Some useful details on Home Mortgage Disclosure Act

When you are going to take a mortgage  you must need to know about The Home Mortgage Disclosure Act, which was enacted by the Congress in 1975.

This law was enacted in 1957 by Congress which requires  institutions to report loan data. This act is implemented by Regulation of Federal Reserve Board.

You can used Public loan data :

1. The main objective of this law was to help  public officials and to distribute public sector investments recommended areas.

2. The another object was to identify possible discriminatory lending patterns.

3. And the last one was to  determine whether institutions are meeting the housing needs in their communities or not.

Their are so many institutions which comes under this regulatiuon like Banks, credit unions, certain financial institutions & other mortgage lending institutions.


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