Table 1 and Supplemental Table 1—

Disposition of Loan Applications, by 

Location of Property and Type of Loan 

Existing Table 1 shows action taken 

on loan applications (such as loan 

originated, application approved but not 

accepted, application denied), detailed 

by the state, county, and census tract in 

which a property is located. The table 

also shows the type of loan 

(government-backed 1-to-4 family home 

purchase loans, conventional 1-to-4 

family home purchase loans, 1-to-4 

family refinancings, 1-to-4 family home 

improvement loans, multifamily loans, 

and loans on 1-to-4 family non-owneroccupied property).

Federal Register / Vol. 69, No. 243 / Monday, December 20, 2004 / Notices 76191

Institutions are required to report 

property location (generally MSA, state, 

county, and census tract) for loans on 

property located in MSAs in which they 

have home or branch offices. Therefore, 

for each reporting institution, Table 1 is 

produced for each MSA in which the 

institution has offices. In addition, some 

institutions are required by the 

regulations implementing the 

Community Reinvestment Act (12 

U.S.C. 2901 et seq.) to report property 

location for all loans, no matter where 

the property is located, and some 

institutions voluntarily choose to do so. 

In these cases, Supplemental Table 1 is 

produced to reflect the same 

information as Table 1 for loans on 

property not located in MSAs where the 

institution has offices. 

The only change proposed for Table 1 

(and Aggregate Table 1 and 

Supplemental Table 1) was the addition 

of a new column G to provide separately 

itemized data for loan applications for 

manufactured housing. Existing Table 1 

shows combined data covering both 

manufactured housing loans and 1-to-4 

family housing loans. In the proposal, 

the revised table continued to include 

manufactured housing loans along with 

1-to-4 family loans in columns A, B, C, 

and D, and the heading for these 

columns was changed to reflect this fact. 

The final changes to Table 1 are 

identical to the proposal. 

2. Table 2 and Supplemental Table 2—

Loans Purchased, by Location of 

Property and Type of Loan 

Existing Table 2 shows loans 

purchased by the institution, detailed by 

state, county, and census tract and by 

type of loan, using the same loan types 

as in Table 1. As with Table 1, Table 2 

is produced for each MSA in which the 

institution has offices. Supplemental 

Table 2 reflects the same information as 

Table 2, for loans on property not 

located in MSAs where the institution 

has offices. 

The only changes proposed for Table 

2 (and Aggregate Table 2 and 

Supplemental Table 2) were the same as 

for Table 1: the addition of a column G 

for manufactured housing loans and the 

change in the heading for columns A, B, 

C, and D to reflect the fact that data in 

those columns include manufactured 

housing loans. The final changes to 

Table 2 are identical to the proposal. 

3. Table 3 Series—Loans Sold, by Type 

of Purchaser 

Existing Table 3 shows loans sold by 

the institution, detailed by the race or 

national origin, sex, and income of the 

borrower; by the race/national origin 

and income characteristics of the census 

tract in which the property is located; 

and by the type of entity that purchased 

the loan (such as Fannie Mae, 

commercial bank, or affiliate of the 

institution). Table 3 is produced for 

each MSA in which the institution has 

offices. Existing Table 3 is renumbered 

Table 3–1; new Table 3–2 is added, as 

discussed later. 

As proposed, the types of purchasers 

shown in Table 3–1 are conformed to 

the revised categories for type of 

purchaser used under the amended 

Regulation C. The changes include 

combining the commercial bank and 

savings institution categories; adding 

credit unions, mortgage banks, and 

finance companies to the life insurance 

company category; adding a new 

category for private securitization; and 

nonsubstantive terminology changes. 

Also as proposed, Table 3–1 reflects 

the changes in borrower characteristics 

collected under the Regulation C 

revisions. The Regulation C revisions 

conform to standards for collection of 

data on race and ethnicity adopted by 

OMB. The OMB standards allow 

individuals to self-identify using more 

than one racial category, treat ethnicity 

and race as separate items of 

information, separate ‘‘Asian or Pacific 

Islander’’ into two categories (‘‘Asian’’

and ‘‘Native Hawaiian or Other Pacific 

Islander,’’) eliminate the category 

‘‘Other,’’ and make nonsubstantive 

terminology changes. 

