Finance
The Equal Credit Opportunity Act (ECOA) prohibits lenders from discriminating based on:
ALoan amount requested
BRace, color, religion, national origin, sex, marital status, age, or receipt of public assistance✓ Correct
CCredit score below 600
DEmployment in a high-risk industry
Explanation
ECOA prohibits credit discrimination on the basis of race, color, religion, national origin, sex, marital status, age, or receipt of public assistance.
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Key Terms to Know
Pre-Approval
A lender's conditional commitment to loan a specific amount to a borrower, based on verified income, credit, and assets.
Loan-to-Value Ratio (LTV)The ratio of a mortgage loan amount to the appraised value or purchase price of a property, expressed as a percentage.
Discount PointsPrepaid interest paid to a lender at closing to reduce the mortgage interest rate, with each point equal to 1% of the loan amount.
Fair Housing ActFederal law prohibiting discrimination in the sale, rental, or financing of housing based on race, color, national origin, religion, sex, disability, and familial status.
State-Specific Concepts
Continuing Education
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