Which phrase describes race, color, religion, national origin, sex, marital status, age, public-assistance income, and lawful exercise of consumer credit rights under ECOA?
Correct Answer
D) A prohibited basis under ECOA
A prohibited basis under ECOA is correct because the facts match a protected characteristic on which a creditor generally may not base a credit decision. That is the best description of the relationship, right, or legal concept tested here.
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Related Topics & Key Terms
Key Terms:
Related Concepts
The loan-to-value ratio (LTV) is the percentage of a property's appraised value or purchase price (whichever is lower) that is being financed through a mortgage. LTV = Loan Amount / Property Value.
A comparison of the major mortgage loan types—conventional, FHA, VA, and USDA—covering their eligibility requirements, down payment amounts, mortgage insurance rules, and best use cases.
Predatory lending refers to unfair, deceptive, or abusive lending practices that impose unjustified terms on borrowers, often targeting vulnerable populations. It includes practices like excessive fees, inflated appraisals, and unnecessary refinancing.
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