The racial categories in Table 3–1 

follow the new categories adopted in 

revised Regulation C. To reflect loans 

where the applicant has marked more 

than one minority race, a new category 

entitled ‘‘2 or More Minority Races’’ is 

added. Where the applicant chooses 

white and one minority race category 

(for example, Asian) the loan will be 

reflected in the data for the minority 

race (Asian, in this example). Ethnicity 

will be shown separately from race, 

using the categories ‘‘Hispanic or 

Latino,’’ ‘‘Not Hispanic or Latino,’’

‘‘Joint (Hispanic or Latino/ Not Hispanic 

or Latino),’’ and ‘‘Ethnicity Not 

Available’’ (paralleling ‘‘Race Not 

Available’’). ‘‘Joint (Hispanic or Latino/ 

Not Hispanic or Latino)’’ applies where 

one joint applicant is Hispanic or Latino 

and the other is not, paralleling the 

‘‘Joint’’ category under race which 

applies where one applicant is of a 

minority race and the other is white. 

In the proposal, white was divided 

into ‘‘White—Hispanic or Latino’’ and 

‘‘White—Not Hispanic or Latino,’’ to 

provide better data about lending to 

minorities and to provide some 

continuity with data generated under 

the existing HMDA disclosures (in that 

‘‘White—Not Hispanic or Latino’’ in the 

proposed revised disclosures appeared 

to be substantially equivalent to 

‘‘White’’ in the existing disclosures). For 

similar reasons, the proposed revised 

Table 3 contained a data line entitled 

‘‘Total Minority,’’ consisting of data on 

situations where the applicant is of a 

minority race, of Hispanic or Latino 

origin, or both. In final Table 3–1, in 

order to keep the race and ethnicity 

categories more distinct, the white race 

category is not divided, and instead the 

white non-Hispanic category is shown 

in a new section entitled ‘‘Minority 

Status,’’ which is displayed separately 

from both the race and the ethnicity 

categories. ‘‘Minority Status’’ also 

includes a category entitled ‘‘Others, 

Including Hispanic,’’ which is the same 

as the ‘‘Total Minority’’ category in the 

proposal. 

As proposed, the section of Table 3 

detailing loans sold by sex of the 

borrower—users—is being deleted. The 

information can be derived from the 

institution’s modified HMDA-LAR data, 

which are publicly available. 

The section of Table 3–1 showing 

loans sold by income of the borrower 

remains unchanged. The section 

showing loans sold by racial/ethnic 

composition of census tracts and by 

income of census tracts also remains 

unchanged, except for a change affecting 

loans on property in the Commonwealth 

of Puerto Rico. 

The existing public disclosure tables 

for MSAs in Puerto Rico contain no data 

in the section on racial/ethnic 

composition of census tracts, because in 

the decennial censuses up to and 

including 1990, this information was 

not collected for areas in Puerto Rico. In 

the 2000 census, information was 

collected on the racial and ethnic 

composition of census tracts in Puerto 

Rico, and Table 3 for MSAs in Puerto 

Rico therefore will be revised to show 

the data. 

In addition, the census tract data from 

all MSAs are rolled up into national 

aggregates, which are not part of the 

public HMDA disclosures sent to central 

depositories, but are available from the 

FFIEC. In the proposal, comment was 

solicited on whether the national 

aggregate tables should include or 

exclude the Puerto Rico census tract 

data; the issue was whether inclusion of 

the Puerto Rico census tract data would 

make trend analysis at the national level 

more difficult. Most commenters 

addressing this issue stated that the 

advantages of inclusion of the Puerto 

Rico data ‘‘more complete data ‘‘would 

outweigh the disadvantages. The final 

national aggregate tables, accordingly, 

will include the Puerto Rico data.

76192 Federal Register / Vol. 69, No. 243 / Monday, December 20, 2004 / Notices 

In response to comments, new Table 

3–2 is being added to show loan pricing 

data for loans sold. Table 3–2 shows rate 

spread (between the APR on the loan 

and the yield on Treasury securities of 

comparable maturity) and HOEPA status 

(whether the loan is subject to the Home 

Ownership and Equity Protection Act) 

for loans sold, by type of purchaser of 

the loan and by lien status. The rate 

spread is shown using the same 

categories (no reported pricing data; 

reported pricing data; ranges of rate 

spreads above the comparable Treasury 

yield; and mean and median rate 

spread) as in the new Table 11 and 

Table 12 series, discussed later. 

