In Alaska, the Equal Credit Opportunity Act (ECOA) prohibits lenders from discriminating based on:
Why Race, color, religion, national origin, sex, marital status, age, or receipt of public assistance Is Correct
Answer B: Race, color, religion, national origin, sex, marital status, age, or receipt of public assistance
Exam Tip: Finance
Finance questions often involve calculations. Master the T-bar method, understand the difference between conventional and government-backed loans, and know key ratios like LTV and DTI.
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Key Terms to Know
A lender's conditional commitment to loan a specific amount to a borrower, based on verified income, credit, and assets.
Debt-to-Income Ratio (DTI)A lender's measure of a borrower's monthly debt obligations relative to their gross monthly income, used to evaluate loan eligibility.
Private Mortgage Insurance (PMI)Insurance required by lenders on conventional loans with less than 20% down payment, protecting the lender — not the borrower — against default.
Fair Housing ActFederal law prohibiting discrimination in the sale, rental, or financing of housing based on race, color, national origin, religion, sex, disability, and familial status.
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