What is the Home Mortgage Disclosure Act?

The Home Mortgage Disclosure Act (HMDA) is a federal law that requires certain financial institutions in the United States to make public information related to their lending activities. Specifically, it requires these institutions to disclose information regarding the number and types of home loans they originated and purchased, as well as the loan characteristics, such as the loan amount, purpose, property type, and loan terms. For Nebraska-specific institutions, the Federal Financial Institutions Examination Council (FFIEC) requires banks to submit HMDA data to the Consumer Financial Protection Bureau (CFPB) by March 1st of the following year. The data is then made available to the public online for viewing and analysis. HMDA data is useful in assessing fair lending trends, identifying financial access issues, and recognizing patterns of discrimination. It also provides a valuable resource to researchers, policy makers, and consumer advocacy groups. The HMDA was enacted by Congress in 1975, and amended in 1989 and 2009.

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What is the Home Mortgage Disclosure Act?

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