4. Table 4 Series—Disposition of 

Applications, by Race, Ethnicity, 

Gender and Income of Applicant 

The existing tables in the Table 4 

series show action taken on applications 

for various types of loans, detailed by 

race/national origin of applicants and 

further itemized by sex of applicants, 

and detailed by income of applicants. 

There is one table for each type of loan, 

using the same loan types as in Table 1. 

Thus, Table 4–1 shows disposition of 

applications for government-insured 

and government-guaranteed home 

purchase loans on 1-to-4 family 

dwellings; Table 4–2 shows disposition 

of applications for conventional home 

purchase loans on 1-to-4 family 

dwellings; Table 4–3 shows disposition 

of applications for refinancings on 1-to4 family dwellings; Table 4–4 shows 

disposition of applications for home 

improvement loans on 1-to-4 family 

dwellings; Table 4–5 shows disposition 

of applications for loans on multifamily 

dwellings; and Table 4–6 shows 

disposition of applications for loans on 

1-to-4 family non-owner-occupied 

property. Each of these tables is 

produced for each MSA in which the 

institution has offices. 

The changes to the tables in the Table 

4 series are substantially the same as 

proposed, and parallel changes to Table 

3 with regard to the race and ethnicity 

categories, as described above. In the 

final version of the Table 4 series, the 

same adjustments as in Table 3 are 

made to the proposed version (showing 

white as a single category, rather than 

divided into ‘‘White—Hispanic or 

Latino’’ and ‘‘White—Not Hispanic or 

Latino,’’ and instead showing the white 

non-Hispanic category under ‘‘Minority 

Status,’’ which also includes ‘‘Others, 

Including Hispanic’’). Within each of 

these categories, itemized data are also 

shown for Male, Female, and Joint 

(applying where one joint applicant is 

male and the other is female). 

As in Table 3, the section in the Table 

4 series showing action taken on 

applications by income of applicants 

remains unchanged. The titles of the 

tables also remain substantially 

unchanged. ‘‘1-to-4 Family and 

Manufactured Home Dwellings’’

replaces ‘‘1-to-4 Family Homes’’ in 

Tables 4–1, 4–2, 4–3, 4–4, and 4–6, to 

make clear that these tables continue to 

include manufactured homes along with 

1-to-4 family homes. ‘‘Ethnicity’’ is 

added to the titles on each of the tables, 

since ethnicity is now treated as a 

separate item of data from race. 

A new Table 4–7 is being added, 

entitled ‘‘Disposition of Applications for 

Home Purchase, Home Improvement, or 

Refinancing Loans, Manufactured Home 

Dwellings, by Race, Ethnicity, Gender 

and Income of Applicant.’’ The data 

shown are the same as in the other 

tables in the Table 4 series, as revised, 

except that the data relate only to 

manufactured home loan applications. 

Thus, the data in Table 4–7 will be a 

subset of the data in Tables 4–1, 4–2, 4–

3, and 4–4. In this respect, new Table 4–

7 parallels the new columns covering 

manufactured home loans and 

applications in Tables 1 and 2. 

One additional change that was not 

proposed but responds to comments is 

the addition of a ‘‘Total’’ line at the end 

of each table in the Table 4 series, 

including new Table 4–7. The figures in 

each column of this line will show the 

total of all applications or loans, for the 

particular institution and MSA covered 

by the table, for the category represented 

by the column. For example, the total 

line for the first column in Table 4–7 

will show total applications received for 

manufactured housing loans by that 

institution in that MSA. 

5. Table 5 Series—Disposition of 

Applications, by Income, Race and 

Ethnicity of Applicant 

The existing tables in the Table 5 

series show action taken on applications 

for various types of loans, detailed by 

income of applicants and further 

itemized by race/national origin of 

applicants. There is one table for each 

type of loan, using the same loan types 

as in the Table 4 series; the two series 

of tables differ only in how the data are 

itemized. 

The final changes are substantially the 

same as proposed, and mirror those 

made to the Table 4 series. The racial 

categories are changed, ethnicity placed 

in a separate section of data, and the 

table titles conformed, in the same 

manner as in the Table 4 series. Also 

paralleling the Table 4 series, a new 

Table 5–7 is added to show data for 

manufactured home loan applications, 

and ‘‘Total’’ lines are added at the end 

of each table. 

6. Table 6 Series—Disposition of 

Applications, by Income and Gender of 

Applicant 

The existing tables in the Table 6 

series show action taken on applications 

for various types of loans, detailed by 

income of applicants and further 

itemized by sex of applicants. Again, 

there is one table for each type of loan. 

