FinancingMEDIUM
The Home Mortgage Disclosure Act (HMDA) requires lenders to:
Correct Answer
B) Report data about mortgage applications and loans
HMDA requires lenders to collect and publicly disclose data about mortgage applications and loans, including applicant demographics and loan terms. This data helps identify discriminatory lending patterns and ensure fair access to credit.
Answer Options
A
Offer the same rates to all borrowersB
Report data about mortgage applications and loansC
Provide free appraisalsD
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Related Topics & Key Terms
Related Topics:
fair-lending-lawsconsumer-protection-real-estateregulatory-compliance-financing
Key Terms:
HMDAmortgage disclosureRegulation Cfair lendingredlining
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