Home Mortgage Disclosure Act

Question 1

What is the purpose of HMDA?

Answer 1

allows regulators to see where discriminatory lending patterns, determine whether institutions are serving the housing and lending needs of the communities and neighborhoods in which they are located

Question 2

What does HMDA stand for?

Answer 2

Home Mortgage Disclosure Act

Question 3

Which Regulation is HMDA

Answer 3

Regulation C

Question 4

Which section of the 1003 loan application is HMDA?

Answer 4

Section 10, the government monitoring section

Question 5

What does HMDA require lenders to file?

Answer 5

Requires lenders to file monthly reports or Loan Activity Register (LAR) regarding the race, ethnicity and sex of applicants

Question 6

Under HMDA, when is the LAR due?

Answer 6

March 1 of the following year

Question 7

What are the two categories of financial institutions governed by HMDA?

Answer 7

Depository and non-depository

Question 8

What federal law allows lenders to collect the data for monitoring purposes under HMDA?

Answer 8

ECOA