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The primary purpose of the Home Mortgage Disclosure Act (HMDA) is to:
a.Set maximum interest rates on home loans
b.Require lenders to offer loans in every neighborhood
c.Guarantee approval for low-income applicants
d.Provide public loan data to help identify discriminatory lending and redlining patterns
Giải thích
HMDA requires covered institutions to collect and report data on mortgage applications and originations so regulators and the public can detect potential discrimination, redlining, and unmet housing needs. It does not cap interest rates, mandate lending in every area, or guarantee approvals. Its function is transparency and monitoring, not rate control.
Trích dẫn luật: HMDALuyện miễn phí toàn bộ 400 câu hỏi — không cần đăng ký.
Câu hỏi liên quan cùng chủ đề
- Under the Homeowners Protection Act, private mortgage insurance (PMI) on a residential loan must be automatically terminated when the loan balance reaches what percentage of the original property value, assuming payments are current?
- A borrower with a current loan wants to cancel PMI early. Under the Homeowners Protection Act, a borrower generally may REQUEST cancellation of PMI once the loan balance reaches:
- A lender denies a mortgage application partly because of information in the applicant's credit report. Under the Fair Credit Reporting Act, the lender must provide the applicant with:
- Under the Gramm-Leach-Bliley Act (GLBA), a financial institution must provide consumers with a privacy notice that:
- Which of the following loans is generally EXEMPT from RESPA coverage?
- After a borrower submits a written qualified written request (QWR) about a servicing error, RESPA requires the servicer to acknowledge receipt within how many business days?
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