{"id":253438,"date":"2025-06-26T11:15:05","date_gmt":"2025-06-26T15:15:05","guid":{"rendered":"https:\/\/ncrc.org\/?page_id=253438"},"modified":"2026-07-14T17:09:29","modified_gmt":"2026-07-14T21:09:29","slug":"mortgage-market-report-series","status":"publish","type":"post","link":"https:\/\/ncrc.org\/mortgage-market-report-series\/","title":{"rendered":"Mortgage Market Report Series"},"content":{"rendered":"\t\t
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2025 NCRC Mortgage Market Series<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/a>\n\t\t
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Mortgage Market Series<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t
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\n\t\t\t\t\t\n\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\tSeries Introduction<\/span>\n\t\t\t\t\t<\/span>\n\t\t\t\t\t<\/a>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t
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2025 Series<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t
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PART 1<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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A Stagnant Mortgage Market: A Shrinking CRA<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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The 2025 mortgage market is stagnant and increasingly not covered by the community reinvestment act<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/a>\n\t\t\n\t\t\t\t
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PART 2<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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TBD<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/a>\n\t\t\n\t\t\t\t
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PART 3<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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TBD<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/a>\n\t\t\n\t\t\t\t
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PART 4<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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TBD<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/a>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t
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2024 Series<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t
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PART 1<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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Introduction to Mortgage Market Trends<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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rising non-bank influence, shifting loan purposes, disparities in access by race, and how these trends shape who gets to buy a home in America today<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/a>\n\t\t\n\t\t\t\t
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PART 2<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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Lending Trends by Borrower and Neighborhood Characteristics<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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As the Mortgage Market Stabilizes, Gaps in Access for Low-Income and Black Borrowers Widen<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/a>\n\t\t\n\t\t\t\t
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PART 3<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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Native American and Hawaiian Lending<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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Native and Hawaiian communities face unique homeownership barriers worsened by investor pressure and shrinking federal support<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/a>\n\t\t\n\t\t\t\t
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PART 4<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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Mortgage Lending Across American Cities<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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evolving lending practices are redrawing the map of who gets to own a home and where<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/a>\n\t\t\n\t\t\t\t
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PART 5<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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Top 50 Home Purchase Lenders Analysis For 2024<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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What the top 50 lenders tell us about the limits of regulation and the future of fair housing<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/a>\n\t\t\n\t\t\t\t
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PART 6<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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How Major Builders Serve Their Communities<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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Spotlight on top performers delivering real community access\u2014and others whose practices reinforce barriers to homeownership<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/a>\n\t\t\n\t\t\t\t
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PART 7<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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Investor Lending Analysis<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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This report tracks investor lending for second homes and rentals\u2014showing volatility, concentration in Florida\/vacation markets, and large demographic gaps.<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/a>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t
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Series Introduction<\/h1>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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Methods and Definitions<\/i> <\/div><\/span>\n\t\t\t\t\t\t\t\t\t<\/summary>\n\t\t\t\t
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Data Sources<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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Home Mortgage Disclosure Act (HMDA) Data<\/strong>: Primary data source covering national mortgage lending patterns from 2018-2024, representing approximately 88% of all mortgage applications processed annually<\/p>

US Census Bureau Data<\/strong>: Used for demographic information, population statistics, and income data including the American Community Survey and Decennial Census data<\/p>

Consumer Financial Protection Bureau (CFPB) Data<\/strong>: Source for HMDA data collection and release<\/p>

Brookings Institution Research<\/strong>: Referenced for demographic projections and population growth analysis<\/p>

Federal Financial Institutions Examination Council<\/strong>: Source for HMDA data products<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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Analysis Period and Scope<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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Time Frame<\/strong>: 2018-2024<\/p>

Loan Types Analyzed<\/strong>: Focus on home purchase loans for owner-occupied, site-built,\u00a01-4 unit\u00a0properties except as noted<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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Data Processing Methods<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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Race\/Ethnicity Calculation<\/strong>: Detailed subgroup identification method that prioritizes specific ethnic codes (11-14 for Hispanic subgroups, 21-27 for Asian subgroups, 41-44 for Pacific Islander subgroups) over broader categories<\/p>

