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Inman Connect
The number of homeowners refinancing their mortgages more than doubled last year, driving a boom in home lending during the early months of the pandemic, new federal data shows.
Lenders in 2020 reported refinancing more than 8.7 million loans for single-family properties, up from 3.7 million the year before, according to data released Thursday by the Federal Financial Institutions Examination Council.
A broad class of financial institutions is required to report this information each year in accordance with the Home Mortgage Disclosure Act, which seeks details about applications for home loans.
The dataset offers a detailed window into trillions of dollars worth of originated loans for home purchases, home-improvement projects, refinancing and other purposes.
In Short
The Situation: The New York Department of
Financial Services ( NYDFS ) has established a Statewide
Office of Financial Inclusion and Empowerment, providing yet
another example of state and federal regulators prioritizing fair
lending and financial inclusion.
The Result: The NYDFS announcement highlights
the Department s ongoing efforts to facilitate broader
financial inclusion and empowerment for minorities and underserved
communities. These efforts are consistent with other state and
federal agencies financial inclusion initiatives, as well as
recent statements by federal and state regulators regarding an
increased focus on fair lending practices by financial
institutions.
Looking Ahead: Coordinated actions among, and
scrutiny by, state and federal agencies with respect to fair