Finance
Under the Home Mortgage Disclosure Act (HMDA), lenders are required to:
AGuarantee mortgage approvals for all qualified applicants
BCollect and report data on mortgage applications to detect lending discrimination✓ Correct
CReduce interest rates for minority borrowers
DProvide free appraisals to low-income borrowers
Explanation
HMDA requires covered mortgage lenders to collect, report, and disclose data about their mortgage lending activities. This data is used by regulators and the public to identify and address discriminatory lending patterns.
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