Finance
The 'Home Mortgage Disclosure Act' (HMDA) requires Florida lenders to:
ADisclose all closing costs before making a loan
BCollect and publicly disclose demographic data on mortgage applicants to help identify discriminatory lending patterns✓ Correct
CProvide a loan estimate within 3 days of application
DOffer fixed-rate mortgages to all qualified borrowers
Explanation
HMDA requires covered lenders to collect and publicly disclose information about mortgage applications and originations, including borrower demographics, loan terms, and geographic data. This data is used by regulators and the public to identify potential discriminatory lending patterns.
Related Florida Finance Questions
- A Florida lender 'securitizes' a pool of mortgages by issuing mortgage-backed securities (MBS). The primary benefit to the lender is:
- Under Florida's homestead laws, which of the following is true about homestead protection from creditors?
- A Florida buyer is using a USDA Rural Development loan to purchase a home. Which requirement applies to USDA loans?
- A Florida lender is evaluating a loan application and finds the borrower has an 'underwater' mortgage on another property — the balance exceeds the current value. The lender is most concerned about:
- A Florida adjustable rate mortgage (ARM) has an initial rate of 3.5% and is tied to the 1-year Treasury index with a 2% margin. If at adjustment the index is at 4%, what is the new interest rate?
- A Florida lender requires 'title insurance' as a condition of making a mortgage loan. This is:
- A 'satisfaction of mortgage' in Florida is also called a:
- The 'secondary mortgage market' in Florida refers to:
Practice More Florida Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Florida Quiz →