Finance
Under the federal Home Mortgage Disclosure Act (HMDA), lenders are required to:
AApprove all loan applications from protected classes
BCollect and report data on mortgage loan applications and originations by demographic characteristics✓ Correct
CProvide free mortgage counseling to all applicants
DOffer the same interest rate to all borrowers
Explanation
HMDA requires covered lenders to collect, report, and disclose data on mortgage applications, originations, and purchases, including applicant race, ethnicity, gender, and income, to help identify discriminatory lending patterns.
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