FinanceIntermediateDelaware Exam
What does the Home Mortgage Disclosure Act (HMDA) require of most residential mortgage lenders?
AProviding federally standardized loan products to all applicants
BCollecting and reporting data on loan applications and originations by geographic area and borrower characteristicsCorrect
COffering loans at equal rates to all qualified applicants
DDisclosing annual percentage rates on all advertisements
Why Collecting and reporting data on loan applications and originations by geographic area and borrower characteristics Is Correct
Answer B: Collecting and reporting data on loan applications and originations by geographic area and borrower characteristics
HMDA requires covered lenders to collect and report data on mortgage applications, originations, and purchases by geographic area and borrower demographics, allowing regulators to identify potential redlining and discriminatory patterns.
Exam Tip: Finance
Finance questions often involve calculations. Master the T-bar method, understand the difference between conventional and government-backed loans, and know key ratios like LTV and DTI.
Key Finance Terms in This Question
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