Answer :
Home Mortgage Disclosure Act laws creates that reporting requirement.
What is Home Mortgage Disclosure Act?
The Home Mortgage Disclosure Act (HMDA), which Congress enacted in 1975, requires certain financial institutions to collect, record, report, and disclose information about their mortgage lending activity.
The Home Mortgage Disclosure Act is a reporting law that helps the federal government determines whether lenders are meeting the housing needs of their communities and to identify discriminatory lending practices.
Pre-approvals and loans that were sold from one institution to another are also mentioned in the report. You may find out information on the loan, the property's features, the applicant's demographics, and the lender for each record. To preserve the privacy of applicants and borrowers, the data are modified.
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