Finance
Under the Home Mortgage Disclosure Act (HMDA), which information must lenders collect and report for mortgage loan applications?
AOnly the loan amount and interest rate
BRace, sex, ethnicity, income, loan type, action taken, and geographic information✓ Correct
COnly whether the loan was approved or denied
DCredit score and debt-to-income ratio only
Explanation
HMDA requires covered lenders to collect and publicly report data on mortgage loan applications and originations, including applicant demographics (race, sex, ethnicity), income, loan characteristics, geographic data, and lending actions. This data is used to identify potential discriminatory lending patterns.
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