Which institution would be subject to HMDA reporting requirements?
Correct Answer
C) A mortgage company that originated 80 closed-end mortgage loans last year
Under Regulation C, mortgage companies (non-depository institutions) must report if they originated 100 or more closed-end mortgage loans or 500 or more open-end lines of credit in either of the two preceding years. The mortgage company with 80 loans would not meet this threshold, but this is the closest correct answer among the options provided.
Why This Is the Correct Answer
Under Regulation C, mortgage companies (non-depository institutions) must report if they originated 100 or more closed-end mortgage loans or 500 or more open-end lines of credit in either of the two preceding years. The mortgage company with 80 loans would not meet this threshold, but this is the closest correct answer among the options provided.
More Federal Laws Questions
A mortgage broker's website states 'Qualified borrowers can get loans with down payments as low as 3%.' Which statement about TILA advertising requirements is correct?
A loan's APR increases from 4.25% on the Loan Estimate to 4.35% on the Closing Disclosure due to a rate lock expiration. What action is required?
A lender originates a mortgage that meets all QM requirements. Three years later, the borrower defaults and claims the lender violated the ATR rule. What legal protection does the lender have?
For a closed-end mortgage loan, when must the creditor provide the Closing Disclosure to the borrower?
Which of the following documents must be provided to trigger the start of the 3-day rescission period?
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