Missing Data Treatment<\/strong>: “No Data” loans excluded from demographic calculations rather than treated as a separate racial category<\/p>

Year-over-Year Comparisons<\/strong>: Multi-year data compared using identical calculation methods across the 2018-2024 period<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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Key Metrics and Definitions<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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Low- and Moderate-Income Borrower (LMIB)<\/strong>: Borrowers with household income below 80% of area median income<\/p>

Low- and Moderate-Income Census Tract (LMICT)<\/strong>: Geographic areas where median family income is at or below 80% of metro area median family income<\/p>

Majority-Minority Census Tract (MMCT)<\/strong>: Census tracts where racial\/ethnic minorities comprise more than 50% of residents<\/p>

Cost Per Dollar<\/strong>: Calculated as (Total Payments Over 30 Years + Closing Costs) \u00f7 Original Loan Amount<\/p>

Market Share<\/strong>: Percentage of total loans in a market originated by a specific lender<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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Calculation Formulas<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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Percentage Calculations<\/strong>:<\/p>

  • Low and moderate-income borrower percentages: (LMIB\/Total Loans) \u00d7 100<\/li>
  • LMI Tract percentages: (LMICT\/Total Loans) \u00d7 100<\/li>
  • Majority-minority tract percentages: (MMCT\/Total Loans) \u00d7 100<\/li>
  • Race and ethnicity percentages: (Race group\/(Total Loans-No Data)) \u00d7 100<\/li><\/ul>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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    Data Quality and Limitations<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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    Coverage Limitations<\/strong>: Analysis limited to loans with reported demographic data (approximately 4.7\u00a0million\u00a0of 5.3 million total loans in 2024)<\/p>

    Census Boundary Changes<\/strong>: 2020 Census redrew neighborhood boundaries, affecting historical comparisons for majority-minority tract analysis starting in 2022<\/p>

    Missing Data Impact<\/strong>: Growing number of loans without demographic data affects trend analysis accuracy<\/p>

    Multiracial Identity Challenges<\/strong>: Difficulty measuring lending equity for people identifying as multiple races<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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    Terms<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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    AAPI<\/strong>\u00a0– Asian American and Pacific Islander: Demographic label that groups together Asian and Pacific Islander communities<\/p>

    AHO<\/strong>\u00a0– Access to Home Ownership: Office of Hawaiian Affairs program that guarantees portions of home loans for Native Hawaiian first-time homebuyers<\/p>

    CDFI<\/strong>\u00a0– Community Development Financial Institution: Specialized lenders focused on serving underserved communities<\/p>

    CFPB<\/strong>\u00a0– Consumer Financial Protection Bureau: Federal agency that oversees mortgage lending and consumer financial protection<\/p>

    CRA<\/strong>\u00a0– Community Reinvestment Act: Federal law requiring banks to meet credit needs of their entire communities, especially low-income areas<\/p>

    FHA<\/strong>\u00a0– Federal Housing Administration: Government agency that insures mortgages<\/p>

    GSE<\/strong>\u00a0– Government-Sponsored Enterprise: Companies like Fannie Mae and Freddie Mac that buy mortgages from lenders<\/p>

    HMDA<\/strong>\u00a0– Home Mortgage Disclosure Act: Federal law requiring lenders to report detailed mortgage lending data<\/p>

    HoPI<\/strong>\u00a0– Hawaiian or Pacific Islander: Demographic category for Native Hawaiian and Pacific Islander populations<\/p>

    HUD<\/strong>\u00a0– US Department of Housing and Urban Development: Federal agency that oversees housing programs<\/p>

    IHBG<\/strong>\u00a0– Indian Housing Block Grant: Federal program funding housing development on tribal lands<\/p>

    LEI<\/strong>\u00a0– Legal Entity Identifier: Unique identification code for financial institutions<\/p>

    LMI<\/strong>\u00a0– Low- and Moderate-Income: People or areas with incomes at or below 80% of area median income<\/p>

    LMIB<\/strong>\u00a0– Low and Moderate-Income Borrower: Borrowers with incomes below 80% of area median income<\/p>

    LMICT<\/strong>\u00a0– Low- and Moderate-Income Census Tract: Geographic areas where median incomes fall below 80% of regional average<\/p>

