Home Mortgage Disclosure Act (Regulation C)
Plain English Summary
Requires mortgage lenders to report data on who they lend to, helping to identify discriminatory lending patterns.
Full Text
Financial institutions that meet certain thresholds must collect, report, and publicly disclose information about mortgage applications and loans. Data includes applicant demographics, loan terms, property location, and action taken on applications.
The data is used to identify discriminatory lending patterns, enforce fair lending laws, and assess housing credit needs. Institutions must report data annually to their supervisory agency.
This is legal information, not legal advice. Laws vary by jurisdiction and change frequently. Always verify current law with official sources and consult a licensed attorney in your jurisdiction for advice on your specific situation.