The Equal Credit Opportunity Act (ECOA) prohibits lenders from discriminating based on:
Correct Answer
B) Race, color, religion, national origin, sex, marital status, or age
ECOA prohibits credit discrimination based on race, color, religion, national origin, sex, marital status, age, receipt of public assistance, or exercise of Consumer Credit Protection Act rights. Financial qualifications like credit score are not protected classes.
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Related Topics & Key Terms
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Related Concepts
Usury is the practice of charging an interest rate that exceeds the maximum rate permitted by state law. Usury laws protect borrowers from excessive interest charges on loans.
A VA loan is a mortgage guaranteed by the Department of Veterans Affairs available to eligible veterans, active-duty service members, and surviving spouses. It offers no down payment and no private mortgage insurance requirements.
An adjustable-rate mortgage (ARM) has an interest rate that changes periodically based on market conditions, typically after an initial fixed-rate period. The rate adjustment is tied to a financial index plus a margin.
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Which Hawaii rule controls when a lender intends to use power of sale foreclosure on residential property?
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