The Table 6 series parallels the 4 and 5 

series; the only difference is in how the 

data are itemized. 

The proposal was to eliminate the 

Table 6 series as redundant, on the basis 

that the Table 6 series is used very 

infrequently. Most commenters 

addressing this issue supported the 

proposal, and accordingly the Table 6 

series will be eliminated. Information 

on lending patterns by income and by 

sex of loan applicants remains available 

in the 4 and 5 series of tables, as well 

as through the modified HMDA–LAR 

data that are also publicly available. 

7. Table 7 Series—Disposition of 

Applications, by Characteristics of 

Census Tract in Which Property Is 

Located 

The existing tables in the Table 7 

series show action taken on 

applications, using the same types of 

loans as in the 4, 5, and 6 series, but in 

this case detailed by the racial/ethnic 

composition and median family income 

of the census tract in which the property 

is located. 

The Table 7 series remains 

unchanged, except for the addition of a 

Table 7–7 to reflect manufactured 

housing loan applications and the 

inclusion of data from census tracts in 

Puerto Rico, as proposed, and the 

addition of a ‘‘Total’’ line as in the Table 

4 and Table 5 series. 

8. Table 8 Series—Reasons for Denial of 

Applications, by Race, Ethnicity, 

Gender, and Income of Applicant 

The existing tables in the Table 8 

series cover applications that have been 

denied, and show the reasons for denial 

detailed by the race or national origin, 

sex, and income of the loan applicant. 

As in the other series, there is one table 

for each type of loan, using the same 

loan types. 

The changes made to the Table 8 

series mirror those in the Tables 3, 4 

and 5 series in regard to the race/

ethnicity categories and inclusion of 

ethnicity as a separate item of data. A 

new Table 8–7 shows reasons for denial 

of manufactured housing loan 

applications. 

Federal Register / Vol. 69, No. 243 / Monday, December 20, 2004 / Notices 76193

9. Aggregate Table 9—Disposition of 

Loan Applications, by Median Age of 

Homes in Census Tract in Which 

Property Is Located and Type of Loan 

Existing Aggregate Table 9 shows 

action taken on loan applications, by 

median age of homes within census 

tracts where the subject property is 

located and by type of loan. The 

Aggregate Table 9 for each MSA covers 

the aggregated data for all reporting 

institutions in that MSA; no Table 9 is 

produced for individual financial 

institutions. 

As proposed, the changes to Aggregate 

Table 9 include adding a column to 

reflect data on manufactured home loan 

applications and updating the ranges of 

median ages of homes by ten years. A 

section of data covering median ages 

from 1990 through March 2000 is added 

at the beginning of the table; the section 

covering median ages of 1949 or earlier, 

at the end of the existing Aggregate 

Table 9, is deleted; and the range 1950–

1959 in the existing table is changed to 

1959 or earlier. (The updated ranges of 

median ages have already been put into 

use, for the disclosures covering 2003 

lending data.) 

10. Aggregate Table 10—Disposition of 

Loan Applications, by Principal City 

versus Non-Principal City Property 

Location and Type of Loan 

Existing Aggregate Table 10 shows 

action taken on loan applications, by 

property location and by type of loan. 

The property location itemization 

consists of only two categories: central 

city in the given MSA, and any other 

location in that MSA outside the central 

city. No Table 10 is produced for 

individual financial institutions. 

As proposed, the changes to Aggregate 

Table 10 include adding a column for 

data on manufactured home loan 

applications and substituting ‘‘principal 

city’’ for ‘‘central city,’’ to reflect 

terminology adopted by OMB. 

B. New Tables and Series of Tables 

A number of new tables will be 

produced to reflect new data items that 

are being collected under revised 

Regulation C on loan pricing (rate 

spread and HOEPA status), lien status, 

and preapproval requests. The new 

tables will also reflect manufactured 

home lending in more detail than is 

given in the revised existing tables.

1. Table 11 Series—Pricing Information 

for Loans on 1-to-4 Family OwnerOccupied Dwellings 

The new Table 11 series provides loan 

pricing information (rate spread and 

HOEPA status). Under revised 

Regulation C, institutions must report 

the rate spread between the APR on the 

loan and the yield on Treasury 

securities of comparable maturity for 

loans subject to the Truth in Lending 

Act (TILA), since these loans have an 

APR for use in calculating the rate 

spread. Loans on 1-to-4 family owneroccupied homes are generally subject to 

TILA, and accordingly the new Table 11 

series, as proposed, focuses on this 

category of loans. (Loans on owneroccupied manufactured homes are also 

generally subject to TILA, and are 

covered in the Table 12 series, as 

discussed below.) 

