Finance
Under the Home Mortgage Disclosure Act (HMDA), lenders must:
AOffer equal interest rates to all borrowers
BCollect and report data on mortgage applications, including the race and ethnicity of applicants✓ Correct
CLend in all geographic areas within their service territory
DProvide free credit counseling to all applicants
Explanation
HMDA requires covered lenders to collect and publicly report data on mortgage loan applications, including applicant demographics (race, ethnicity, sex, income) and loan characteristics. This data allows regulators and the public to identify potential discriminatory lending patterns.
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