Finance
HMDA (Home Mortgage Disclosure Act) requires lenders to:
AProvide fixed interest rates to all borrowers
BPublicly disclose data about mortgage applications and originations, including applicant race, income, and loan purpose✓ Correct
CLimit closing costs to 2% of the loan amount
DApprove all qualified applications within 30 days
Explanation
HMDA requires covered lenders to collect and publicly disclose data on mortgage applications, including information about applicant demographics and loan characteristics — allowing regulators and the public to identify discriminatory lending patterns.
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