An operations lead is reviewing HMDA demographic and fair-lending data quality before submission. What should the file reflect?
Correct Answer
D) Collect and report covered HMDA application data
Covered institutions collect and report HMDA data for covered mortgage applications and loans. The best answer is "Collect and report covered HMDA application data".
Why This Is the Correct Answer
Covered institutions collect and report HMDA data for covered mortgage applications and loans. The best answer is "Collect and report covered HMDA application data".
More Federal Laws Questions
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Previous Question
A borrower-facing employee is unsure what to do when a borrower sends a written request for information to the servicer-designated address. What is the correct response?
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A mortgage file is paused during a policy refresh meeting because of GLBA Privacy Requirements. Which answer should apply the requirement without relying on borrower preference?