HMDA

Question 1

What does HMDA stand for?

Answer 1

Home Mortgage Disclosure Act

Question 2

When was the HMDA enacted and who now has enforcement and Rule making authority over it?

Answer 2

Enacted in 1974 and is enforced by the CFPB

Question 3

Why was the HMDA originally enacted?

Answer 3

because of credit shortages in certain urban neighborhoods and the failure of some financial institutions to provide adequate home financing to qualified applicants on reasonable terms and conditions

Question 4

List the purposes of the HMDA:

Answer 4

• provide the public with information about how well financial institutions are meeting the credit needs of the people in the neighborhoods and communities they serve.
• aid public officials in targeting public investments so as to attract investments from the private sector.
• allow for the public to determine possible discriminatory lending patterns and to assist in enforcing laws against discrimination

Question 5

True or False: Under HMDA, a dwelling is any residential structure, whether or not attached to real property.

Answer 5

True

Question 6

What temporary dwelling structures does the HMDA exclude?

Answer 6

recreational vehicles such as travel trailers; boats and campers; and transitory residences such as hotels, hospitals and college dormitories.