Trends in ‘home purchase loan’ origination in Cleveland and Cuyahoga County: 1995 — 2008

Report by Diwakar Vadapalli, April Hirsch, Claudia Coulton, Michael Schramm
November 2009

Center on Poverty and Community Development   (Cleveland)

This study examines recent trends in „home purchase loan‟ origination in Cleveland and Cuyahoga County in comparison to the nation. A sudden decline in „home purchase loan‟ originations points to the stalling of housing markets in these areas. Data also show a decline in the number of high-cost1 „home purchase loan‟ originations. Data are primarily drawn from the Home Mortgage Disclosure Act (HMDA) database and Northeast Ohio Community and Neighborhood Data for Organizing (NEO CANDO). HMDA, passed in 1975 to monitor credit access to minorities, is federal legislation that requires lenders in metropolitan areas to report certain characteristics of mortgages.2 NEO CANDO is an online database that houses a rich collection of indicators for a 17-county region of northeast Ohio.