ECOA Flashcards
ECOA is also known as which regulation?
Regulation B
ECOA specifies that a borrower is entitled to a copy of the residential property appraisal report ____ days before closing.
3 business days
What does ECOA stand for?
Equal Credit Opportunity Act
ECOA primarily deals with _____________.
Credit applications
Upon receipt of an application lenders have _____ days to notify the borrower of their right to receive a copy of an appraisal or valuation?
3 business days
ECOA states that a creditor must provide an answer on a credit application ______ days after receipt of an application.
30 days
An applicant can request a statement of reasons within ______ days of receiving the original adverse action notice.
60 days
If a credit application is denied based on the appraisal, ECOA says the borrower has ______ days to request a copy of the appraisal and the lenders has ____ days to deliver.
90 days / 30 days
What are the protected classes under ECOA?
Sex, race, religion, color, national origin, age, marital status, receipt of public assistance
