Under HMDA, a covered lender must collect data on which type of loan origination?
Correct Answer
C) Home equity lines of credit
Under Regulation C, covered lenders must collect and report data on home equity lines of credit (open-end lines of credit) secured by dwellings. Commercial real estate, automobile, and student loans are not covered by HMDA reporting requirements.
Why This Is the Correct Answer
Under Regulation C, covered lenders must collect and report data on home equity lines of credit (open-end lines of credit) secured by dwellings. Commercial real estate, automobile, and student loans are not covered by HMDA reporting requirements.
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