MLO - Laws/Regulations |140 questions| with correct answers

Equal Credit Opportunity Act (ECOA) CORRECT ANSWER Regulation B Equal Credit Opportunity Act (ECOA) CORRECT ANSWER Federal law that ensures all consumers are given an equal chance to obtain credit. CFPB CORRECT ANSWER The ECOA is enforced by ____________. Equal Credit Opportunity Act (ECOA) CORRECT ANSWER Federal law that prohibits discrimination in granting credit to people based on sex, age, marital status, race, color, religion, national origin, public assistance, or exercised rights under the Consumer Credit Protection Act. Equal Credit Opportunity Act (ECOA) CORRECT ANSWER Federal law that prohibits creditors from refusing to consider or discounting income from alimony, child support, maintenance if borrower chooses to disclose it. 30 CORRECT ANSWER ECOA says that creditors are required to render a credit decision within _____ days of a completed application from the borrower. complete application CORRECT ANSWER These six items make up a ____________________: Address of property Loan amount Income of borrower Estimated property value Name of borrower SSN of borrower