Mortgage Disclosure Act And Multifamily Lending: Part 1

Law360, New York (April 8, 2016, 4:44 PM EDT) -- Melanie Brody

Christopher E. Shelton

Elyse M. Schoenfeld The Home Mortgage Disclosure Act[1](HMDA), as implemented by Regulation C,[2] is a federal statute that requires most entities that make dwelling-secured loans, including depository and nondepository institutions, to collect a series of data points about each covered loan application they receive. The required data points include information about the loan applicant, the secured property and the ultimate disposition of the application. Institutions submit their HMDA data to the federal government on a regular basis and government agencies and other interested parties use the data to enforce anti-discrimination statutes, determine whether financial institutions are...

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