Term
| Title VIII of Civil Rights Act of 1968 |
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Definition
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Term
FHA Protected Classes
FRRNDSC |
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Definition
- Family Status
- Race
- Religion
- National Origin
- Disability
- Sex
- Color
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Term
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Definition
- rental of a room or unit in a dwelling with no more that four independent unites provided that the owner occupes one unit in the residence
- single-family home sold or rented by a private owner without the use of a broker
- housing operated by organizations
- housing operated by private clubs
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Term
| FHA - Discriminatory Practives |
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Definition
- blockbusting
- steering
- redlining
- reverse redlining
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Term
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Definition
| trying to induce homeowners to sell their homes by suggesting that the ethnic or racial composition of the neighborhood is changing, with the implication that property values will decline. |
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Term
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Definition
| changing perspective real estate buyers or tenants to particular neighborhoods based on their race, religion or ethnic background. |
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Term
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Definition
| is a refusal to make loans - or making loans on less favorable terms - on property located in a particular neighborhoods for discriminatory reasons. |
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Term
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Definition
| targeting particular neighborhoods for discriminatory reasons. |
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Term
ECOA Protected Classes
SAMNECRRR |
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Definition
- Sex
- Age
- Marital Status
- National Origin
- Exercised rights under the Consumer Credit Protection Act
- Color
- Race
- Religion
- Receipt of income from public assitance
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Term
ECOA regulations are to be followed when:
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Definition
- taking loan applications
- evaluating an application
- approving or denying a loan
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Term
| Asking for ECOA marital status |
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Definition
You can ONLY ask:
- married
- unmarried
- separated
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Term
| When concidering income, a creditor may not: |
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Definition
- refuse to consider public assistance income the same way as other income
- discount income because of sex or marital status
- discount or refuse to consider income because it comes from part-time employment or pension, annuinty, or retirement benefit programs
- refuse to consider regular alimony, child support, or separate maintenance payments
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Term
| Under ECOA, creditors can consider the age of an applicant for credit under these circumstances: |
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Definition
- the applicant is too young to sign contracts, generally under age 18
- the creditor would favor applicants age 62 or older
- it is used to determine the meaning of other factors important to creditworthiness, such as to determine in an applicant's income might drop becuase of pending retirement
- it may be used ina valid credit scoring system that favors applicants depending on their age
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Term
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Definition
CFPB
Consumer Financial Protection Bureau |
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Term
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Definition
- home purchase
- home improvement
- refinancing
- subordinate financing
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Term
| What section of the URLA reflcts the unique NMLS number? |
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Definition
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Term
FFIEC
(enforces reporting) |
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Definition
| Federal Financial Institutions Examination Council |
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