Finance
Under the Equal Credit Opportunity Act (ECOA), lenders may NOT deny credit based on:
ACredit score
BDebt-to-income ratio
CRace, color, religion, sex, national origin, marital status, or age✓ Correct
DInadequate collateral
Explanation
ECOA prohibits credit discrimination based on race, color, religion, national origin, sex, marital status, age, or receipt of public assistance. Lenders may still use creditworthiness factors like income, credit history, and collateral.
Related Connecticut Finance Questions
- A Connecticut buyer obtains a 30-year fixed mortgage at 7.25% for $425,000. Using a payment factor of $6.83 per $1,000 borrowed, the monthly P&I payment is approximately:
- A buyer in Connecticut obtains a 30-year fixed-rate mortgage at 7%. The loan balance is $350,000. What is the approximate monthly interest for the first month?
- Connecticut's Home Ownership and Equity Protection Act (HOEPA) provisions relate to:
- Discount points paid by a borrower at closing are used to:
- In Connecticut, 'predatory lending' typically refers to:
- What is the primary purpose of the federal Truth-in-Lending Act (TILA/Regulation Z) in Connecticut mortgage lending?
- An FHA-insured mortgage requires a minimum down payment of:
- A Connecticut lender orders an appraisal to ensure that the property:
Practice More Connecticut Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Connecticut Quiz →