Home Mortgage Disclosure Act

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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 ?
The 2015 HMDA dataset contains over 11 million records across 7,062 respondents.
decision in June heightens the importance of HMDA data.
The CFPB is also proposing ways to align HMDA data requirements with well-established industry data standards, which it said could alleviate the burden on many lenders, and improve the quality of the information reported.
Regulators have made it clear that lenders face significant fines and penalties for non-compliance with HMDA reporting requirements," Moffat said.
The HMDA dispersion was tested in four different AEM compounds in two different laboratory studies and also in factory trials.
CitiFinancial already resubmitting corrected and complete HMDA reports to the Federal Reserve System for the years 2004 through 2007;
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.
Accuracy in a New HMDA Data World: Best Practices for HMDA Data Integrity Risk Management.