In the proposal, the Table 11 series 

tables focused on conventional loans, on 

the basis that concern about loan pricing 

problems has centered on conventional, 

rather than government-backed, lending. 

Many commenters, however, urged that 

comparable tables be produced to show 

loan pricing information for 

government-backed lending. 

Accordingly, the final Table 11 series 

includes tables relating to Federal 

Housing Administration (FHA) and 

Veterans Administration (VA) loans. 

In the proposal, the Table 11 series 

comprised Tables 11–1 through 11–6; 

the final version comprises Tables 11–

1 through 11–10. The new final tables 

that have been added are Table 11–1 for 

FHA first-lien home purchase loans, 

Table 11–2 for VA first-lien home 

purchase loans, Table 11–5 for FHA 

first-lien refinancings, and Table 11–6 

for VA first-lien refinancings. Proposed 

Tables 11–1, 11–2, 11–3, 11–4, 11–5, 

and 11–6 (covering conventional home 

purchase, refinancing, and home 

improvement loans) have been 

renumbered as Tables 11–3, 11–4, 11–7, 

11–8, 11–9, and 11–10, respectively. 

Each of the tables shows, as in the 

proposal, for a given reporting 

institution in each of the institution’s 

MSAs, the number of such loans for 

which the institution did not report rate 

spread data because the difference 

between the APR on the loan and the 

yield on the applicable Treasury 

security was below the three or five 

percentage point reporting threshold for 

first-lien or subordinate-lien loans, 

respectively, or because no APR was 

available to calculate the rate spread. 

Each table also shows the number of 

such loans for which the institution did 

report rate spread data. The table then 

shows the number of loans falling into 

various ranges of percentage points 

above the applicable Treasury yield, 

such as 3–3.99, 4–4.99, and so on up to 

8 percentage points or more above the 

Treasury yield for first-lien loans, and 

5–5.99, 6–6.99, and so on up to 10 

percentage points or more above 

Treasury for subordinate-lien loans. 

Each table also shows, for loans on 

which the institution reported rate 

spread data, the mean and median 

percentage points above the Treasury 

yield. 

The final tables differ from the 

proposal in that they show rate spread 

data in terms of not only number of 

loans, but also dollar amount of loans, 

for consistency with other tables. Also, 

the banner heading above the columns 

showing ranges of rate spreads and 

mean and median spreads has been 

changed to make clear that the data 

shown include only loans with APRs 

above the applicable thresholds (3 or 5 

percentage points over the comparable 

Treasury yields). Some commenters 

expressed concern that, without such 

clarification, some users of the data 

might believe that the mean and median 

rate spreads were calculated based on 

all loans made by the institution, 

including those with APRs below the 

applicable thresholds. In addition, a 

footnote has been added to the ‘‘no 

reported pricing data’’ column, to clarify 

the content of the data in the column.

As mentioned above, a loan will be 

reflected in the ‘‘no reported pricing 

data’’ column because the difference 

between the APR on the loan and the 

yield on the applicable Treasury 

security was below the reporting 

threshold or because no APR was 

available to calculate the rate spread. No 

APR will be available when the loan (for 

example, a loan for business purposes) 

was not subject to Regulation Z (Truth 

in Lending) and therefore the lender 

was not required to calculate and 

disclose an APR. Purchased loans and 

applications not resulting in loan 

originations also will not have APRs; 

however, these types of transactions 

will not be reflected in the ‘‘no reported 

pricing data’’ column, because the Table 

11 series covers only loan originations. 

Also, for the 2004 data year, loans with 

application dates on or before December 

31, 2003, will be excluded from the 

Table 11 series, because under the 

special rules for such loans, the rate 

spread is not required to be reported if 

the rate was set on or before that date. 

(These loans will also be excluded, for 

the 2004 data year, from all other tables 

containing loan pricing data, i.e., Tables 

3–2 and 12–2 and Summary Table B.) 

As in the proposal, the data in the 

Table 11 series are itemized by the race, 

ethnicity, income, and sex of the 

borrower, and by the racial/ethnic 

composition and the income of the 

census tract in which the property is 

located. The same changes to the race 

and ethnicity categories have been made 

in the Table 11 series as in the final 

76194 Federal Register / Vol. 69, No. 243 / Monday, December 20, 2004 / Notices 

Tables 3, 4, 5, and 8 series, discussed 

above. 

