Finance
Under the Home Mortgage Disclosure Act (HMDA), lenders in West Virginia must collect and report data on mortgage applications. The purpose is to:
ASet maximum interest rates for mortgage loans
BMonitor and detect discriminatory lending patterns✓ Correct
CEstablish qualification standards for all lenders
DControl home purchase prices in local markets
Explanation
HMDA requires lenders to collect and publicly report data on mortgage applications, originations, and purchases. This data helps regulators, communities, and the public monitor whether lenders are serving all segments of their communities without discriminatory patterns.
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