What is HMDA?

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For more information visit our blog post: http://www.nathancarlisle.com/blog/what-is-hmda/

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What Is ‘HMDA’?:

What Is ‘HMDA’? Nathan Carlisle

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The HMDA Scrutiny is Intense Those who act as regulators to ensure lending practices are on the ‘up and up’, have the duty of determining whether or not lending institutions are meeting the needs of the potential borrowers in a given community.  This means government-backed lenders who offer any type of mortgage are obligated to reveal the number of and the monetary value of all approved residential mortgages that were provided within the previous year; and this would also include the specific communities that received those loans.

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Public Disclosure Disclosure statements intended for public viewing would include the following information regarding: 1: Loans: includes data concerning applications, amounts and types of loans, reasons for denials etc. 2:  Applicants:  includes demographics including ethnicity and gender 3:  Lenders:  includes names of lenders and which agencies regulate them

HMDA Scrutiny is Justified:

HMDA Scrutiny is Justified Unfortunately, predatory lending and abusive residential mortgage lending practices are more prevalent than many people realize.  Unethical lending feeds the foreclosure rates that no community wishes to be a part of since property values become negatively impacted when higher foreclosures are prevalent.

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Thank you For more information check out our blog post: http://www.nathancarlisle.com/blog/what-is-hmda/

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