Which scenario would require a lender to collect additional demographic information beyond the standard HMDA requirements?
Correct Answer
C) When the applicant voluntarily provides information about sexual orientation
Under the 2022 amendments to Regulation C, lenders must collect and report data on sexual orientation and gender identity when voluntarily provided by applicants, in addition to the existing demographic requirements.
Why This Is the Correct Answer
Under the 2022 amendments to Regulation C, lenders must collect and report data on sexual orientation and gender identity when voluntarily provided by applicants, in addition to the existing demographic requirements.
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?
People Also Study
General Mortgage Knowledge
23% of exam
Mortgage Loan Origination Activities
25% of exam
Ethics, Fraud & Consumer Protection
17% of exam
Uniform State Test Content
12% of exam
Previous Question
A lender's radio advertisement states 'Get a $300,000 mortgage with payments as low as $1,200 per month.' What additional disclosure is required under TILA's advertising requirements?
Next Question
A mortgage company owns 25% of a settlement service provider and refers borrowers to this company. The mortgage company receives quarterly distributions based on the provider's profits. This arrangement is: