Under ECOA, which of the following is a prohibited basis for credit discrimination?
Correct Answer
C) Marital status
Under the Equal Credit Opportunity Act (ECOA) and Regulation B, marital status is one of the prohibited bases for discrimination. Lenders cannot discriminate based on race, color, religion, national origin, sex, marital status, age, or because income derives from public assistance.
Why This Is the Correct Answer
Under the Equal Credit Opportunity Act (ECOA) and Regulation B, marital status is one of the prohibited bases for discrimination. Lenders cannot discriminate based on race, color, religion, national origin, sex, marital status, age, or because income derives from public assistance.
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For a closed-end mortgage loan, when must the creditor provide the Closing Disclosure to the borrower?
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