HMDA Tables - Pricing
When HMDA complies the national aggregate information for tables 11 & 12, why do the tables only report information on Owner-Occupied loans? Tables 11 & 12 provide pricing information. Why are non-owner occupied loans not considered when comparing pricing data? (Hope this makes sense on a Monday!)
The reason the FFIEC made this exclusion is because they are interested only in owner-occupied properties that are the owners principal dwelling. I posed this question to the FFIEC to make certain I was correct and the response I got back was "HMDA disclosure tables 11 through 12 include owner-occupied LAR records because the purpose of the owner occupancy status is to indicate whether the property to which the loan or loan application relates is to be owner-occupied as a principal residence. For a one-to-four-family dwelling, including a manufactured home, the occupancy status reported is that of the property for which the loan relates (either the property where the security interest is taken or the actual property being purchased/improved.)". Which really sounds like a circular answer to me, but it does confirm the desire to select only the owners principal residence, excluding vacation homes, rental properties etc.