![]() ![]() In application, HMDA data is a bloodhound, sniffing out potential mortgage transaction patterns pointing to abuse. Think of these consumer protection laws as a housing mortgage consumer’s shield against discriminatory business practices, and a regulators sword for prosecuting consumer mortgage lending offenders. The HMDA rules apply to banks, mortgage lenders, loan officers (MLOs), independent loan originators, real estate agents (MLOs) - the entire industry of mortgage arrangers. Equal Credit Opportunity Act (ECOA) andĭiscrimination in home mortgage transactions - the purchase, application or origination - on the basis of race, national origin, sex and age, etc., is prohibited conduct prosecuted under the ECOA and Federal Fair Housing Act.Government agencies use HMDA data to evaluate lender compliance with anti-discrimination and consumer protection rules, including the: ![]()
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