Search results
Results From The WOW.Com Content Network
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 ...
For example, a lender advertising a home loan might have advertised the loan with a 5% interest rate, but then when one applies for the loan one is told that one must use the lender's affiliated title insurance company and pay $5,000 for the service, whereas the normal rate is $1,000. The title company would then have paid $4,000 to the lender.
For premium support please call: 800-290-4726 more ways to reach us
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]
Closing documents, including the closing disclosure, deed of trust or mortgage note: These are important to keep because they outline the financial and legal agreements of the transaction ...
The Home Ownership and Equity Protection Act (HOEPA) is a 1994 amendment to the Truth in Lending Act (TILA) that protects consumers from predatory mortgage lending. Expanded significantly in 2010 ...
Mobile Home Construction and Safety Standards Act of 1974: 1974: Mobile home safety Federal: Established design and development safety standards for manufactured housing or prefabricated homes. Home Mortgage Disclosure Act: 1975: Mortgages Discrimination Federal [definition needed] Community Reinvestment Act: 1977 [definition needed ...