Finance
Under the Equal Credit Opportunity Act (ECOA), a North Dakota lender may NOT consider which factor when evaluating a mortgage application?
AThe applicant's credit history
BThe applicant's marital status or receipt of public assistance income as a basis for denial✓ Correct
CThe property's appraised value
DThe applicant's debt-to-income ratio
Explanation
The Equal Credit Opportunity Act prohibits lenders from discriminating based on race, color, religion, national origin, sex, marital status, age, or receipt of public assistance income in any aspect of a credit transaction.
Related North Dakota Finance Questions
- A North Dakota borrower's debt-to-income (DTI) ratio is calculated by dividing:
- A North Dakota lender who sells a mortgage to Fannie Mae is participating in the:
- A North Dakota borrower is 'underwater' on their mortgage. This means:
- In North Dakota, the 'annual percentage rate' (APR) on a mortgage is typically higher than the interest rate because:
- A North Dakota buyer uses a VA loan to purchase a home. Which fee unique to VA loans may be financed into the loan amount?
- In North Dakota, a deed of trust allows the lender to foreclose through which process?
- A North Dakota homebuyer using an FHA loan is required to pay:
- A North Dakota veteran is eligible for a VA loan. Which of the following is NOT a benefit of VA loans?
Practice More North Dakota Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free North Dakota Quiz →