• Liability for Discrimination Claims Based Upon Revised Regulation C
  • May 31, 2004
  • Law Firm: Reed Smith LLP - Los Angeles Office
  • On January 1, 2004, revisions to the Federal Reserve Board's Regulation C -- which implements the Home Mortgage Disclosure Act ("HMDA") -- began to require that mortgage lenders report on their "loan application registers" or "LARs" data relating to certain high-cost mortgage loans, including HOEPA loans. In particular, lenders are now required to identify the geographic location of high-cost loans and the interest rates on certain of those loans -- which will facilitate comparing the market areas in which high-cost loans are originated with markets in which prime loans are predominantly made.