Federal law requiring some financial institutions to disclose certain information...
A regulation that requires financial institutions and mortgage companies to collect data on applicants for residential dwelling related credits.
The Home Mortgage Disclosure Act (HMDA) requires certain lending institutions to report annually on their originations and purchases of home purchase and home improvement loans as well as applications for such loans. The type of loan, location of the property, race or national origin, sex and income of the applicant or borrower is reported. Institutions are required to make information regarding their lending available to the public and must post a notice of availability in their public lobby. Disclosure statements are also available at central depositories in metropolitan areas. This information can help the public determine how well institutions are serving the housing credit needs of their neighborhoods and communities.
This act requires mortgage companies to report selected information to the Federal government about each application received. HUD (US Department of Housing and Urban Development) uses HMDA to detect discrimination and identify trends in lending patterns.
Enacted by Congress in 1975 and implemented by the Federal Reserve Board's Regulation C, a federal law that requires lenders with federally related loans to disclose to the Federal Reserve the number of loan applications and loans made in different parts of their service areas; designed to eliminate the discriminatory practice of redlining. (See Federal Reserve, redlining) Home Mortgage Disclosure Act Website
Also known as Regulation C. The purpose of HMDA is to provide disclosure of mortgage lending application activity (home purchase or improvement) to regulators and the public. Information is collected on each application, and is recorded on a log that is compiled to produce a report on application activity by geographic designation (census tract).
Federal legislation which requires certain types of lenders to compile and disclose data on where their mortgage and home improvement loans are being made.
The Home Mortgage Disclosure Act (HMDA), enacted by Congress in 1975 and impemented by the Federal Reserve Board's Regulation C, requires lending institutions to report public loan data.
A federal law first enacted in 1975 and later amended by FIRREA in 1989. HMDA requires depository institutions, such as banks and savings and loans, and nondepository institutions, such as mortgage companies and insurance companies, to keep records of applications they receive for residential and business loans. The data must include the race, amount of loan request, geographic location of the applicant and/or property by census tract, and other requirements. The information is a public record available to the general public upon demand.
The Home Mortgage Disclosure Act (or HMDA) was passed in 1975. It requires financial institutions to maintain and annually disclose data about home purchases, home purchase pre-approvals, home improvement, and refinance applications involving 1 to 4 unit and multifamily dwellings. It also requires branches and loan centers to display an HMDA poster.