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What is HMDA?

HMDA is the Home Mortgage Disclosure Act, and it's also known as Regulation C.

The Home Mortgage Disclosure Act requires financial institutions, including credit unions, to compile and disclose data about home purchases loans, home improvement loans and refinancing that it originates or purchases, or for which it receives applications.

The purpose of this regulation is to provide the public with loan data that can be used:

(i) To help determine whether financial institutions are serving the housing needs of their communities;

(ii) To assist public officials in distributing public sector investment so as to attract private investment to areas where it is needed; and

(iii) To assist in identifying possible discriminatory lending patterns and enforcing anti-discrimination statutes.

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