Home Mortgage Disclosure Act
The Home Mortgage Disclosure Act (HMDA), enacted by Congress in 1975 and implemented by the Federal Reserve Board’s Regulation C, requires lending institutions to report public loan data.
Home Mortgage Disclosure Act was enacted in 1957 by Congress requires lending institutions to report loan data. This act is implemented by Regulation C of Federal Reserve Board.
Public loan data provided under this regulation can be used:
- To assist public officials distribute public sector investments to attract private investments in required areas.
- To identify possible discriminatory lending patterns.
- In determining whether institutions are meeting the housing needs in their communities.
Banks, credit unions, certain financial institutions & other mortgage lending institutions come under the preview of this regulation.
The loan data that financial institutions submit is used by Federal Financial Institutions Examination Council (FFIEC) to create aggregate tables for each MSA/MD and for creating individual institution disclosure reports.
Reference site:
FFIEC Home Mortgage Disclosure Act
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