Finance
Under the Home Mortgage Disclosure Act (HMDA), Massachusetts lenders must:
AApprove all mortgage applications within 30 days
BCollect and report data on mortgage applications, including applicant demographics, to help identify discriminatory patterns✓ Correct
CCharge uniform interest rates to all borrowers
DProvide free credit counseling to all applicants
Explanation
HMDA requires covered lenders to collect and report data on mortgage loan applications and originations, including applicant race, gender, income, and loan characteristics, to help regulators identify potential lending discrimination.
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