Finance
Which federal law prohibits discrimination in lending based on race, color, national origin, religion, sex, familial status, age, or because an applicant receives public assistance income?
ATruth in Lending Act (TILA)
BEqual Credit Opportunity Act (ECOA)✓ Correct
CCommunity Reinvestment Act
DHome Mortgage Disclosure Act (HMDA)
Explanation
The Equal Credit Opportunity Act (ECOA) prohibits discrimination in any aspect of a credit transaction based on race, color, religion, national origin, sex, marital status, age, or because all or part of the applicant's income derives from a public assistance program.
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Key Terms to Know
Adjustable-Rate Mortgage (ARM)
A mortgage with an interest rate that changes periodically based on a financial index, usually after an initial fixed-rate period.
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.
Pre-ApprovalA lender's conditional commitment to loan a specific amount to a borrower, based on verified income, credit, and assets.
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.
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