Home Mortgage Disclosure Act
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The Home Mortgage Disclosure Act was passed in 1975. The act required lending institutions to make mortgage data available to the public. The criteria determining which institutions must report data differ from year to year; these criteria are set by the Federal Financial Institutions Examination Council.
Legislative history
The Home Mortgage Disclosure Act (HMDA) was introduced to the United States Senate by Senator William Proxmire (D) on March 21, 1975. The Senate voted to approve the bill 45-37 on September 4. The bill then moved to the United States House of Representatives, which passed the bill 177-147 on October 31. President Gerald Ford signed the bill into law on December 31.[1][2]
Components
The HMDA required certain financial institutions to provide mortgage data to the public. The criteria determining which institutions must report data would be set by the Federal Financial Institutions Examination Council each year. Criteria included the institution's assets and its federal insurance status. The list of criteria by year was available here.[3]
Institutions that were required to report data had to maintain a Loan Application Register, a register of data corresponding to a loan application. The data required to be entered into the register included the purpose of the mortgage (e.g., the purchase of a new home, refinancing an existing mortgage, etc.), the demographics of the applicant, the name and regulating agency of the lender, and information about the mortgaged property.[4]
Qualifying institutions were required to submit their registers to the Federal Financial Institutions Examination Council in March. After checking the data, the council posted the data on its website, available here. Generally, this information was made available to the public in September of the following year.[5]
When the act was passed, enforcement authority was granted to the Federal Reserve Board. The passage of the Dodd-Frank Act in 2010 transferred this authority to the Consumer Financial Protection Bureau.[4]
See also
External links
Home Mortgage Disclosure Act data
Footnotes
- ↑ GovTrack, "To pass S. 1281," accessed February 24, 2017
- ↑ GovTrack, "To pass H.R. 10024," accessed February 24, 2017
- ↑ Federal Financial Institutions Examination Council, "Who Reports Data?" accessed February 24, 2017
- ↑ 4.0 4.1 Consumer Finance Protection Bureau, "About HMDA," accessed February 24, 2017
- ↑ Federal Financial Institutions Examination Council, "HMDA & PMIC Data Products," accessed February 24, 2017
