Knowledge Tree
Home Mortgage Disclosure Act
Also known as: HMDA
Facts (21)
Sources
Fair Lending Report of the Consumer Financial Protection Bureau federalregister.gov Jul 2, 2024 11 facts
procedureTo identify fair lending risks, the Consumer Financial Protection Bureau monitors consumer financial markets and incorporates factors such as tips from industry whistleblowers, advocacy groups, and government agencies; supervisory and enforcement history; consumer complaints; and analysis of Home Mortgage Disclosure Act (HMDA) data.
procedureThe Consumer Financial Protection Bureau (CFPB) is required to report annually, in consultation with the Department of Housing and Urban Development (HUD), on the utility of the Home Mortgage Disclosure Act (HMDA) requirement that covered lenders itemize certain mortgage loan data.
claimThe 2022 HMDA modified loan application register data published by the CFPB contains loan-level information filed by financial institutions, which has been modified to protect consumer privacy.
claimThe Consumer Financial Protection Bureau's mortgage origination work includes reviewing residential property appraisal service providers to identify risks arising from potential discrimination or bias, as well as conducting Home Mortgage Disclosure Act (HMDA) data integrity and validation reviews.
referenceThe Consumer Financial Protection Bureau (CFPB) and the Federal Financial Institutions Examination Council (FFIEC) publish data submission resources for HMDA filers and vendors at https://ffiec.cfpb.gov.
claimThe Consumer Financial Protection Bureau (CFPB) plans to include assessments of lenders' demographic reporting practices and Home Mortgage Disclosure Act (HMDA) compliance systems in its evaluations to ensure monitoring for inaccurate or incomplete demographic information reporting.
claimThe Consumer Financial Protection Bureau (CFPB), in consultation with the Department of Housing and Urban Development (HUD), finds that the itemization and tabulation of HMDA data furthers the purposes of the Home Mortgage Disclosure Act.
claimThe Consumer Financial Protection Bureau (CFPB) provides informal staff guidance to financial institutions and service providers regarding statutes and rules it implements, such as the Equal Credit Opportunity Act (ECOA), Regulation B, the Home Mortgage Disclosure Act (HMDA), and Regulation C, via its Regulation Inquiries platform.
referenceThe Consumer Financial Protection Bureau (CFPB) maintains a comprehensive suite of resources for reporting and using Home Mortgage Disclosure Act (HMDA) data, which includes Executive Summaries of HMDA rule changes, Small Entity Compliance Guides, Institutional and Transactional Coverage Charts, Reportable HMDA Data Charts, sample data collection forms, FAQs, a Beginners Guide to Accessing and Using HMDA Data, and downloadable webinars.
claimOn March 26, 2024, the Consumer Financial Protection Bureau announced the availability of the Home Mortgage Disclosure Act (HMDA) modified loan application data for the year 2023.
claimThe HMDA and CRA Data Collection Subcommittee oversees FFIEC projects and programs involving Home Mortgage Disclosure Act (HMDA) data collection and dissemination, the preparation of the annual FFIEC budget for processing services, and the development and implementation of other related HMDA processing projects.
Regulatory - American Predatory Lending predatorylending.duke.edu 5 facts
referenceThe Home Mortgage Disclosure Act (HMDA) of 1975 requires financial institutions above a certain size to publicly release mortgage data annually to address concerns regarding the lack of credit access in low-income and minority neighborhoods.
procedureUnder the Home Mortgage Disclosure Act (HMDA), financial institutions were required to maintain a Loan Application Register (LAR) to record financial and demographic data on each loan applicant, which was reported annually to the institution’s regulatory agency.
claimThe compilation of HMDA data is intended to help regulators determine whether financial institutions are fulfilling the credit needs of their communities, identify discriminatory lending practices, and determine where enforcement action or policy intervention is necessary.
referenceThe Home Mortgage Disclosure Act (HMDA) of 1975 required financial institutions above a certain size to publicly release specific mortgage data each year in response to concerns about a lack of credit access in low-income and minority neighborhoods.
procedureUnder the Home Mortgage Disclosure Act (HMDA), financial institutions must maintain a Loan Application Register (LAR) to record financial and demographic data on each loan applicant and report this data annually to their regulatory agency.
Predatory Lending Practices - House.gov commdocs.house.gov 4 facts
measurementAccording to 1998 Home Mortgage Disclosure Act (HMDA) data, approximately 72 percent of subprime mortgage loans went to white borrowers, 18 percent to African-Americans, and 8 percent to Hispanics.
claimMs. Schakowsky proposed an amendment to the Home Mortgage Disclosure Act (HMDA) that would require the disclosure of rate information to make it easier to determine if predatory lending is occurring.
referenceMs. Borrelli stated that a study conducted by the Research Corporation (SMR) utilized 1998 Home Mortgage Disclosure Act (HMDA) data to analyze subprime lending information.
perspectiveMs. Schakowsky asserts that the data currently available under the Home Mortgage Disclosure Act (HMDA) is insufficient to determine whether predatory lending is occurring.
New study estimates the effect of predatory-lending law ushakrisna.com 1 fact
claimThe study uses data collected under the Home Mortgage Disclosure Act (HMDA) covering the calendar years 2005–2007 to assess supply and demand elements for credit.