Finance
In South Dakota, the 'Home Mortgage Disclosure Act' (HMDA) requires covered financial institutions to:
AOffer mortgages to all qualified applicants
BCollect and report data about mortgage applications and loans to help identify discriminatory lending patterns✓ Correct
CProvide below-market rates to minority borrowers
DDisclose all lending fees to borrowers before application
Explanation
HMDA requires covered lenders to collect and publicly report data about mortgage applications, originations, and denials, including the race, ethnicity, and income of applicants. This data helps regulators and the public identify potential discriminatory lending patterns.
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