Fair Housing Act Flashcards
First National Bank owns several pieces of real estate obtained through foreclosures. Two of these are homes that the bank would like to market and sell within the community. The bank will also provide financing for these homes. In addition, the bank owns an apartment complex that it is managing until it is sold. In relation to these properties, which of the following issues is NOT a Fair Housing Act issue?
a. Discrimination based on familial status in renting apartments
b. Accessibility of the apartment complex to handicapped persons
c. Whether potential buyers of the houses are being discouraged from looking at the houses because of race or ethnic background
d. Affordability of the apartments relative to the community immediately around the complex
d. Affordability of the apartments relative to the community immediately around the complex
In state bank advertisements, on what must Fair Housing logos be placed?
a. Bank communications
b. Bank advertising
c. Advertising for home improvement loans
d. Bank lobby signs
c. Advertising for home improvement loans
First State Bank, a state nonmember bank, is auditing its recordkeeping procedures for compliance with the FDIC Fair Housing regulations. Which loan should be reviewed?
a. A loan to purchase a mobile home to be used as a vacation home
b. A home equity line of credit
c. A loan to purchase vacant land for the construction of a residence
d. A home purchase loan
d. A home purchase loan
Which of the following loans is NOT subject to Fair Housing monitoring requirements for housing-related loans made by a national bank located outside a metropolitan statistical area (MSA)?
a. A loan to purchase a mobile home
b. A loan to provide permanent financing for the construction of a primary residence
c. A loan to purchase a primary residence
d. The refinancing of a home purchase loan
a. A loan to purchase a mobile home
First National Bank, with assets of $60 million, is located in a large urban area (which has been designated as an MSA) and is subject to HMDA reporting. Which of the following is true of the bank’s fair housing recordkeeping requirements?
a. It must keep an Inquiry/Application Log of all home loans and home improvement loans.
b. It does not have to keep any records unless it had at least 50 applications for home purchase loans during the previous calendar year.
c. It must keep monthly information on all home loan applications (including purchase, permanent financing, and refinancing) regarding the number of applications received, the number denied, the number withdrawn, and the number of loans closed.
d. It must keep its HMDA LAR updated quarterly.
d. It must keep its HMDA LAR updated quarterly.
Which of the following national banks must keep an Inquiry/Application Log?
a. A bank that had 50 or more home loan applications in the previous year
b. A bank that has $50 million or more in assets
c. A bank that is located in an MSA
d. A bank that has been requested by the OCC to keep such a log because of complaints that its lending practices may be discriminatory
d. A bank that has been requested by the OCC to keep such a log because of complaints that its lending practices may be discriminatory
First National Bank is located outside an MSA. It received 120 home loan applications last year. Which statement best describes the bank’s Fair Housing recordkeeping requirements?
a. It may either keep the Home Loan Data System records, or it may keep the HMDA LAR information.
b. It must complete up to 2,000 Home Loan Data Submission Forms per bank or 250 per decision center and submit them to the OCC within 30 days.
c. It must keep a HMDA LAR.
d. It must keep the Home Loan Data System records.
a. It may either keep the Home Loan Data System records, or it may keep the HMDA LAR information.
Which of the following is NOT a prohibited basis of discrimination under the federal Fair Housing Act?
a. Race
b. Disability
c. Religion
d. Sexual orientation
d. Sexual orientation
