#1
What does HMDA stand for?
Home Mortgage Disclosure Act
ExplanationRegulation ensuring transparency in mortgage lending practices.
#2
Which agency is responsible for enforcing HMDA?
Consumer Financial Protection Bureau (CFPB)
ExplanationFederal agency ensuring compliance with HMDA regulations.
#3
What is Regulation C?
A regulation that governs mortgage lending practices
ExplanationRegulatory framework for mortgage lending.
#4
Which of the following is NOT covered under Regulation C?
Credit card applications
ExplanationExclusion from Regulation C's scope.
#5
Which demographic factors are collected under HMDA?
Race and ethnicity
ExplanationDemographic characteristics pertinent to lending.
#6
What is the purpose of collecting demographic data under HMDA?
To analyze lending patterns and detect discrimination
ExplanationIdentifying disparities in lending practices.
#7
Which year was the Home Mortgage Disclosure Act (HMDA) enacted?
1975
ExplanationYear of enactment for HMDA.
#8
What is the primary purpose of HMDA?
To ensure fair lending practices and prevent discrimination
ExplanationPromoting equality and fairness in mortgage lending.
#9
What types of data are financial institutions required to collect and report under HMDA?
All of the above
ExplanationComprehensive data to monitor lending activities.
#10
What information does Regulation C require lenders to disclose?
Race, ethnicity, and sex of the borrower
ExplanationDemographic data for lending analysis.
#11
Under Regulation C, how often are financial institutions required to submit data to the regulatory agency?
Annually
ExplanationYearly reporting obligation under Regulation C.
#12
Which of the following institutions is generally exempt from HMDA reporting requirements?
Credit unions
ExplanationExemption status for specific financial entities.
#13
What is the penalty for failing to report accurate data under HMDA?
Civil penalties
ExplanationLegal consequences for inaccurate reporting.
#14
Which of the following is not a data point collected under HMDA?
Borrower's employment status
ExplanationExcluded data point from HMDA reporting.
#15
Which of the following is NOT a trigger for HMDA reporting?
Denial of a mortgage application
ExplanationExclusionary event from HMDA reporting.
#16
What penalties can financial institutions face for non-compliance with HMDA and Regulation C?
Fines and penalties
ExplanationConsequences for regulatory non-compliance.
#17
Which of the following actions is a violation of HMDA?
Discouraging certain applicants from applying for a mortgage
ExplanationProhibited discriminatory practices.
#18
Which agency is responsible for interpreting and enforcing HMDA regulations?
Consumer Financial Protection Bureau (CFPB)
ExplanationRegulatory oversight agency for HMDA compliance.
#19
What is the purpose of Regulation C's public disclosure requirements?
To increase transparency in mortgage lending
ExplanationEnhancing public awareness and oversight.