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The Home Mortgage Disclosure Act requires you to collect information about race. What do you do if a borrower does not wish to provide information for that section of the application?

User Tamato
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Final answer:

The Home Mortgage Disclosure Act requires lenders to collect information about race, but borrowers are not required to furnish this information. They can choose not to provide information about their race on the application.

Step-by-step explanation:

The Home Mortgage Disclosure Act requires lenders to collect information about race for certain types of loans in order to monitor compliance with equal credit opportunity, fair housing, and home mortgage disclosure laws. However, borrowers are not required to furnish this information. If a borrower does not wish to provide information about their race on the application, they can simply check the box indicating their preference not to do so.

User Nikko
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