Finance
The Equal Credit Opportunity Act (ECOA) prohibits lenders from discriminating based on:
ACredit score
BIncome from a public assistance program✓ Correct
CLoan-to-value ratio
DProperty location
Explanation
ECOA prohibits credit discrimination based on race, color, religion, national origin, sex, marital status, age, or receipt of income from a public assistance program.
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Key Terms to Know
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.
Debt-to-Income Ratio (DTI)A lender's measure of a borrower's monthly debt obligations relative to their gross monthly income, used to evaluate loan eligibility.
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.
Math Concepts
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