What does HMDA stand for?

The correct answer is the Home Mortgage Disclosure Act, commonly abbreviated as HMDA. This federal law was enacted in 1975 and is intended to provide the public with information about how financial institutions are serving the housing needs of their communities. HMDA requires lenders to collect, report, and disclose data about mortgage applications, loans, and the demographics of applicants, which helps ensure transparency and accountability in lending practices.

This legislation aims to detect and help prevent discriminatory lending practices by providing detailed information about mortgage lending patterns. It plays a crucial role in promoting fair lending and assisting in the assessment of lending practices in various communities, which is essential for policymakers and regulators to formulate rules and strategies to improve access to credit.

The other options do not accurately capture the correct title of the legislation, which can lead to confusion about its purpose and scope within the context of mortgage lending and consumer protection.