A borrower with a disability requests that the lender allow her service animal in the lender's office, despite a 'no pets' policy. Under the Fair Housing Act, the lender must:
Correct Answer
B) Allow the service animal as a reasonable accommodation
Under the Fair Housing Act, lenders must provide reasonable accommodations for individuals with disabilities. Service animals are not considered pets and must be allowed even in facilities with no-pet policies. No fees or deposits can be charged for service animals.
Why This Is the Correct Answer
Under the Fair Housing Act, lenders must provide reasonable accommodations for individuals with disabilities. Service animals are not considered pets and must be allowed even in facilities with no-pet policies. No fees or deposits can be charged for service animals.
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A bank's HMDA data shows that it approves 90% of applications in predominantly white neighborhoods but only 60% in predominantly minority neighborhoods. The bank claims this is due to different economic conditions. What is the most appropriate regulatory response?
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A servicer automatically terminates PMI when the loan balance reaches 78% of the original property value at the midpoint of the loan's amortization schedule. Is this action compliant with the HPA?