HMDA is implemented as which regulation?

The Home Mortgage Disclosure Act (HMDA) is implemented as Regulation C. This regulation is critical as it requires financial institutions to collect, report, and disclose data about mortgage applications, denials, and purchases. The primary purpose of HMDA is to provide the public with information about how financial institutions are serving the housing needs of their communities, to assist public officials in identifying areas where there may be a need for additional investment and to help reduce discriminatory lending practices.

Regulation C specifically outlines the requirements for data collection and reporting, including information on the demographics of applicants, the types of loans, and the outcomes of those applications. This comprehensive data allows for a broader analysis of lending practices and plays a significant role in ensuring fair lending standards are maintained across the mortgage industry.