As in the proposal, the tables covering 

refinancings and home improvement 

loans (Tables 11–5 through 11–10 in the 

final version) each include an additional 

column showing the number (and in the 

final version, dollar amount) of HOEPA 

loans made by the institution in the 

particular MSA. (Under TILA, home 

purchase loans on 1-to-4 family owneroccupied dwellings are excluded from 

HOEPA coverage; thus, there is no 

comparable HOEPA column in final 

Tables 11–1 through 11–4, covering 

home purchase loans.) One of the 

triggers for HOEPA coverage is an APR 

8 or more percentage points over the 

comparable Treasury yield for first-lien 

loans, and 10 or more percentage points 

over the comparable Treasury yield for 

subordinate-lien loans. Thus, for the 

tables with a column showing the 

number or dollar amount of HOEPA 

loans, there could be some similarity 

between the data in that column and the 

data in the column showing number or 

dollar amount of loans with an APR of 

8 or more (or 10 or more, for 

subordinate-lien loans) percentage 

points over the comparable Treasury 

yield. However, there are some 

differences between the two columns. 

First, the Treasury yield for HOEPA 

trigger purposes is the yield as of the 

15th day of the calendar month 

preceding the month in which the 

lender received the loan application; the 

Treasury yield for HMDA rate spread 

purposes is the yield as of the 15th day 

of a given month, if the interest rate on 

the loan was set on or after that day 

through the 14th day of the following 

month. Therefore, while the two yields 

may often be identical, they may not be 

in some cases. Second, a loan can be 

classified as a HOEPA loan even though 

it does not meet the APR trigger, if it 

meets another trigger for HOEPA 

coverage, based on the loan’s points and 

fees. 

2. Table 12 Series—Disposition of 

Applications and Pricing Information 

for Conventional Manufactured Home 

Purchase Loans, First Lien, OwnerOccupied Dwelling, by Borrower or 

Census Tract Characteristics 

In the proposal, new Table 12 focused 

on manufactured home lending and 

showed two types of information: action 

taken on applications, and rate spread 

data for originated loans. In the final 

version, there are two tables, Table 12–

1 which provides data on action taken, 

and Table 12–2 which provides rate 

spread data in more detail than 

proposed. The Table 12 series is limited, 

as proposed, to conventional first-lien 

home purchase loans on owneroccupied manufactured homes because 

the majority of manufactured home loan 

applications likely fall into this 

category. In addition, loans on nonowner-occupied properties are generally 

not subject to TILA and thus will not 

have an APR available for calculating 

rate spread. 

In final Table 12–1, the action taken 

data are itemized by the race, ethnicity, 

income, and sex of the applicant, and by 

the racial/ethnic composition and 

income of the census tract where the 

property is located. The categories used 

for the applicant and census tract 

characteristics are identical to those 

used in the revised existing tables and 

in the new Table 11 series. Proposed 

Table 12 showed the data in terms of 

number of applications or loans; final 

Table 12–1 displays the data in terms of 

both numbers and dollar amounts, for 

consistency with other tables. 

Table 12–1 bears some similarity to 

new Tables 4–7, 5–7, and 7–7, which 

also display action taken data relating to 

manufactured home lending, but there 

are significant differences. Tables 4–7, 

5–7, and 7–7 show activity on all 

manufactured home lending (home 

purchase, home improvement, and 

refinancings; both conventional and 

government-backed; both owneroccupied and non-owner-occupied; and 

both first-lien and subordinate-lien), 

while Table 12 is limited to 

conventional first-lien home purchase 

loans on owner-occupied manufactured 

homes. 

In the proposal, the format of the rate 

spread section of Table 12 was similar 

to the Table 11 series, except that the 

columns showing the numbers of loans 

with rate spreads falling into various 

ranges were omitted. Thus, the 

proposed rate spread section of Table 12 

included columns for the number of 

loans with no reported pricing data, the 

number of loans with such data 

reported, and the mean and median 

percentage points over the applicable 

Treasury yield for those loans with 

pricing data reported. In response to 

comment, final Table 12–2 includes 

columns covering various ranges of rate 

spreads. The ranges are the same as in 

the tables in the 11 series relating to 

first-lien loans, except that instead of 

the highest range being 8 or more 

percentage points over the comparable 

Treasury yield, a range of 8–9.99 is 

added, and the highest range 

accordingly is 10 or more. 

