What does the Home Mortgage Disclosure Act (HMDA) require from lenders?

The Home Mortgage Disclosure Act (HMDA) requires lenders to collect and report specific data regarding their mortgage lending activities. This data includes information about the demographics of loan applicants, the types of loans originated, and the geographic distribution of these loans. The goal of this requirement is to provide government agencies and the public with the information necessary to monitor lending patterns and help identify any potential discriminatory lending practices. By reporting this data, lenders contribute to a more transparent mortgage lending process, which ultimately supports the aim of fair lending practices and helps consumers understand their rights in the housing market.

The other options do not reflect the actual requirements established by HMDA. While ensuring equal loan rates, offering housing assistance, and providing borrower training are important aspects of responsible lending, they are not mandated by the HMDA itself.