Fair Housing
A NH lender who requires a larger down payment from Black applicants than from White applicants with identical credit profiles is committing:
ASound risk management
BRacial discrimination in lending under ECOA and the Fair Housing Act✓ Correct
CLegal pricing flexibility
DOnly a violation of RESPA
Explanation
Requiring different down payments based on the applicant's race violates both the Equal Credit Opportunity Act and the Fair Housing Act. Such conduct is illegal and subject to federal enforcement action.
Related New Hampshire Fair Housing Questions
- A NH real estate brokerage's internal policy of designating which agents work in which neighborhoods based on the agent's or clients' race is:
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