Finance
In New York, the 'Home Mortgage Disclosure Act' (HMDA) requires certain lenders to:
AOffer mortgages to all qualified applicants in any geographic area
BCollect and publicly report data on mortgage applications, originations, and denials to detect potential discriminatory lending patterns✓ Correct
CProvide a fixed interest rate on all residential loans
DDisclose the APR within 3 business days of loan application
Explanation
HMDA requires covered lenders to collect and publicly disclose data about mortgage lending activity, including information about applicants' race, ethnicity, sex, income, and the loan disposition (approved, denied, withdrawn). This data is used by regulators and community groups to identify potential discriminatory lending patterns (redlining, reverse redlining).
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