#1
What does HMDA stand for?
Home Market Disclosure Act
Home Mortgage Disclosure Act
Housing Mortgage Disclosure Agency
Household Mortgage Disclosure Act
#2
Which agency is responsible for enforcing HMDA?
Federal Reserve System (FRS)
Consumer Financial Protection Bureau (CFPB)
Department of Housing and Urban Development (HUD)
Federal Housing Finance Agency (FHFA)
#3
What is Regulation C?
A regulation that governs mortgage lending practices
A regulation that governs credit card issuance
A regulation that governs student loan programs
A regulation that governs automobile financing
#4
Which of the following is NOT covered under Regulation C?
Mortgage loans
Home equity lines of credit (HELOCs)
Credit card applications
Refinancing of mortgage loans
#5
Which demographic factors are collected under HMDA?
Age and income
Religion and political affiliation
Race and ethnicity
Education level and occupation
#6
What is the purpose of collecting demographic data under HMDA?
To personalize marketing offers
To analyze lending patterns and detect discrimination
To determine loan interest rates
To assess borrower's creditworthiness
#7
Which year was the Home Mortgage Disclosure Act (HMDA) enacted?
#8
What is the primary purpose of HMDA?
To regulate mortgage interest rates
To ensure fair lending practices and prevent discrimination
To provide tax incentives for homeowners
To promote mortgage lending to low-income individuals
#9
What types of data are financial institutions required to collect and report under HMDA?
Loan type, purpose, and amount
Borrower's ethnicity, race, and sex
Geographic location of the property
All of the above
#10
What information does Regulation C require lenders to disclose?
Interest rates and terms of the loan
Borrower's credit score
Lender's business hours
Race, ethnicity, and sex of the borrower
#11
Under Regulation C, how often are financial institutions required to submit data to the regulatory agency?
Quarterly
Annually
Biannually
Monthly
#12
Which of the following institutions is generally exempt from HMDA reporting requirements?
National banks
Community banks
Credit unions
All financial institutions are subject to HMDA reporting
#13
What is the penalty for failing to report accurate data under HMDA?
Revocation of lending license
Civil penalties
Community service
Written warning
#14
Which of the following is not a data point collected under HMDA?
Borrower's employment status
Property location
Loan purpose
Loan officer's name
#15
Which of the following is NOT a trigger for HMDA reporting?
Refinancing of a home mortgage
Approval of a home equity line of credit (HELOC)
Denial of a mortgage application
Purchase of securities by a financial institution
#16
What penalties can financial institutions face for non-compliance with HMDA and Regulation C?
Fines and penalties
Loss of accreditation
Criminal charges
All of the above
#17
Which of the following actions is a violation of HMDA?
Offering special mortgage rates for first-time homebuyers
Discouraging certain applicants from applying for a mortgage
Refusing to disclose loan terms to borrowers
Providing financial education seminars for prospective borrowers
#18
Which agency is responsible for interpreting and enforcing HMDA regulations?
Federal Reserve Board (FRB)
Consumer Financial Protection Bureau (CFPB)
Federal Housing Finance Agency (FHFA)
Department of Housing and Urban Development (HUD)
#19
What is the purpose of Regulation C's public disclosure requirements?
To increase transparency in mortgage lending
To provide marketing data to financial institutions
To restrict access to loan information
To reduce competition among lenders