Wednesday
August 20, 2014

Mortgage

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Mortgage

The Home Mortgage Disclosure Act requires lenders to report on the loans they make.

Post-TransactionTransactionPre-Transaction Return to Index Page Income Tax Mortgage

 

   The Home Mortgage Disclosure Act (HMDA)

Summary:
Requires financial institutions to maintain and annually disclose data about home purchases, home purchase pre-approvals, home improvement, and refinance applications involving 1 to 4 unit and multifamily dwellings.

Original statutory authority:
“Home Mortgage Disclosure Act of 1975,” Public Law No. 94–299

Regulators:
Federal Reserve
Federal Financial Institutions Examination Council (FFIEC)
Federal Deposit Insurance Corporation (FDIC)
Other banking regulators

Penalties:
Action can be taken against lenders if HMDA data shows evidence of discriminatory lending patterns.

More information:
FFIEC HMDA portal

This summary is not a comprehensive analysis of how the law applies to you.  Consult a qualified real estate attorney to determine how the federal law and laws in your state impact you in this area.

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