Finance
The Home Mortgage Disclosure Act (HMDA) requires lenders to:
AOffer equal rates to all borrowers regardless of credit history
BCollect and report data on mortgage applications to help identify discriminatory lending patterns✓ Correct
CApprove all mortgage applications within 30 days
DDisclose all loan fees in writing to borrowers
Explanation
HMDA requires lenders to collect and report data about mortgage applications and originations, including the race, sex, and income of applicants, and the location of properties. This data helps regulators identify patterns of discriminatory lending (redlining).
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