    MIP<\/strong>\u00a0– Mortgage Insurance Premium: Monthly fee paid by FHA borrowers to protect lenders against default<\/p>

    MMCT<\/strong>\u00a0– Majority-Minority Census Tract: Neighborhoods where racial\/ethnic minorities make up more than 50% of residents<\/p>

    RHS<\/strong>\u00a0– Rural Housing Service: USDA program providing housing assistance in rural areas<\/p>

    VA<\/strong>\u00a0– Veterans Affairs: Government department that provides benefits to military veterans, including mortgage guarantees<\/p>

    YoY<\/strong>\u00a0– Year-over-Year: Comparison between the same period in consecutive years<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/details>\n\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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    The Home Mortgage Disclosure Act (HMDA) data is collected and released each year by the Consumer Financial Protection Bureau (CFPB). This dataset offers unparalleled details about 88% of the mortgage applications processed each year. This information is critical for any regulator, advocate or lender that wants to understand the market. Data of this kind promotes fair and efficient markets.<\/p>

    This series of research briefs will offer a deep analysis of this data and help\u00a0policymakers,\u00a0the\u00a0general public\u00a0and National Community Reinvestment Coalition (NCRC) members understand current mortgage market trends at the local level. There are a great number of topics that this data will help us explore via a series of episodes with\u00a0easy to understand\u00a0reports, policy suggestions, videos, data visualizations and maps. These insights can help various organizations and market actors to utilize this data to support fair lending programs and initiatives in their communities.<\/p>

    There were several key takeaways and findings in the 2024 HMDA data that we will discuss in future episodes. This introduction and summary will be updated as new episodes in this series are published.\u00a0<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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    Key Takeaways<\/h1>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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    1. Declining Low-Income Access:<\/strong>\u00a0Lending to low- and moderate-income borrowers fell to 14.2% in 2024 (the lowest level since 2018), reflecting severe affordability challenges.<\/li>
    2. Hispanic Market Growth:<\/strong>\u00a0Hispanic borrowers now exceed their population share in mortgage lending, reaching 17.7% of home purchase loans in 2024.<\/li>
    3. Persistent Black Homeownership Gap:<\/strong>\u00a0Black borrower participation remains stagnant at 8.9% (well below their 11.7% share of the adult population), with declining shares in major metro areas.<\/li>
    4. Less-Regulated Lenders Displacing\u00a0Banks:<\/strong> Mortgage companies and credit unions \u2013 whose lending activity is not covered by key economic opportunity laws like the Community Reinvestment Act \u2013 have greatly expanded their share of lending. Mortgage companies are making \u2154 of home purchase loans in 2024. Credit unions are now making more cash out\u00a0refinance\u00a0loans than banks and hold nearly the same share of the home equity market\u00a0that banks do, without the oversight offered by the\u00a0CRA..<\/li><\/ol>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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      Key Findings<\/h1>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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      Access and Affordability<\/strong><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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      Low- and moderate-income (LMI) home purchase lending continues its long decline, now at just 25.8% of all home purchases on owner occupied, 1-4 unit site built homes. Upper income borrowers dominate homebuying, even in LMI and majority minority census tracts.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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      Demographic Shifts<\/strong><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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      Hispanic borrowers continue to expand their market presence, and in 2024 for the first time on record were slightly\u00a0over<\/em>-represented in home purchase lending relative to overall population share. 17.7% of loan originations in 2024 went to a Hispanic borrower, exceeding the 16.8% percent of the overall adult population who identify as Hispanic. In contrast, the Black borrower share of the market remains well below their population representation (8.9%), with declines in key markets like Atlanta, Houston and Washington, DC.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"

      Read NCRC’s detailed analysis of mortgage market trends from 2024 Home Mortgage Disclosure Act data.<\/p>\n","protected":false},"author":926,"featured_media":257226,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"elementor_header_footer","format":"standard","meta":{"_acf_changed":false,"_angie_page":false,"content-type":"","_uag_custom_page_level_css":"","_monsterinsights_skip_tracking":false,"site-sidebar-layout":"no-sidebar","site-content-layout":"page-builder","ast-site-content-layout":"full-width-container","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"disabled","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"default","adv-header-id-meta":"","stick-header-meta":"default","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"set","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center 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