Posts Tagged ‘Definitions’

What is the home mortgage disclosure act?

Wednesday, July 2nd, 2008

The United States Home Mortgage Disclosure Act (or HMDA, pronounced HUM-duh) was passed in 1975. It requires financial institutions to maintain and annually disclose data about home purchases, home purchase pre-approvals, home improvement, and refinance applications involving 1 to 4 unit and multifamily dwellings. It also requires branches and loan centers to display a HMDA poster.

HMDA was designed by the Federal Reserve Board in order to:

  • Help public officials to distribute public-sector investments
  • Discover if financial institutions are serving housing needs of communities
  • Identify where there are discriminatory lending practices. (more…)

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Defining home mortgage

Wednesday, July 2nd, 2008

Definitions of Home mortgage on the Web:

  • a residential mortgage secured by a one-to-four family property.
    www.ipoteka.com.ua/en/consultation/glossary

  • A legal document that pledges the property to the lender as security for payment of a debt.
    www.privatemi.com/toolsresources/glossary.cfm

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