Like final Table 12–1, final Table 12–

2 displays the data in terms of both 

numbers and dollar amounts, for 

consistency with other tables. Also, as 

in the Table 11 series, the banner 

heading above the columns showing 

ranges of rate spreads and mean and 

median spreads has been changed to 

make clear that the data shown include 

only loans with APRs above the 

applicable threshold, and a footnote has 

been added to the ‘‘no reported pricing 

data’’ column to clarify the content of 

the data in the column. (The content of 

the data in this column parallels that of 

the ‘‘no reported pricing data’’ column 

in the Table 11 series, discussed above.) 

Although Table 12–2 on 

manufactured home loans is limited to 

home purchase loans, while the Table 

11 series on 1-to-4 family home loans 

also has tables covering refinancings 

and home improvement loans, 

Summary Table B, discussed later, 

provides some information on rate 

spreads for refinancings and home 

improvement loans on manufactured 

housing. 

3. Summary Table A Series—

Disposition of Applications and Loan 

Sales by Loan Type and Disposition of 

Preapprovals by Borrower or Census 

Tract Characteristics 

The new Summary Table A series 

provides an overview of actions taken 

by an institution on loan applications, 

including actions taken on preapproval 

requests, with detailed itemizations by 

type of loan. As in the proposal, 

Summary Table A–1 shows action taken 

on applications for loans on 1-to-4 

family dwellings; Summary Table A–2 

shows the same data for applications on 

manufactured home loans; and 

Summary Table A–3 shows the same 

data for applications relating to 

multifamily housing, except that it does 

not contain data on preapproval 

requests; lending on multifamily 

housing likely does not generally 

involve preapproval requests as defined 

in Regulation C. 

The tables itemize lending by (1) loan 

purpose (home purchase, refinancing, 

and home improvement); (2) lien status 

(first-lien, subordinate-lien, and 

unsecured); (3) loan type (conventional, 

FHA, VA, and FSA/RHS (Farm Service 

Agency or Rural Housing Service)); and 

(4) action taken. Summary Tables A–1, 

A–2, and A–3 do not show itemization 

by applicant or census tract 

characteristics; tables in the 4, 5, and 7 

series serve that purpose. Rather, these 

summary tables detail at a glance the 

types of lending in which an institution 

is engaged. (New Summary Table A–4, 

added in the final version and focusing 

on preapprovals, does contain an 

itemization by applicant and census 

tract characteristics. See below for 

further discussion of Summary Table A–

4.) 

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The summary tables will be produced 

in two versions for each reporting 

institution. One version reflects activity 

for each MSA for which the institution 

reports data, and the other shows the 

institution’s total activity nationwide. 

Both versions itemize data by type of 

action taken (such as loans originated, 

applications approved but not accepted, 

and applications denied). In addition, 

both versions show the number of 

preapproval requests that resulted in 

loan originations and the number of 

originated loans sold by the institution. 

Only the nationwide version shows 

preapproval requests denied and 

preapproval requests approved but not 

accepted. Data on preapproval requests 

denied and preapproval requests 

approved but not accepted cannot be 

shown in the MSA version, because to 

be included in the MSA-based tables, an 

application must have a property 

location, and property location is not 

reported on a preapproval request 

unless the request goes beyond the 

preapproval stage, for example, where it 

results in a loan origination.

Summary Tables A–1, A–2, and A–3 

are unchanged from the proposal, 

except that a footnote has been added to 

clarify that reporting of preapproval 

requests approved but not accepted is 

optional. Some commenters were 

concerned that the data might be 

misleading to data users who did not 

realize the optional nature of reporting 

of this item. 

Summary Table A–4 was not in the 

proposal, but has been added in the 

final version to address comments 

suggesting that information be shown on 

action taken on preapproval requests, 

itemized by applicant and census tract 

characteristics. The table covers 

conventional first-lien home purchase 

loans on 1-to-4 family dwellings, and 

shows preapprovals resulting in 

originations, preapprovals approved but 

not accepted, and preapprovals denied, 

itemized by the race, ethnicity, income, 

and sex of the applicant and by the 

racial/ethnic composition and income of 

the census tract in which the property 

is located. The categories used for the 

applicant and census tract 

characteristics are identical to those 

used in the revised existing tables and 

in the new Tables 11 and 12 series. 

