Which law requires lenders to submit Loan/Application Registers?

The Home Mortgage Disclosure Act (HMDA) is the law that requires lenders to collect, report, and submit Loan/Application Registers (LAR). This regulation was enacted to provide the public with information about mortgage lending patterns, promote fair lending practices, and ensure transparency in the mortgage market.

By mandating the submission of LARs, HMDA aims to help regulatory agencies and the public assess whether lenders are serving the housing needs of their communities and to identify possible discriminatory lending patterns. The data includes details about the loan applications, such as the race, ethnicity, and sex of the applicants, as well as the loan amounts and whether the loans were originated or denied. This information is vital for understanding how well financial institutions are performing when it comes to serving diverse populations.

The other laws listed focus on different aspects of consumer protection and financial regulation, but they do not specifically require the submission of Loan/Application Registers like HMDA does. This is what makes HMDA the correct choice regarding the requirement for lenders to submit LARs.