HMDA Flashcards
1
Q
What is HMDA?
A
Home Mortgage Disclosure Act
2
Q
What regulation is HMDA?
A
C
3
Q
What is the regulatory agency for HMDA?
A
FRB (Federal Reserve Board)
4
Q
Who enforces HMDA?
A
CFPB
5
Q
What is the purpose of HMDA?
A
- Help the government to identity discriminatory lending practices
- Helps ensure that institutions are meeting the needs of the community
- Determine how to distribute public-sector funds
6
Q
Information collected from HMDA is for the…
A
LAR (Loan Application Register)
7
Q
Information for the LAR must be submitted by…
A
March 1
8
Q
Information from the LAR will be made public by…
A
March 31
9
Q
What is the record retention for HMDA (LAR)?
A
3 years
10
Q
What information from HMDA is collected?
A
Race/Color, Ethnicity, Sex
11
Q
If the borrower does not want to answer under HMDA what must you do?
A
Must make a best guess based on visual observation and surname
12
Q
What is the penalty under HMDA?
A
Matrix
