Nonprofits Industry
What to expect from recent changes in the home mortgage disclosure act: recent changes in the reporting requirements of the home mortgage disclosure act (HMDA) have spurred wide-spread concerns about the public availability of loan pricing information.
Partners in Community and Economic Development, December, 2005 by Jallow, Assan
Lenders fear that if new loan pricing data suggests correlations between variations in the price of mortgage loans and a borrower's race, sex or geographic location, the information could prompt significant regulatory, oversight, protests from consumer advocacy groups and class action litigation regarding unlawful discrimination. Bankers are also concerned about increased regulatory burden for compliance with the new HMDA changes.
Banking regulatory agencies agree that the new HMDA data cannot conclusively support any meaningful allegations of illegal discrimination; rather they believe that the data will help to focus fair lending examinations by identifying which lenders, products and geographic areas require further scrutiny. In a speech to the Independent...
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