Question
The Home Mortgage Disclosure Act is a regulation that provides public loan data that can be used for which of the following purposes? (Select all that apply.)
Responses
to identify possible discriminatory lending patterns
to identify possible discriminatory lending patterns
to report data on loans not secured by residential dwellings
to report data on loans not secured by residential dwellings
to help public officials in distributing public-sector investments so as to attract private investment to areas where it is needed
to help public officials in distributing public-sector investments so as to attract private investment to areas where it is needed
to determine whether financial institutions are serving the housing needs of their communities
to determine whether financial institutions are serving the housing needs of their communities
Question # 7
Multiple Choice
The Home Mortgage Disclosure Act (HMDA) is a consumer protection law that applies to which of the following institutions?
Responses
all federally- and state-chartered banks, but not credit unions
all federally- and state-chartered banks, but not credit unions
all FDIC-insured institutions
all FDIC-insured institutions
commercial banks only
commercial banks only
banks, savings associations, credit unions, and other mortgage lending institutions
banks, savings associations, credit unions, and other mortgage lending institutions
Responses
to identify possible discriminatory lending patterns
to identify possible discriminatory lending patterns
to report data on loans not secured by residential dwellings
to report data on loans not secured by residential dwellings
to help public officials in distributing public-sector investments so as to attract private investment to areas where it is needed
to help public officials in distributing public-sector investments so as to attract private investment to areas where it is needed
to determine whether financial institutions are serving the housing needs of their communities
to determine whether financial institutions are serving the housing needs of their communities
Question # 7
Multiple Choice
The Home Mortgage Disclosure Act (HMDA) is a consumer protection law that applies to which of the following institutions?
Responses
all federally- and state-chartered banks, but not credit unions
all federally- and state-chartered banks, but not credit unions
all FDIC-insured institutions
all FDIC-insured institutions
commercial banks only
commercial banks only
banks, savings associations, credit unions, and other mortgage lending institutions
banks, savings associations, credit unions, and other mortgage lending institutions
Answers
GPT-4o mini
For the first question regarding the purposes of the Home Mortgage Disclosure Act (HMDA), the correct responses are:
1. **to identify possible discriminatory lending patterns**
2. **to help public officials in distributing public-sector investments so as to attract private investment to areas where it is needed**
3. **to determine whether financial institutions are serving the housing needs of their communities**
The option **to report data on loans not secured by residential dwellings** is not applicable, as HMDA focuses specifically on loans secured by residential dwellings.
For the second question about the institutions that the Home Mortgage Disclosure Act applies to, the correct response is:
**banks, savings associations, credit unions, and other mortgage lending institutions**
This encompasses a broader range of financial institutions rather than limiting it to just banks or FDIC-insured institutions.
1. **to identify possible discriminatory lending patterns**
2. **to help public officials in distributing public-sector investments so as to attract private investment to areas where it is needed**
3. **to determine whether financial institutions are serving the housing needs of their communities**
The option **to report data on loans not secured by residential dwellings** is not applicable, as HMDA focuses specifically on loans secured by residential dwellings.
For the second question about the institutions that the Home Mortgage Disclosure Act applies to, the correct response is:
**banks, savings associations, credit unions, and other mortgage lending institutions**
This encompasses a broader range of financial institutions rather than limiting it to just banks or FDIC-insured institutions.