ECOA prohibits credit discrimination based on which of the following?
Correct Answer
B) Race, color, religion, national origin, sex, marital status, age, or receipt of public assistance
The Equal Credit Opportunity Act (ECOA) prohibits credit discrimination based on race, color, religion, national origin, sex, marital status, age (provided the applicant is of legal age to contract), receipt of public assistance income, and the exercise of rights under the Consumer Credit Protection Act. Note that 'receipt of public assistance' is a key ECOA-specific protected class not found in the Fair Housing Act. Familial status and disability (option D) are Fair Housing Act protected classes, not ECOA classes. Factors such as credit score and DTI ratio are legitimate, non-discriminatory underwriting criteria.
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Related Topics & Key Terms
Related Topics:
Key Terms:
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The secondary mortgage market is where existing mortgage loans are bought and sold between lenders, investors, and government-sponsored enterprises (GSEs) like Fannie Mae, Freddie Mac, and Ginnie Mae.
TILA is a federal law that requires lenders to disclose the true cost of credit to borrowers, including the annual percentage rate (APR), total finance charges, and loan terms. It is implemented by Regulation Z.
A trustee sale is a type of foreclosure where a trustee, appointed under a deed of trust, sells the property at auction to satisfy the debt.
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