Finance
Under the Home Mortgage Disclosure Act (HMDA), Maine lenders are required to:
AApprove all mortgage applications from minority applicants
BCollect and report data on mortgage applications to identify potential lending discrimination✓ Correct
CProvide mortgages at discounted rates in underserved areas
DOnly report applications that are denied
Explanation
HMDA requires covered lenders to collect and report data on mortgage applications, approvals, denials, and the demographic characteristics of applicants. This data is used to identify potential discriminatory lending patterns.
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