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The Equal Credit Opportunity Act (ECOA) is a United States law (codified at 15 U.S.C. § 1691 et seq.), enacted October 28, 1974, [1] that makes it unlawful for any creditor to discriminate against any applicant, with respect to any aspect of a credit transaction, on the basis of race, color, religion, national origin, sex, marital status, or age (provided the applicant has the capacity to ...
Mortgage discrimination or mortgage lending discrimination is the practice of banks, governments or other lending institutions denying loans to one or more groups of people primarily on the basis of race, ethnic origin, sex or religion.
In September 1994, President Bill Clinton signed into law the Home Ownership and Equity Protection Act of 1994, written by US Rep. Joseph P. Kennedy (D-Mass). The law requires certain disclosures and clamps restrictions on lenders of high-cost loans.
What is the Truth in Lending Act? The Truth in Lending Act (TILA) is a federal law that aims to promote transparency and protect consumers in credit transactions.
The Equal Credit Opportunity Act of 1974 (ECOA), signed by President Gerald Ford 50 years ago on Oct. 28, 1974, changed that. It prevented creditors from discriminating against an applicant ...
Private mortgage insurance (PMI) is a form of insurance taken out by the lender but typically paid for by you, the borrower, when your loan-to-value (LTV) ratio is greater than 80 percent (meaning ...
The Equal Credit Opportunity Act (ECOA), codified at 15 U.S.C. § 1691 et seq., was enacted on October 28, 1974. [38] This law makes it unlawful for any creditor to discriminate against any applicant regarding any aspect of a credit transaction based on race, color, religion, national origin, sex, marital status, or age (provided the applicant ...
mortgage document More often than not, you're dealing with terms and conditions on various mortgage types that may be so difficult to understand that you just want to pull out your hair.