In this presentation, Dr. Neil Bhutta discusses how mortgage lending activity and credit access evolved through 2015 based on the most recent Home Mortgage Disclosure Act (HMDA) data and other data on mortgage lending. The 2015 HMDA data includes information on 12.1 million mortgage applications by the 6,913 financial institutions governed by the HMDA. Along with the effects of a substantial reduction in FHA insurance pricing, Dr. Bhutta discusses trends in credit standards and lending to minority borrowers.