Finance
Under the Home Mortgage Disclosure Act (HMDA), Montana lenders must collect and report data on mortgage applications including:
AOnly loan amounts and interest rates
BRace, sex, ethnicity, and income of applicants to detect potential discriminatory lending patterns✓ Correct
CCredit scores and debt ratios only
DProperty location data only
Explanation
HMDA requires covered lenders to collect and report data including applicant demographics (race, sex, ethnicity), income, loan type, property location, and loan outcomes. This data allows regulators to identify potential discriminatory lending patterns in Montana and other markets.
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