Friday, September 26, 2008

MortgageDataWeb has the Mortgage Data on Institutions Missing from 2007 HMDA Data

Many mortgage companies who went bankrupt in 2007 and failed to disclose their 2007 Home Mortgage Disclosure Act (HMDA) data. These same mortgage lenders originated a significant amount of new mortgages in 2007 until they closed down business operations. Researchers in residential finance use HMDA data to analyze mortgage lending activity. When using the 2007 HMDA data, researchers will need to make adjustments in their analysis to account for the significant quantity of mortgage activity that is missing from the data.

MortgageDataWeb has mortgage lending data collected from municipal recordings. Some examples of bankrupt mortgage institutions who did not report their 2007 data are provided here along with the metropolitan areas where their loans were originated. The company reports show the mortgage company's originations and market share in the metropolitan areas they operated in. These companies had a substantial market share in the markets they operated in until the time they stopped funding new mortgages in 2007.

Click the Links Below to view the mortgage orgination data by metropolitan area for the companies below:

New Century Mortgage of Irvine, California originated nearly 17,000 conventional mortgages ($3.6 billion) until they stopped business in March 2007.

American Home Mortgage (including American Brokers Conduit) of Melville, New York originated over 71,000 conventional mortgages ($18.8 billion) until they shut down in August 2007.

First Magnus Financial of Tucson, Arizona originated roughly 54,000 conventional mortgages ($11,7 billion) until they closed their doors in August.

There is so much more missing from 2007 HMDA! Where are you going to find that mortgage data?


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