The Home Mortgage Disclosure Act Poster (or HMDA Poster) fulfills mandatory disclosure requirements under the Home Mortgage Disclosure Act (HMDA) and Regulation C.
Under HMDA and Regulation C, financial institutions are required to track and disclose information about residential mortgage lending. This is intended to ensure that the public is informed as to whether the financial institution is serving the housing credit needs of the neighborhoods and communities in which it is located or engaging in discriminatory lending patterns.
The HMDA Poster explains that HMDA data is available showing the geographic distribution of loans and applications; the ethnicity, race, sex, age, and income of applicants and borrowers; and information about loan approvals and denials. The poster states that HMDA data is available online for review and provides the website address for the Consumer Financial Protection Bureau page where the lender’s HMDA residential mortgage lending data is available.
The Home Mortgage Disclosure Act Poster must be posted by certain financial institutions, including banks, savings associations, credit unions, and other mortgage lending institutions. A copy must be posted in the lobby of the financial institution’s home office and of each branch office physically located in a metropolitan area. (12 C.F.R. 1003.5(e))
A financial institution is covered by this requirement if it meets Regulation C loan-volume, asset size, location, federal relationship and loan activity tests.