2015 Mortgage Lending Trends in New England
In 2014 the mortgage and housing market underwent important changes. Ability-to-repay and qualified-mortgage rules designed to protect consumers from predatory lending practices were enacted, and the annual mortgage insurance premiums (MIP) charged to nonconventional loan borrowers were reduced. These changes are reflected in many of the 2015 mortgage lending patterns. The housing and home mortgage markets have major impacts on the health of both the U.S. economy and household consumer finances, so it is important to understand and track mortgage market trends, especially for low- and moderate-income (LMI) individuals and people of color. Using 2015 Home Mortgage Disclosure Act (HMDA) data, this issue brief provides a descriptive analysis of general mortgage market dynamics within New England and a detailed summary of mortgage market trends by race and ethnicity.