Which federal law prohibits discrimination in mortgage lending based on race, color, religion, national origin, sex, marital status, age, or receipt of public assistance?
Why Equal Credit Opportunity Act (ECOA) Is Correct
Answer B: Equal Credit Opportunity Act (ECOA)
Exam Tip: Fair Housing
Fair Housing questions test both federal (Fair Housing Act of 1968) and state-level protected classes. The federal protected classes are race, color, religion, national origin, sex, familial status, and disability. Many states add additional protections.
Key Fair Housing Terms in This Question
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- The Equal Credit Opportunity Act (ECOA) prohibits lenders from discriminating based on all of the following EXCEPT:Finance
- Which federal law prohibits discrimination in the sale, rental, and financing of housing based on race, color, national origin, religion, sex, familial status, and disability?Fair Housing
- The Equal Credit Opportunity Act (ECOA) prohibits lenders from discriminating in lending based on all of the following EXCEPT:Finance
- Which federal law prohibits housing discrimination based on race, color, national origin, religion, sex, familial status, and disability in the rental of residential property?Property Management
- Which federal law prohibits lenders from discriminating against borrowers based on race, color, religion, national origin, sex, familial status, or disability when making mortgage loans?Finance
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Key Terms to Know
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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