Which public disclosure statements does HMDA require?
HMDA requires lenders to report the ethnicity, race, gender, and gross income of mortgage applicants and borrowers. Lenders must also report information regarding the pricing of the loan and whether the loan is subject to the Home Ownership and Equity Protection Act, 15 U.S.C.
What is the Ffiec HMDA Disclosure Statement?
HMDA AGGREGATE AND DISCLOSURE REPORTS. HMDA requires lending institutions to make annual disclosures of their home mortgage and home improvement lending activity. Disclosures are publicly available on the Web.
Is HMDA LAR data public?
To allow for easier public access to all LAR data, the Bureau’s 2015 HMDA rule required that the data be available electronically for all institutions. The data are now made available through the FFIEC’s HMDA Platform.
Where does the financial institution need to post the general notice about the availability of its HMDA data?
A financial institution shall post a general notice about the availability of its HMDA data in the lobby of its home office and of each branch office physically located in each MSA and each MD.
Which of the following was Townstone accused of doing?
The Bureau alleges that Townstone engaged in discriminatory acts or practices, including making statements during its weekly radio shows and podcasts through which it marketed its services, that discouraged prospective African-American applicants from applying for mortgage loans; discouraged prospective applicants …
What was the public concern that inspired enactment of HMDA?
Purposes. HMDA grew out of public concern over credit shortages in certain urban neighborhoods. Congress believed that some financial institutions had contributed to the decline of some geographic areas by their failure to provide adequate home financing to qualified applicants on reasonable terms and conditions.
What did Dodd Frank add to HMDA?
The Dodd-Frank Act amended HMDA, transferred rulewriting authority to the CFPB, and expanded the scope of information that must be collected, reported, and disclosed under HMDA, among other changes.
Where must the notice of availability be located?
General Notice Poster. Regulation C requires a lending institution to post a general notice about the availability of HMDA data in the lobby of its home office and of each branch office located in a metropolitan area.
What items must be included in the public CRA file?
The contents of the public file for covered financial institutions include both point-in-time (CRA evaluations) and ongoing information to help the public understand the bank’s capacity and ability to serve assessment area communities through its lending and, as applicable, community development activities.
What are two reasons for collecting HMDA data?
The data- related requirements in HMDA and Regulation C serve three primary purposes: (1) to help determine whether financial institutions are serving their communities’ housing needs; (2) to assist public officials in distributing public investment to attract private investment; and (3) to assist in identifying …
What is HMDA and why is it important?
To make sure a lender serves the housing finance needs of its community
What is public disclosure statements does HMDA require?
The Home Mortgage Disclosure Act (HMDA) requires lending institutions to make annual public disclosures of their home mortgage and home improvement lending activity. In addition to each lending institution’s individual disclosure statement, aggregate data tables covering the lending activity of all institutions subject to HMDA in each MSA/MD for the entire nation are made available.
What is reported to HMDA?
All reportable HMDA loans must be reported as a separate line item upon the LAR sheet, which is then sent on an annual basis to the FFIEC . Each lender must list preset data that includes the date of the loan application, loan type, loan amount, and property location and disposition of the application (approved or not approved).
What is the purpose of HMDA?
The Home Mortgage Disclosure Act (HMDA) is a federal act approved in 1975 that requires mortgage lenders to keep records of certain key pieces of information regarding their lending practices which they must submit to regulatory authorities. It was implemented by the Federal Reserve through Regulation C.