Finance
Which federal law prohibits lenders from discriminating in mortgage lending based on race, color, religion, sex, national origin, disability, familial status, or marital status?
ACRA (Community Reinvestment Act)
BECOA (Equal Credit Opportunity Act)✓ Correct
CHMDA (Home Mortgage Disclosure Act)
DRESPA (Real Estate Settlement Procedures Act)
Explanation
The Equal Credit Opportunity Act (ECOA) prohibits credit discrimination based on race, color, religion, national origin, sex, marital status, age, or receipt of public assistance.
Related Massachusetts Finance Questions
- A Massachusetts condominium buyer obtains a 'conventional' mortgage. 'Conventional' means the loan is:
- In Massachusetts, a 'bridge loan' is typically used to:
- A Massachusetts commercial mortgage typically has which loan term compared to a residential mortgage?
- Under the Home Mortgage Disclosure Act (HMDA), Massachusetts lenders must:
- In Massachusetts, a 'loan modification' differs from a 'refinance' because a loan modification:
- A Massachusetts mortgage lender is required to give the borrower a Loan Estimate within how many business days of receiving the loan application?
- Under Massachusetts foreclosure law, a borrower has a 'right of redemption' before the foreclosure sale. This means:
- In Massachusetts, a 'construction loan' is typically converted to:
Practice More Massachusetts Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Massachusetts Quiz →