Fair Housing
Which federal law prohibits discriminatory lending practices (redlining) in mortgage lending, and what are lenders required to do under it?
ARESPA—lenders must provide good faith estimates
BThe Equal Credit Opportunity Act (ECOA)—lenders cannot discriminate in credit decisions based on protected characteristics
CHMDA—lenders must collect and report data on mortgage applications by race, income, and census tract
DBoth B and C correctly identify anti-discrimination laws with complementary requirements✓ Correct
Explanation
Both the Equal Credit Opportunity Act (ECOA) and the Home Mortgage Disclosure Act (HMDA) address discriminatory lending. ECOA prohibits discrimination in credit decisions based on race, religion, national origin, sex, marital status, age, or receipt of public assistance.
Related Illinois Fair Housing Questions
- A property owner who lives in a single-family home and rents out two rooms is exempt from the Fair Housing Act ONLY if:
- The Home Mortgage Disclosure Act (HMDA) requires lenders to:
- Blockbusting (also called panic selling) is the illegal practice of:
- The Americans with Disabilities Act (ADA) requires new multifamily housing constructed after March 13, 1991 with 4 or more units to include:
- A real estate broker who advertises 'walking distance to St. Patrick's Church' in a property listing is:
- The Illinois Human Rights Act provides fair housing protection that EXPANDS on the federal Fair Housing Act by adding which additional protected class?
- Under the Illinois Human Rights Act, 'order of protection status' as a protected class in housing means that:
- The federal Fair Housing Act was significantly amended in 1988 to add which additional protected classes?
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