Home Mortgage Disclosure Act Recordkeeping Requirements

The Home Mortgage Disclosure Act (HMDA) requires lenders to collect and report specific information about home mortgage applications and loans. This data includes details such as the loan amount, the applicant's income, the property location, and the type of loan. The purpose is to ensure fairness and transparency in lending practices, helping regulators monitor for discrimination or redlining. Lenders must keep accurate records of this information and submit regular reports to federal agencies. These requirements promote fair access to mortgage credit and help identify potential disparities in lending in different communities.