Finance
The Home Mortgage Disclosure Act (HMDA) requires lenders to:
AApprove all loan applications from protected class members
BCollect and report data on mortgage applications and originations to allow for fair lending analysis✓ Correct
CUse a standardized interest rate for all borrowers
DProvide translation services for all loan documents
Explanation
HMDA requires financial institutions to collect and publicly disclose data about mortgage applications, originations, and purchases. The data is used by regulators and the public to assess fair lending compliance and community investment patterns.
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