Finance
The Home Mortgage Disclosure Act (HMDA) requires Texas lenders to:
AMake loans in all neighborhoods they serve
BCollect and disclose data about mortgage applications, originations, and denials by geographic area and borrower demographics✓ Correct
COffer below-market rates to minority borrowers
DObtain TREC approval before closing
Explanation
HMDA requires covered financial institutions to collect and report data about mortgage applications, including location, loan type, applicant demographics, and action taken. This data is used to identify potential fair lending violations.
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