What is the abbreviation for the Home Mortgage Disclosure Act?

The abbreviation for the Home Mortgage Disclosure Act is HMDA. This act was enacted to provide the public with information about how financial institutions are serving the housing needs of their communities. It requires lenders to collect and report data regarding their mortgage lending activities. The data reported under HMDA helps regulators and the public assess whether lenders are serving the housing needs of their communities and to identify possible discriminatory lending patterns. Understanding the acronym HMDA is crucial for mortgage loan officers, as it reflects the commitment to transparency and fair lending practices within the housing finance system.