3.103- Explain The right to receive an appraisal report • Home Mortgage Disclosure Act (HMDA), 12 CFR Part 1003 (Regulation C)

To begin with, the Home Mortgage Disclosure Act(HMDA) is a legislation that was enacted in 1975 with the aim of authorizing mortgage lenders to preserve particular records. The aim is to enhance the quality of being transpicuous and also to safeguard the borrowers (that are a part of the market).12 CFR Part 1003(Regulation C) entails that numerous financial institutions are eligible to collect, report and make known particular information regarding their mortgage operations. The mentioned ‘financial institutions’ constitute banks, saving associations, mortgage lenders and credit unions. Moving on, Regulation C encompasses mortgage, record keeping, reporting, imparting information and lastly the collection of data. To boot, the Consumer Financial Protection Bureau issued this specific regulation as per the HMDA (as amended).


In essence, the right to receive an appraisal report is plainly just to assess and ascertain whether the borrower is being discriminated against, in any shape or form. This is essentially a protective mechanism within the borrower’s reach.