Finance
Under the Home Mortgage Disclosure Act (HMDA), NJ lenders covered by HMDA must report loan data to identify:
AThe credit scores of all applicants
BWhether lending patterns indicate discriminatory practices such as redlining✓ Correct
CAnnual percentage rates for all loans
DThe lender's profit margins
Explanation
HMDA requires covered lenders to collect and publicly report data on mortgage applications and originations. Regulators and advocates use this data to identify potential redlining and discriminatory lending patterns.
Related New Jersey Finance Questions
- A NJ homebuyer with a credit score of 620 may find that conventional lenders require a higher down payment because:
- A NJ commercial real estate investor purchases a property using a 1031 exchange. A key requirement for the exchange is that:
- In NJ, a mortgage recorded in the county clerk's office gives the lender:
- The NJ Veterans' Exemption from property taxes provides:
- In NJ, which government-sponsored enterprise (GSE) secondary mortgage market entity buys and guarantees conforming conventional mortgages?
- In NJ, a USDA Section 502 Direct Loan provides financing to:
- A New Jersey condominium buyer's monthly PITI payment is $2,800. The lender's maximum front-end (housing) DTI ratio is 28%. What is the minimum qualifying gross monthly income?
- The Truth in Lending Act (TILA) requires lenders to disclose the:
Practice More New Jersey Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free New Jersey Quiz →