Home Mortgage Disclosure Act

(redirected from Hmda)
Also found in: Acronyms.

Home Mortgage Disclosure Act

Legislation in the United States, passed in 1975, that requires financial institutions to keep records on mortgages, refinancing loans and other loans made on single and multi-family homes. The Act is designed to help HUD police banks make sure they do not discriminate against geographic regions or other protected criteria in making loans.

Home Mortgage Disclosure Act

A federal law requiring lenders with federally related loans to report the number of mortgage loan applications and the number of actual mortgage loans in different parts of their service areas.The Act is designed to shed light on discriminatory practices and thereby eliminate them. Reports are available on the Web site of the Federal Financial Institutions Examination Council,www.ffiec.gov/hmda.

References in periodicals archive ?
These trends increasingly have put pressure on legacy desktop and client/server HMDA and CRA software, which impose ongoing hardware and personnel costs over time to keep pace with changing business and regulatory requirements from the Federal Financial Institutions Examination Council (FFIEC) and other regulatory agencies.
Because HMDA Wiz is now available as an SaaS or "Cloud Computing" solution, institutions can begin using it to collect, report on, analyze and submit HMDA data to their regulator almost immediately.
The data should be reviewed by multiple groups, scrubbed by a dedicated team of HMDA subject-matter experts, error-tested internally and tested again by an independent team.
In addition, the Resubmission Guidelines instruct financial institutions reporting 100,000 or more entries on the HMDA LAR to correct and resubmit HMDA data when errors are found in 4% or more of the HMDA LAR sample entries, or between 2% and 4% of the sample entries within an individual data field.
The 2015 HMDA dataset contains over 11 million records across 7,062 respondents.
The HMDA dispersion was tested in four different AEM compounds in two different laboratory studies and also in factory trials.
The purpose of HMDA is to provide information about how well financial institutions are serving the housing credit needs of neighborhoods and communities in which they operate.
The Board has carefully considered Associated's lending record and HMDA data in light of public comment about its record of lending to minorities and in predominantly minority communities.
The primary goal of HMDA and HOEPA is to bring economically disadvantaged people and their local economies back into the mainstream.
The use of HMDA data to find discrimination malefactors is likely to ensnare lenders analogous to the Equal Opportunity Bank precisely because of their reputations for fairness.
This year, QuestSoft added a streamlined submission routine that allows customers to submit their HMDA and CRA reports to the Federal Reserve Board with just five clicks of a mouse.
Major HMDA hearings were conducted by the Federal Reserve in 2010, and the resulting recommendations became part of the Dodd-Frank Act shortly thereafter.