As in the case of Summary Tables A–

1, A–2, and A–3, Summary Table A–4 

will be produced in two versions for 

each reporting institution, one version 

reflecting activity for each MSA for 

which the institution reports data and 

the other showing the institution’s total 

activity nationwide. However, only the 

nationwide version shows preapproval 

requests denied and preapproval 

requests approved but not accepted, for 

the same reason as discussed above with 

regard to the other summary tables. 

4. Summary Table B—Loan Pricing 

Information for Conventional Loans by 

Incidence and Level 

New Summary Table B shows rate 

spread and HOEPA status information 

for an institution as a whole, itemized 

in a manner similar to the Summary 

Table A series (by home purchase, 

refinancing, and home improvement; 

and by first-lien and subordinate-lien 

status). Summary Table B covers 

conventional loans on 1-to-4 family 

owner-occupied dwellings and on 

manufactured housing owner-occupied 

dwellings (shown in separate sections of 

the table). Summary Table B does not 

contain data on multifamily housing 

loans or on unsecured home 

improvement loans, because rate spread 

and HOEPA status data are not available 

for such loans. 

Like the Summary Table A series, 

Summary Table B will be produced in 

two versions for each reporting 

institution, one version reflecting the 

activity of that institution for each MSA 

for which the institution reports data, 

and another version showing the 

institution’s total activity nationwide. 

Summary Table B is unchanged from 

the proposed version, except that a 

footnote has been added to the ‘‘no 

pricing reported’’ data and explanatory 

text has been added to the mean and 

median rate spread data, in both cases 

to clarify the content of the data, as has 

been done in other tables containing 

loan pricing data. (The content of the 

‘‘no pricing reported’’ data parallels that 

of the ‘‘no reported pricing data’’

column in the Table 11 series, discussed 

above.) 

Summary Table B shows data that in 

some respects are comparable to data 

shown in the Tables 11 and 12 series. 

Both the Table 11 series and the first 

section of Summary Table B display 

loan pricing information on 1-to-4 

family dwellings. For example, Table 

11–3 shows rate spread data for 

conventional first-lien home purchase 

loans on owner-occupied 1-to-4 family 

dwellings; the first column of the first 

section in Summary Table B shows the 

same type of data. Table 11–4 provides 

rate spread data on conventional 

subordinate-lien home purchase loans 

on owner-occupied 1-to-4 family 

dwellings, as does the second column of 

the first section in Summary Table B. 

There are differences, however. First, 

the tables in the Table 11 series do not 

show the total number of loans for the 

institution, but instead provide 

itemizations by borrower and census 

tract characteristics. Summary Table B 

provides total loan numbers (in various 

categories of pricing information, such 

as no pricing reported, pricing reported, 

and so on), both at the MSA level and 

in total activity nationwide, but no 

itemization by borrower and census 

tract characteristics. In addition, the 

nationwide version of Summary Table B 

includes loans for which no property 

location was reported (for example, 

because the property is located outside 

the MSAs in which the institution has 

offices), while the Table 11 series does 

not include such loans. Thus, a data 

user could use Summary Table B to 

determine at a glance the overall level 

of an institution’s loan pricing, detailed 

by loan type. 

The second section of Summary Table 

B and Table 12–2 both provide loan 

pricing data for manufactured housing, 

but again, there are differences. First, 

Summary Table B shows total numbers 

of loans for an institution (in various 

categories of pricing information) both 

at the MSA level and nationwide, but 

does not include an itemization by 

borrower or census tract characteristics; 

Table 12–2 includes the itemization but 

not the totals. In addition, Table 12–2 

provides data only on first-lien home 

purchase loans on manufactured 

housing, while Summary Table B also 

provides data on subordinate-lien home 

purchase loans, first- and subordinatelien refinancings, and first- and 

subordinate-lien home improvement 

loans, as well as HOEPA status for the 

refinancings and home improvement 

loans. 

Text of Proposed Revisions 

For the reasons set forth in the 

preamble, the Board adopts revised 

formats for public disclosure of 

mortgage lending data under the Home 

Mortgage Disclosure Act, as set forth in 

the attachment to this document.

By order of the Board of Governors of the 

Federal Reserve System, December 10, 2004. 

Jennifer J. Johnson, 

Secretary of the Board.

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[FR Doc. 04–27425 Filed 12–17–04; 8:45 am] 

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