FinanceIntermediateDelaware Exam
Which federal law prohibits lenders from discriminating 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 (HMDA)
Why Equal Credit Opportunity Act (ECOA) Is Correct
Answer B: Equal Credit Opportunity Act (ECOA)
The Equal Credit Opportunity Act (ECOA) and Regulation B prohibit lenders from discriminating in credit decisions based on 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.
Key Finance Terms in This Question
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