Mortgage
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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