Abstract
The Home Mortgage Disclosure Act (HMDA) mandates the reporting of mortgage loan applications. Nearly all studies of mortgage lending patterns done in recent years rely on the data collected under HMDA. However, not all mortgages are reported under HMDA. Understanding the relationship between HMDA coverage and neighborhood characteristics is particularly important because neighborhood rates of applications and loan originations from HMDA are used by many analysts to measure neighborhood lending activity. If HMDA coverage rates vary systematically with neighborhood characteristics, then studies that use these neighborhood characteristics to explain lending activity will yield biased results.This paper presents the results of an analysis that attempts to estimate the fraction of mortgage activity that is reported under HMDA, and examines how HMDA coverage rates vary with the racial and income characteristics of the neighborhood. The basic idea for this analysis is simple; identify a group of loans from an in...
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