Home Mortgage Disclosure Act

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The Home Mortgage Disclosure Act (or HMDA) 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 an HMDA poster.

The 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

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