What is the Home Mortgage Disclosure Act?

Answer

The federal Home Mortgage Disclosure Act (HMDA) requires mortgage lenders to report information regarding their mortgage activity.

Report data to the HMDA

Any financial institution that originated a minimum of 25 mortgage or 100 lines of credit in the previous two years must report their data to the HMDA, according to the Consumer Finance Protection Bureau (CFPB), which oversees the HMDA.

Let’s keep it fair

The HMDA allows the government to monitor potential discriminatory and unfair lending practices by these financial companies. You can access information about a lender’s HMDA data at the CFPB website.

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