Know your rights when it comes to applying for a loan: the Home Mortgage Disclosure Act requires financial institutions to report mortgage data anonymously to protect your privacy.
What is HMDA?
HMDA stands for Home Mortgage Disclosure Act. It is a federal law that requires financial institutions to collect and report data about their mortgage lending activities.
What kind of data does HMDA require?
HMDA requires financial institutions to collect and report data about institutional and transactional coverage, such as loan applications, originations, purchases, and sales.
What are the benefits of collecting and reporting HMDA data?
Collecting and reporting HMDA data helps to ensure that all applicants are treated fairly and that lenders are complying with federal lending laws.
A Credit Application is a Borrower's Formal Request
A credit application is a borrower's formal request to a lender for an extension of credit. The request is typically made in written form, but can also be made orally. The application must contain all of the information the lender requests. This usually includes proof of identity.
Proof of Identity
Proof of identity is a requirement for a credit application. This is to ensure that the lender is lending to the correct person. Examples of proof of identity include driver's license, passport, and other forms of identification.
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