Finance
What is the Home Mortgage Disclosure Act (HMDA) and who must comply?
AOnly large banks must comply
BCovered mortgage lenders must collect and report loan application and origination data to identify lending patterns and potential discrimination✓ Correct
CAll real estate brokers must comply
DOnly government agencies must file HMDA reports
Explanation
HMDA requires covered mortgage lenders (banks, credit unions, mortgage companies meeting asset/activity thresholds) to collect demographic data on loan applicants and report it to regulators. This data is analyzed to detect potential discriminatory lending patterns (redlining, disparate treatment).
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