Under the United States Home Mortgage Disclosure Act (HMDA) financial institutions are required by the Federal Reserve Board to display federal OSHA posters, maintain and disclose information about home purchases, home purchase pre-approvals, home improvement, and refinance applications involving 1 to 4 unit and multi-family dwellings.
The Home Mortgage Disclosure Act (HMDA) was created to help public officials to distribute public-sector investments, discover if financial institutions are serving housing needs of communities, and identify where there are discriminatory lending practices. A company covered by HDMA has: at least $37 million in assets, made at least one home mortgage Ioan in the preceding year, been federally insured or regulated or at least one of the loans it made will be sold to Fannie Mae or Freddie Mac.
Currently, nearly 8,600 companies are covered by HDMA and those that are covered have been mandated to keep a Loan Application Register in addition to specific records of information about the loan. Compliance Poster Company has been specially trained to guide you through compliance requirements, assist you in identifying areas of non-compliance, and discuss updated strategies. Give us a call today.