Home Mortgage Disclosure Act (HMDA)

Question 1

HMDA stands for the __________.

Answer 1

Home Mortgage Disclosure Act

Question 2

The Home Mortgage Disclosure Act (HMDA) is implemented by the Federal Reserve
Board’s ________.

Answer 2

Regulation C

Question 3

HMDA information is found on ____________ of the _______.

Answer 3

Section X (Government Monitoring Section) / 1003 Loan Application

Question 4

HMDA determines if financial institutions are __________.

Answer 4

Serving the housing needs of their communities

Question 5

HMDA laws were written in response to public concerns that lenders were ________.

Answer 5

Redlining

Question 6

HMDA requires lenders to file annual reports regarding the ethnicity, race and sex of all applicants. These reports are due every year in _____.

Answer 6

March

Question 7

The log of applications that a creditor must keep and provide to the federal government is called a __________.

Answer 7

Loan Application Register (or LAR)

Question 8

HMDA reports (LARs) must be maintained and made available on request for ______.

Answer 8

3 years

Question 9

Does HMDA set lending quotas for protected classes of borrowers?

Answer 9

No. HMDA does not set lending quotas for protected classes of borrowers. HMDA does not expressly prohibit redlining or require that a certain number of loans be made in certain neighborhoods. Instead, lenders subject to HMDA must compile certain data, provide the data in a certain format to government agencies, and make available to the public, a disclosure statement regarding that institution’s lending activities.