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Home Mortgage Disclosure Act (HMDA) and its Requirements Quiz

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#1

What does HMDA stand for?

Home Mortgage Disclosure Act
Explanation

HMDA stands for the Home Mortgage Disclosure Act, focusing on transparency in mortgage lending.

#2

What year was the Home Mortgage Disclosure Act enacted?

1975
Explanation

The Home Mortgage Disclosure Act was enacted in 1975.

#3

What does HMDA aim to promote?

Fair access to mortgage credit
Explanation

HMDA aims to promote fair access to mortgage credit.

#4

What does HMDA aim to prevent?

Discriminatory lending practices
Explanation

HMDA aims to prevent discriminatory lending practices.

#5

Which agency enforces the Home Mortgage Disclosure Act?

Consumer Financial Protection Bureau (CFPB)
Explanation

The Consumer Financial Protection Bureau (CFPB) enforces the Home Mortgage Disclosure Act.

#6

What is the primary purpose of the Home Mortgage Disclosure Act?

To monitor mortgage lending practices and ensure equal access to credit
Explanation

HMDA's primary purpose is monitoring mortgage practices to ensure equitable access to credit.

#7

What type of data must financial institutions collect and report under HMDA?

Demographic information of mortgage applicants
Explanation

Financial institutions must report demographic data of mortgage applicants under HMDA.

#8

What is the purpose of the HMDA data?

To identify discriminatory lending practices
Explanation

HMDA data is used to identify discriminatory lending practices.

#9

Which types of financial institutions are subject to HMDA reporting requirements?

All banks, savings associations, credit unions, and mortgage lending institutions
Explanation

All banks, credit unions, and mortgage lenders must adhere to HMDA reporting requirements.

#10

Which of the following is NOT a key requirement of HMDA?

Maintaining loan-to-value ratio records
Explanation

Maintaining loan-to-value ratio records is NOT a key requirement of HMDA.

#11

What penalties can financial institutions face for non-compliance with HMDA reporting requirements?

Fines and civil penalties
Explanation

Non-compliance with HMDA may lead to fines and civil penalties for financial institutions.

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