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HMDA Backgrounder Chase Form
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People also ask
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Is HMDA purpose or collateral driven?
Current HMDA reporting is driven by purpose as well as collateral. Reportable transactions (those for a home purchase, home improvement, or refinance) must be secured by a dwelling unless the transaction is a non-dwelling secured home improvement loan that is classified as a home improvement loan. -
Who is exempt from HMDA?
Any State-licensed or State- chartered financial institution or association of such institutions may apply to the Bureau for an exemption. An exempt institution shall submit the data required by State law to its State supervisory agency. -
What was the purpose of HMDA?
The Home Mortgage Disclosure Act is a law passed by Congress in 1975. The purpose of the Act is to promote transparency within the mortgage lending market. It also aims to protect consumers from predatory and discriminatory lending practices. -
How do you explain HMDA?
HMDA requires that for each application or loan, institutions report information about the loan application, the property, and the applicant. For most applicants, this includes reporting the applicant's race, ethnicity, sex and income. -
What's the purpose of the Home Mortgage Disclosure Act quizlet?
The primary purpose is to identify urban areas where the availability of home financing at reasonable terms is limited. HMDA carried out by : This is done by collecting demographic information from consumers when they apply for home loans. -
What are the requirements for HMDA?
The Loan Application Register (LAR) data fields required for an HMDA report include applicant information, including demographic data such as race, gender, ethnicity, and income, along with loan information like the application data and amount of the loan, along with details on collateral and the current status of the ... -
What type of loan is HMDA reportable?
§1003.3(c), an institution subject to HMDA must report all consumer closed‑end mortgage loans and open-end lines of credit secured by a dwelling. -
Is HMDA for business or commercial purposes?
For HMDA purposes, an exclusion exists for loans that are primarily for business or commercial purposes unless the loan is also a home purchase loan, home improvement loan, or refinancing – in which case, it should be reported on the HMDA LAR.
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