The house Financial Disclosure Work (HMDA) try passed from inside the 1975 and requirements financial institutions to get and statement research related to particular programs/financing shielded from the a dwelling. Control C (several CFR 1003) tools your house Home loan Revelation Act. The purpose of such standards will be to tell you if or not financial institutions was appointment the new casing means of the teams and you will/or if he is getting into discriminatory lending means. A monetary institution’s HMDA information is one of several priiners so you’re able to dictate compliance with Fair Lending laws and regulations. A financial institution’s HMDA information is along with offered to individuals yearly.
There are over 50+ investigation areas a lending institution need assemble/report each relevant software/financing.