Home Mortgage Disclosure Act (HMDA)
Description: Home Mortgage Disclosure Act (HMDA) introduces the home mortgage data and disclosure information that must be provided to the public and federal government as a result of the implementation of the Home Mortgage Disclosure Act (HMDA). It explores the types of loans covered by HMDA. It also explains the collection steps for the government monitoring information, and the information required for reporting on the Loan Application Register. This course defines the role of supervisory agencies and management in ensuring that the data is reported as outlined in HMDA..
Audience: Bank personnel with responsibilities for any part of the mortgage lending process.
Learning Objectives: After completing this course, students will be able to:
- Explain the purpose of the HMDA and what it covers
- Describe the financial institutions required to report HMDA data
- List other Acts that support fair lending practices
- List the regulatory agencies involved with HMDA reporting
- Describe management responsibilities for reporting HMDA information
- Describe how to complete each section of the Loan Application Register