Finance
Under the Home Mortgage Disclosure Act (HMDA), South Carolina lenders must:
AApprove all mortgage applications within 30 days
BReport data on mortgage applications and loans to detect lending discrimination patterns✓ Correct
COffer below-market rates to low-income borrowers
DRefer declined applicants to government programs
Explanation
HMDA requires covered lenders to collect and report data on mortgage applications, approvals, and denials. This data helps regulators detect patterns of discrimination (redlining, reverse redlining) and is publicly available.
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