Home Mortgage Disclosure Act (HMDA) and its Requirements Quiz Discover key aspects of the Home Mortgage Disclosure Act (HMDA) including enforcement, data collection, reporting, and penalties. Test your knowledge with our quiz!
#1
Home Mortgage Disclosure Act
Home Mortgage Deduction Act
Housing Mortgage Disclosure Act
Housing Mortgage Deduction Act
#2
#3
Segregation in housing markets
Fair access to mortgage credit
Predatory lending practices
Unregulated subprime mortgage lending
#4
High-income individuals from obtaining mortgages
Discriminatory lending practices
Easy access to mortgage credit
Diverse neighborhoods
#5
Federal Reserve System (FRS)
Department of Housing and Urban Development (HUD)
Consumer Financial Protection Bureau (CFPB)
Federal Deposit Insurance Corporation (FDIC)
#6
To regulate interest rates on mortgages
To monitor mortgage lending practices and ensure equal access to credit
To provide tax benefits for homeowners
To determine property appraisal values
#7
Personal income of mortgage applicants
Credit scores of mortgage applicants
Demographic information of mortgage applicants
Length of employment of mortgage applicants
#8
To identify discriminatory lending practices
To track changes in mortgage interest rates
To determine property tax rates
To regulate home insurance policies
#9
Only banks with assets over $1 billion
Credit unions with more than 100 members
All banks, savings associations, credit unions, and mortgage lending institutions
Only online lenders
#10
Reporting home loan application data
Providing equal access to mortgage credit
Maintaining loan-to-value ratio records
Collecting and reporting demographic information
#11
Fines and civil penalties
Loss of banking license
Criminal charges
Public apology
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