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The Home Mortgage Disclosure Act (or HMDA, pronounced HUM-duh) is a United States federal law that requires certain financial institutions to provide mortgage data to the public. Congress enacted HMDA in 1975.
The Home Mortgage Disclosure Act (HMDA) of 1975, implemented by Regulation C, requires financial institutions to maintain and annually disclose data about home purchases, home purchase pre-approvals, home improvement, and refinance applications involving one- to four-unit and multifamily dwellings. It also requires branches and loan centers to ...
Fairness in lending was improved by the Home Mortgage Disclosure Act, passed in 1975. It requires banks to disclose their lending practices in the communities they serve. In the 1970s, the private sector fight against mortgage discrimination began to be led by community development banks, such as ShoreBank in Chicago. [9]
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A closing disclosure is a legally-required, five-page statement of your final mortgage loan terms and closing costs. It contains details about your loan term, monthly payments, fees and other ...
The FFIEC was given additional statutory responsibilities by section 340 of the Housing and Community Development Act of 1980 to facilitate public access to data that depository institutions must disclose under the Home Mortgage Disclosure Act of 1975 (HMDA) and the aggregation of annual HMDA data, by census tract, for each metropolitan statistical area (MSA).
1980s mortgage rate trends At the beginning of 1980, homes in the U.S. cost a median of $63,700, according to the Department of Housing and Urban Development (HUD). By 1990, that median had risen ...
Home Mortgage Disclosure Act (HMDA): enacted in 1975, [4] to provide information that shows whether financial institutions are serving local housing credit needs, and to aid public officials in targeting public investments.