Home Mortgage Disclosure Act Flashcards
1
Q
What is the regulation for HMDA
A
Regulation C
2
Q
What is the purpose of this act
A
Find lenders who are redlining (failing to lend to certain geographic areas or segments of the population
3
Q
What is reverse redlining
A
predatory term that refers to someone targeting an underserved group
4
Q
How often do lenders need to report their loan activity
A
Every year
5
Q
What is the loan activity report callled
A
Loan application register and must be kept for 3 years
6
Q
When does the LAR need to be turned in?
A
March 1st
7
Q
What if applicant chooses not to answer govt monitoring answers
A
Usual visual observation
8
Q
A
