Under the Equal Credit Opportunity Act (ECOA), lenders may NOT consider which factor when evaluating a mortgage application?
Why Marital status Is Correct
Answer C: Marital status
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.
People Also Study
Related Alaska Questions
- Under the Equal Credit Opportunity Act (ECOA), a lender may NOT deny credit based on:Finance
- In Alaska, the Equal Credit Opportunity Act (ECOA) prohibits lenders from discriminating based on:Finance
- Which federal act prohibits lenders from discriminating in mortgage lending based on the racial composition of a neighborhood?Finance
- In Alaska, an online real estate listing platform that uses algorithms to show different property listings to users based on their perceived race or national origin would be:Fair Housing
- A mortgage that requires equal monthly payments applied first to interest, with the remainder reducing the principal balance, is called a(n):Finance
Key Terms to Know
A mortgage with an interest rate that changes periodically based on a financial index, usually after an initial fixed-rate period.
Loan-to-Value Ratio (LTV)The ratio of a mortgage loan amount to the appraised value or purchase price of a property, expressed as a percentage.
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.
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.
Math Concepts
Study This Topic
Practice More Alaska Real Estate Questions
1,400+ questions covering all exam topics. Start free — no signup required.
Take the Free Alaska Quiz →