Finance
Under the Equal Credit Opportunity Act (ECOA), a lender may NOT deny a loan based on:
AThe applicant's debt-to-income ratio
BThe applicant's credit score
CThe applicant's race, sex, or national origin✓ Correct
DThe property's appraised value
Explanation
ECOA prohibits lenders from discriminating in credit decisions based on race, color, religion, national origin, sex, marital status, age, or receipt of public assistance.
Related Maine Finance Questions
- A Maine buyer's agent advises their client to get a 'pre-approval letter' rather than just a pre-qualification. The difference is that a pre-approval:
- A Maine FHA loan requires a minimum down payment of 3.5% for borrowers with a credit score of at least:
- A Maine borrower has a gross monthly income of $5,000. Under conventional lending guidelines, what is the maximum allowable monthly housing payment (front-end ratio at 28%)?
- What is the primary difference between a fixed-rate and an adjustable-rate mortgage?
- A Maine property buyer applies for a USDA Rural Development loan. This loan type:
- A Maine FHA loan requires a minimum down payment of:
- A Maine homebuyer's closing costs include prepaid items such as homeowner's insurance and prepaid interest. These prepaid items are paid at closing to:
- A Maine homebuyer applies for a conventional mortgage requiring PMI. PMI is typically required when the loan-to-value ratio exceeds:
Practice More Maine Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Maine Quiz →