Finance
The Home Mortgage Disclosure Act (HMDA) requires lenders to:
AOffer loans in all geographic areas they serve
BCollect and report loan application data to monitor for discriminatory lending patterns✓ Correct
CLimit loan fees to a maximum of 3% of the loan amount
DProvide borrowers with the lowest available interest rate
Explanation
HMDA requires mortgage lenders to collect, report, and disclose data about their mortgage applications and originations. This data is used by regulators to identify potential discriminatory lending patterns and to assess whether lenders are serving their communities.
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