Origination ActivitiesQuestion 269 of 400
After closing, a lender compiles loan-level data such as loan purpose, applicant demographics, and action taken for annual reporting. Which law drives this data collection?
a.The Fair Credit Reporting Act
b.The Truth in Lending Act
c.The Home Mortgage Disclosure Act
d.The Fair Housing Act
Explanation
The Home Mortgage Disclosure Act (HMDA) requires covered lenders to collect and report loan-level data, including loan purpose, applicant demographic information, and the action taken, to help identify lending patterns. It is a post-origination reporting obligation distinct from FCRA, TILA, or the Fair Housing Act.
Law Reference: Home Mortgage Disclosure Act (HMDA)Practice all 400 questions free — no signup required.
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