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42 <br />City of Cuyahoga Falls, Ohio 41 <br />Anal sis of Im ediments to Fair Housin I Choice <br />due to the popularity of refinancing over the last few years or it could show the increase in <br />the sub prime market in the City which usually show higher denial rates than conventional <br />lenders. <br />Government backed applications (FHA/VA) accounted for 8.3% of total applications. Table <br />28 shows the breakout of applications by loan type (Conventional, FHA, VA). The <br />important factor of this table is the "not available" reporting percentages. The "not available <br />category" had over 1,609 applications, 34% of all applications received in the City. The <br />high numbers of applications with race "not available" is not limited to Cuyahoga Falls but <br />is a national problem. <br />According to Jason Dietrich, Office of the Comptroller of the Currency, "HMDA contains a <br />surprisingly high percentage of applications that lack race data and those percentages have <br />trended upward." 66 The FFIEC website highlights in its guide to HMDA reporting for 2003 <br />the requirement, effective on January 1, 2003, to collect race and sex data on telephone <br />applications." This new requirement will allow more accurate monitoring of lending <br />institutions for fair lending compliance. But just as that new effort was recently put into <br />place, the regulatory agencies in late 2004 were considering changes to HMDA reporting <br />requirements that would make it difficult to continue to get HMDA data from a large <br />percentage of lenders in the Country. loans had the lowest rate of denials, with just over <br />5.3% in 1999 the highest year. It would be expected that these loans would have lower <br />rates since they are designed for those with credit problems and other lending issues. <br />7.5 City of Cuyahoga Falls's Largest Lenders <br />As mentioned earlier of the 251 lenders active in the Cuyahoga Falls in 2002 the majority <br />received 20 or less applications. For this report we considered all lenders who had 2% of <br />more of the lending market. Table 29 indicates the thirteen lenders that meet that criteria. <br />Sub prime lenders are highlighted. As discussed previously five of the thirteen largest <br />lenders are sub prime with a total market share of just over 20 %. <br />The two largest lenders were Countrywide Home Loans and ABN AMRO Mortgage <br />Company with 12.7% of the City mortgage market. Four of the largest lenders were had <br />a strong presence in the community through branch offices, National City (3.7 %), Charter <br />One (3.6 %), Bank One (2.8 %), Ohio Savings Bank (2.2 %), and Third Federal Savings and <br />Loan (2.0 %). Two of the local lenders also showed a presence with their affiliated <br />mortgage companies, National City Mortgage Company ( 3.7 %) and Firstmerit Mortgage <br />ss Dietrich, Jason, Missing Race Data in HMDA and the Implications for Monitoring of Fair <br />Lending Compliance ", March 2001 <br />s' Federal Financial Institutions Examination Council's website www.ffiec.gov /hmda, <br />September 12, 2003 <br />