Correct. If an applicant chooses not to provide demographic information for an application taken in person, the loan originator must note this fact on the form and then determine the applicant�s ethnicity, race, and sex based on visual observation or surname.
In 2018, a non-depository institution will be subject to HMDA�s data collection and reporting requirements if it had a home or branch office in an MSA on the preceding December 31 and:
Correct. If a non-depository institution meets the loan-volume threshold and had a home or branch office in an MSA on the preceding December 31, it will be subject to HMDA�s data collection and reporting requirements. In 2018, there will no longer be an asset-size threshold for non-depository institutions.
The practice of refusing to offer home loans to residents living in particular areas is known as:
Correct. The practice of refusing to offer home loans to residents living in particular areas is known as redlining.
The _______ is responsible for enforcing the Home Mortgage Disclosure Act and for writing implementing regulations, which are known as __________.
Correct. The CFPB is the agency that is responsible for implementing and enforcing HMDA, and the implementing regulations for HMDA are known as Regulation C.
Each of the following descriptions of ethnicity is found on the HMDA data collection form; however, if a loan applicant refuses to self-identify his/her ethnicity, a loan originator is limited to choosing which of the following aggregated descriptions based on the applicant�s appearance or surname?
Correct. When collecting data on the basis of visual observation or surname, loan originators must limit their selections to the aggregated categories. When an applicant elects not to self-identify his/her ethnicity, the loan originator is limited to reporting the applicant�s ethnicity as �Hispanic or Latino� or �Not Hispanic or Latino.