Results for tag: "Home Mortgage Disclosure Act"

The Home Mortgage Disclosure Act (HMDA) is a federal law that requires certain financial institutions to collect, report, and publicly disclose information about their mortgage lending activities. The purpose of the law is to provide the public with data that can be used to help identify possible discriminatory lending patterns. The HMDA data includes information about the type of loan, the loan amount, the interest rate, the borrower's race and ethnicity, and other characteristics. The HMDA market includes a variety of mortgage lenders, including banks, credit unions, mortgage brokers, and other financial institutions. These lenders are responsible for collecting and reporting the required data to the appropriate government agencies. The data is then made available to the public, allowing for analysis of the mortgage market. Some companies in the HMDA market include Bank of America, Wells Fargo, Quicken Loans, US Bank, and Chase. Show Less Read more