Home Mortgage Disclosure Act (HMDA)
What Is HMDA?
The Home Mortgage Disclosure Act (HMDA) provides the public with loan data that can be used to assess how financial institutions are serving the housing needs of their communities.
In 2002, HMDA regulations were revised to require mortgage lenders to report additional information. This new data includes pricing information on loan rates above certain thresholds, new race and ethnicity data, whether the home is a manufactured home, whether the lien is a first or junior lien and whether the loan falls under the Home Ownership Equity Protection Act (HOEPA). The HMDA data continues to include racial/ethnic identifiers, the amount of the loan and the location of the loan by census tract.
Lenders report data annually to regulators in the beginning of March for loans and applications from the prior calendar year. Lenders must make data available to requesting parties within 30 days of any request, but no earlier than March 31st.
Chase strives to be a top lender to minorities and underserved communities. As a result, we:
- Work hard to ensure fair lending and pricing
- Work with consumers to help them own homes, and have helped increase homeownership to record levels
- Price our loans based on a borrower's financial qualifications, product choice and local market competition
- Offer a large number of products suited to the needs of borrowers in all income and wealth categories, as well as for customers across the credit spectrum
- Offer multiple channels to serve customers, including direct retail loan officers, bank branches, telephone centers, as well as correspondent lenders
For more information, see HMDA FAQs.