Question

Home Mortgage Disclosure Act (HMDA), loan officers (LOs) are required to compile data on:

A) Credit scores
B) Borrower income
C) Loan interest rates
D) Loan origination and application information

Answer 1

The Home Mortgage Disclosure Act (HMDA) requires loan officers (LOs) to compile data on credit scores, borrower income, and loan origination and application information.

Step-by-step explanation:

The Home Mortgage Disclosure Act (HMDA) requires loan officers (LOs) to compile data on:

1. Credit scores: LOs need to gather information about the credit scores of loan applicants. This helps determine their creditworthiness and the risk level involved in lending to them.
2. Borrower income: LOs must collect data on the income of borrowers to assess their ability to repay the loan.
3. Loan origination and application information: LOs are responsible for documenting and organizing information related to the origination and application process of loans.