Finance
Predatory lending in Virginia involves:
AOffering competitive interest rates to attract borrowers
BImposing unfair loan terms, excessive fees, or deceptive practices that harm borrowers✓ Correct
CRequiring a minimum credit score for loan approval
DLending only to creditworthy borrowers
Explanation
Predatory lending involves abusive lending practices such as excessive fees, misleading terms, loan flipping, equity stripping, and targeting vulnerable borrowers with harmful loan products.
Related Virginia Finance Questions
- Under RESPA, a Virginia settlement agent must provide the Closing Disclosure to the buyer at least how many business days before closing?
- A Virginia buyer obtains a $300,000 mortgage at a 6% annual interest rate. What is the interest due for the first month?
- Under the Equal Credit Opportunity Act (ECOA), a lender in Virginia may NOT discriminate in lending based on:
- A VA-guaranteed loan in Virginia is available to:
- Prepaid items on a Virginia Closing Disclosure typically include:
- The 'front-end' debt-to-income ratio (housing expense ratio) limits which monthly expenses?
- In a Virginia 1031 exchange, an investor can defer capital gains taxes by:
- A balloon mortgage in Virginia is characterized by:
Practice More Virginia Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Virginia Quiz →