Which organizations are required to file a HMDA report?

The requirement to file a Home Mortgage Disclosure Act (HMDA) report applies to all financial institutions that engage in certain types of mortgage lending activities, including those that underwrite or fund loans. This includes a wide range of entities such as banks, credit unions, mortgage companies, and other loan originators that meet specific thresholds related to mortgage activity.

By requiring all companies involved in the underwriting or funding of loans to file HMDA reports, the objective is to ensure comprehensive data collection on mortgage lending patterns, which helps in monitoring fair lending practices and identifying discriminatory lending behavior. This broad coverage allows for a better understanding of the housing market and the lending practices within it, ultimately supporting efforts to promote equitable access to credit.

The focus of HMDA reporting encompasses a variety of organizations that participate in the mortgage lending ecosystem, rather than being limited to specific types of institutions like only banks or credit unions. This comprehensive requirement fosters transparency and accountability across the mortgage lending industry.