Finance
The Home Mortgage Disclosure Act (HMDA) requires lenders in New Mexico to:
AOffer loans at preferential rates to low-income borrowers
BCollect and report data on mortgage loan applications, including race, sex, and income of applicants✓ Correct
CDisclose the full terms of all loans in Spanish
DProvide loans to all applicants who meet minimum income thresholds
Explanation
HMDA requires financial institutions to collect and publicly report data on mortgage applications and originations, enabling regulators and the public to identify potential discriminatory lending patterns.
Related New Mexico Finance Questions
- A New Mexico buyer obtains an adjustable-rate mortgage (ARM) with a '5/1' structure. This means:
- In New Mexico, a 'purchase money mortgage' refers to:
- Which federal law requires lenders to provide a Loan Estimate to borrowers within three business days of a mortgage application?
- The secondary mortgage market allows lenders to:
- What does 'loan-to-value ratio' (LTV) measure?
- Which type of mortgage loan has an interest rate that can change periodically based on a specified index?
- A negative amortization loan in New Mexico is one in which:
- Under RESPA (Real Estate Settlement Procedures Act), a lender must provide a Loan Estimate to the borrower within:
Practice More New Mexico Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free New Mexico Quiz →