The Home Mortgage Disclosure Act (HMDA) requires covered lenders to:

The Home Mortgage Disclosure Act (HMDA)

Multiple choice — select the best answer

AOffer the lowest possible interest rate to every applicant
BCollect and report data about mortgage applications and originations, including certain applicant demographics
CInsure all loans against default
DProvide free credit counseling to applicants

✓ Correct answer: B. Collect and report data about mortgage applications and originations, including certain applicant demographics HMDA requires covered institutions to collect, report, and disclose loan-level data (including race, ethnicity, and sex of applicants) so regulators can detect discriminatory patterns and assess community credit needs.

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Topic: Federal Mortgage Law

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The Home Mortgage Disclosure Act (HMDA) requires covered lenders to:

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