what is the purpose of the home mortgage disclosure act 
the home mortgage disclosure act is a law passed by congress in 1975 the purpose of the act is to promote transparency within the mortgage lending market it also aims to protect consumers from predatory and discriminatory lending practices this is done through the collection of data from lenders about different types of mortgage loan applications lenders must submit their data each year about information on residential mortgage applications originations and refinances this includes information about applicants collateral details the types of applications and the status of each 