FinancingFinancing_generalMEDIUM
Sally applied for a real estate loan. The lender can lawfully require her to answer questions in regards to her:
Correct Answer
D) income.
Under the Equal Credit Opportunity Act, lenders may ask about income because it determines ability to repay, but they cannot ask about protected characteristics like marital status, race, or gender.
Answer Options
A
marital status.B
race.C
gender.D
income.Video Explanation3 min
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Related Topics & Key Terms
Related Topics:
fair-housing-lawsequal-credit-opportunity-actloan-origination-process
Key Terms:
ECOAFair Housing Actprotected classmortgage underwritingRegulation B
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