Which section of the Home Mortgage Disclosure Act mandates lenders to report data?

Which section of the Home Mortgage Disclosure Act mandates lenders to report data?

• A. Regulation A
• B. Regulation B
• C. Regulation C
• D. Regulation D

Answer: (C)

The Home Mortgage Disclosure Act (HMDA) requires lenders to collect and report data regarding mortgage applications and loans to ensure transparency and identify potential discriminatory lending practices. Regulation C specifically implements the reporting requirements under HMDA, outlining what data must be gathered, including information about loan applications, demographics of applicants, and the outcomes of those applications. This regulation is pivotal in promoting fair lending by allowing regulators and the public to monitor lending patterns and ensure compliance with fair lending laws. Therefore, recognizing that Regulation C is the section of the HMDA that dictates data reporting is essential for understanding the regulatory landscape surrounding mortgage lending practices.

The Home Mortgage Disclosure Act (HMDA) requires lenders to collect and report data regarding mortgage applications and loans to ensure transparency and identify potential discriminatory lending practices. Regulation C specifically implements the reporting requirements under HMDA, outlining what data must be gathered, including information about loan applications, demographics of applicants, and the outcomes of those applications. This regulation is pivotal in promoting fair lending by allowing regulators and the public to monitor lending patterns and ensure compliance with fair lending laws. Therefore, recognizing that Regulation C is the section of the HMDA that dictates data reporting is essential for understanding the regulatory landscape surrounding mortgage lending practices.