An MLO asks a female applicant about her birth control methods during the application process, stating it's necessary to assess future family planning and income stability. This inquiry:
Correct Answer
B) Violates ECOA regardless of the business justification provided
ECOA and Regulation B specifically prohibit creditors from inquiring about birth control methods or family planning intentions. This prohibition is absolute and applies regardless of the purported business justification or whether the question is asked consistently.
Why This Is the Correct Answer
ECOA and Regulation B specifically prohibit creditors from inquiring about birth control methods or family planning intentions. This prohibition is absolute and applies regardless of the purported business justification or whether the question is asked consistently.
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A mortgage broker's website states 'Qualified borrowers can get loans with down payments as low as 3%.' Which statement about TILA advertising requirements is correct?
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For a closed-end mortgage loan, when must the creditor provide the Closing Disclosure to the borrower?
Which of the following documents must be provided to trigger the start of the 3-day rescission period?
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A mortgage lender uses credit report information as one factor in setting the interest rate for an approved loan, resulting in a higher rate than the most favorable terms offered. This action requires:
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An HPML borrower's escrow account has a surplus of $2,400 at the annual analysis. The lender wants to retain $1,800 as a cushion for next year's projected shortfall. What is required?