Chart of the Week: 2024 HMDA Respondents
A total of 4,758 companies reported lending activity under the Home Mortgage Disclosure Act (HMDA) in 2024, according to MBA’s analyses of the dataset. There was no change to 2024’s loan-volume reporting threshold of 25 closed-end loans (or 200 open-end lines of credit) originated in each of the preceding two calendar years, so the overall number of reporters was relatively flat. Company types are defined by primary regulator and balance sheet assets, with large depositories holding assets of $10 billion or more.
Large depositories – historically, the smallest group of HMDA reporters – numbered 132 in 2024, down slightly from their recent high of 139 reporters in 2023. As a result, large depositories’ share of all HMDA reporters fell slightly to 2.8%, the lowest level in 5 years. Though small in number, large depositories hold the second-largest market share, originating 15.6% of all home purchase loans and 10.9% of all refinance transactions in 2024. Large depositories lost market share for the second year in a row, and their share of both the purchase and refinance market fell by more than any group last year – a drop of 1.5% for purchases and 2.8% for refinances. Their 14.5% overall market share, specifically, was the lowest on record since 2008 (when MBA first started tracking this data).
Community banks – by contrast, the largest group – were flat in number from 2,378 in 2023 to 2,388 in 2024. The large jump in the number of community banks seen in 2023 was due to a decrease in HMDA reporting threshold, and community banks comprised over 90% of new reporters that year. Now, they make up just over half of all HMDA respondents and were the only group to post an increase in their share of reporters, which was up 1.4% to 50.2%. Despite this increase, community banks lost a 0.7% share of the purchase market and 3.0% of the refinance market in 2024. The community banks’ 13.0% share of the purchase market is their lowest on record since 2008.
Credit unions saw a slight dip in number in 2024 and, at 1,468 strong, were the second largest group, making up 30.9% of HMDA reporters. Though large in number, credit unions remain the smallest originators, holding just 4.9% of the purchase market and 7.5% of the refinance market on average since 2008. Like the two other depository groups, credit unions lost market share in 2024. After reaching a record-high 5.6% purchase market share in 2022, credit unions reversed trend and lost share the following two years and ended 2024 originating 5.2% of all purchase loans. They also lost their 2023 gains in the refinance market and, in 2024, originated just 6.7% of these transactions.
Non-depositories (IMBs), at 770 reporters, saw the largest decline in number of any group in 2024. Representing about one-sixth (16.2%) of HMDA respondents, the IMBs originated a record-breaking 67.5% of all loans last year. After losing market share for the first time in many years in 2022, the IMBs reversed course and posted gains in both 2023 and 2024. Their 2.4% gain in the 2024 purchase market was on par with their average annual gain of 2.5% and pushed their share to its highest level on record at 66.2%. Even more impressive, the IMBs’ 8.3% gain in refinance share was their largest since 2014. In 2024, the IMBs also broke a record in this market and originated 71.9% of all refinance loans last year.
MBA’s HMDA data analyses are limited to the following: 1-4 unit, closed-end (or exempt), 1st lien loans originated through the retail/consumer direct, broker wholesale, or non-delegated correspondent channels. They exclude home improvement loans and loans with “other” or “not applicable” purposes. Though earlier iterations of the HMDA data are published by the CFPB in spring and early summer, MBA waits to publish its own analyses until mid-summer, after scrubbing the dataset of errors and outliers and allowing reporters time to correct and resubmit their data.
Please visit MBA’s HMDA webpage to view our suite of standard HMDA reports and explore custom reporting options. Our HMDA Residential Originations Databook (with 2024 data) is currently available for purchase and our HMDA Executive Databook is FREE for MBA members.
