What is the Home Mortgage Disclosure Act?

The Home Mortgage Disclosure Act (HMDA) is a federal law that was established in 1975 and is enforced by the Federal Reserve Board. It requires all financial institutions to publicly disclose loan information that it collects each year. This information is used to assess the availability of credit and the fairness of lending practices. The data is used to identify potential discrimination in the mortgage market. In Oregon, all financial institutions must comply with the HMDA by collecting and reporting the following information: the type of loan, the purpose of the loan, the interest rate on the loan, the amount of the loan, and the race, sex, and income of the borrower. This data is then made publicly available to anyone who requests it. The Home Mortgage Disclosure Act ensures that financial institutions are transparent in their loan policies and practices. This helps in the fight against discriminatory lending practices. It also helps the public better understand the mortgage market and makes sure that borrowers are not being taken advantage of. Overall, the Home Mortgage Disclosure Act is a crucial law that helps protect borrowers and works to create a more equitable mortgage market. It ensures that lenders provide accurate information about mortgage loans to the public and that they are held accountable for any discriminatory practices. As such, the HMDA is a valuable law for Oregonians and all Americans.

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What is the Home Mortgage Disclosure Act?

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