What is the purpose of HMDA loan data?
The Home Mortgage Disclosure Act (HMDA) is a federal act approved in 1975 that requires mortgage lenders to keep records of certain key pieces of information regarding their lending practices which they must submit to regulatory authorities. It was implemented by the Federal Reserve through Regulation C.Click to see full answer. Keeping this in consideration,…
The Home Mortgage Disclosure Act (HMDA) is a federal act approved in 1975 that requires mortgage lenders to keep records of certain key pieces of information regarding their lending practices which they must submit to regulatory authorities. It was implemented by the Federal Reserve through Regulation C.Click to see full answer. Keeping this in consideration, what information does HMDA require?The Home Mortgage Disclosure Act (HMDA) requires many financial institutions to maintain, report, and publicly disclose loan-level information about mortgages. HMDA was originally enacted by Congress in 1975 and is implemented by Regulation C.Similarly, what public disclosures does HMDA require? HMDA requires lenders to report the ethnicity, race, gender, and gross income of mortgage applicants and borrowers. Lenders must also report information regarding the pricing of the loan and whether the loan is subject to the Home Ownership and Equity Protection Act, 15 U.S.C. 1639. Thereof, what is a HMDA reportable loan? Under HMDA and Regulation C, a transaction is reportable only if it is an Application for, an origination of, or a purchase of a Covered Loan. If the transaction involves a Covered Loan, it is reported only if the institution meets the applicable loan-volume thresholds.Who is exempt from HMDA reporting?If you originated fewer than 500 closed-end mortgage loans, but more than 500 open-ended lines of credit, you are only exempted from reporting the data for those mortgage loans.
