Finance
Under the Home Mortgage Disclosure Act (HMDA), lenders are required to:
AOffer mortgages to all applicants who meet minimum standards
BCollect and disclose data on mortgage applications, originations, and denials by race, ethnicity, and geography✓ Correct
CProvide below-market interest rates to low-income borrowers
DSubmit all mortgage documents to HUD for review
Explanation
HMDA requires covered lenders to collect, report, and disclose data about mortgage loan applications and originations, including demographic information about applicants. This data allows regulators and the public to identify potential lending discrimination and redlining patterns.
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