Fair Housing
Which federal law prohibits discrimination in lending based on race, color, religion, national origin, sex, marital status, or age?
AFair Housing Act
BEqual Credit Opportunity Act (ECOA)✓ Correct
CCommunity Reinvestment Act
DHome Mortgage Disclosure Act
Explanation
The Equal Credit Opportunity Act (ECOA) prohibits discrimination in any aspect of a credit transaction based on race, color, religion, national origin, sex, marital status, age, or receipt of public assistance.
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Key Terms to Know
Fair Housing Act
Federal law prohibiting discrimination in the sale, rental, or financing of housing based on race, color, national origin, religion, sex, disability, and familial status.
SteeringAn illegal practice where a real estate agent directs buyers toward or away from certain neighborhoods based on the buyer's race, religion, national origin, or other protected characteristics.
Adjustable-Rate Mortgage (ARM)A mortgage with an interest rate that changes periodically based on a financial index, usually after an initial fixed-rate period.
Discount PointsPrepaid interest paid to a lender at closing to reduce the mortgage interest rate, with each point equal to 1% of the loan amount.
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