Finance
The Home Mortgage Disclosure Act (HMDA) requires Virginia lenders to:
ALower rates for minority borrowers
BCollect and report loan application data to identify patterns of fair lending compliance✓ Correct
CGuarantee approval of all qualified applications
DLimit geographic lending areas
Explanation
HMDA requires lenders to collect and publicly report loan application and origination data, including applicant demographics, which regulators use to detect potential fair lending violations.
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Key Terms to Know
Loan-to-Value Ratio (LTV)
The ratio of a mortgage loan amount to the appraised value or purchase price of a property, expressed as a percentage.
Discount PointsPrepaid interest paid to a lender at closing to reduce the mortgage interest rate, with each point equal to 1% of the loan amount.
Private Mortgage Insurance (PMI)Insurance required by lenders on conventional loans with less than 20% down payment, protecting the lender — not the borrower — against default.
Short SaleA sale of real property where the sale proceeds are less than the outstanding mortgage balance, requiring lender approval.
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