Finance
Under the federal 'Home Mortgage Disclosure Act' (HMDA), mortgage lenders must:
AA. Offer loans to all applicants regardless of creditworthiness
BB. Collect and report data on mortgage applications, originations, and denials, including applicant demographics, to allow detection of discriminatory lending patterns✓ Correct
CC. Disclose only the interest rate to borrowers
DD. Provide all loan terms verbally before the written application
Explanation
HMDA requires most mortgage lenders to collect and publicly report data on home loan applications and originations, including the applicant's race, ethnicity, sex, income, and the loan outcome. This data helps regulators, researchers, and the public identify patterns of discriminatory lending (like redlining).
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