Fair Housing
In Hawaii, which organization enforces the Fair Housing Act for residential mortgage lending discrimination?
AA. The State Insurance Commissioner
BB. HUD and the Consumer Financial Protection Bureau (CFPB) for mortgage-related discrimination✓ Correct
CC. The Real Estate Commission
DD. The Hawaii Department of Commerce
Explanation
For residential mortgage lending discrimination, HUD enforces the Fair Housing Act, while the CFPB enforces ECOA and other consumer protection laws related to lending.
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Key Terms to Know
Fair Housing Act
Federal law prohibiting discrimination in the sale, rental, or financing of housing based on race, color, national origin, religion, sex, disability, and familial status.
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.
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.
Title InsuranceInsurance protecting against financial loss from defects in a property's title that existed before closing but were unknown at the time of purchase.
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