Finance
The Home Mortgage Disclosure Act (HMDA) requires mortgage lenders to:
AOffer mortgages to all applicants regardless of creditworthiness
BCollect and report data on mortgage loan applications to help identify discriminatory lending patterns✓ Correct
CDisclose all fees in the Loan Estimate
DLimit mortgage fees to a set percentage of the loan amount
Explanation
HMDA requires covered mortgage lenders to collect and publicly report data on loan applications (applicant demographics, loan type, property location) to help regulators and the public identify potential discriminatory lending patterns.
Related Oklahoma Finance Questions
- Secondary mortgage market participants in Oklahoma purchase loans from primary lenders primarily to:
- Oklahoma property taxes create a lien on real estate. This lien is:
- An Oklahoma buyer's net worth includes:
- An Oklahoma seller who carries back a second mortgage for the buyer is acting as a:
- A prepayment penalty on an Oklahoma mortgage loan is a charge imposed when:
- A jumbo loan in Oklahoma is a mortgage that:
- Under the Equal Credit Opportunity Act (ECOA), lenders may NOT discriminate based on:
- Oklahoma borrowers who use FHA financing must pay:
Practice More Oklahoma Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Oklahoma Quiz →