Notes from the 7.9.19 Mortgage Lending Committee

July 10, 2019

In case you missed the Mortgage Lending Committee Meeting on 7/9/19, details of the meeting are included below.

MCBC provided an overview of the MCBC Mortgage Lending Report 2019 Timeline and Resources. We discussed the Changing Patterns reports as well as other examples of HMDA reports published by the Consumer Financial Protection Bureau, Urban Institute, and Association for Neighborhood & Housing Development. MCBC provided a demo of its new online, interactive data platform, the Small Business Lending Data Project, which was released in May 2019. Access a copy of MCBC’s presentation, including updates and announcements here.

MCBC’s mortgage lending report RFP will be updated based on the following committee recommendations:

  1. Remove consultant requirements contained in 3.a.i of the RFP;
  2. Solicit responses from CFPB/FFEIC accredited researchers; it has since been confirmed the CFPB/FFEIC will not be accrediting researchers;
  3. Provide a 30-day response period;
  4. Require the report and online data tool be delivered within 90 days following the release of the HMDA data;
  5. Depending on the timing of the data release, preference is to host the mortgage lending forum in early December;
  6. Maintain ‘Greater Boston’ as a geographic measure along with census tract, municipality, MSA and county;
  7. Require a rolling 10-year period review of data:
  8. Utilize a survey tool to solicit feedback from committee members on data points and topics to be included in the scope of work.

If you would like to participate in this survey or the mortgage lending report subcommittee, please email rstpierre@mcbc.info no later than Monday July 15.

Our next Mortgage Lending Committee meeting will be held on Tuesday, September 17th from 9:30-11:30am at Massachusetts Housing Partnership, at 160 Federal St., Boston, MA. Register here.